Saving for retirement: Putting Social Security numbers into context

Saving for retirement: Putting Social Security numbers into context

Social Security and life expectancy: Finding the breakeven point.

The number one concern in retirement for most retirees is to make sure their money outlives them and not the other way around. Depending on the recipient’s status (single, married, widow, etc.), the breakeven point is typically in the 77 to 80 years of age range.

Automatic enrollment achieves the miracle of getting people to start saving.

Automatic enrollment achieves the miracle of getting people to start saving.

The Law of Inertia, while originating in the world of physics, is amazingly applicable to the world of retirement planning. As plan sponsors and financial advisors know, getting people who are not saving to start saving requires a force nearly equal to the gravitational field of a planet.

Retire as a Millionaire – Without Winning the Lottery

Retire as a Millionaire – Without Winning the Lottery

It IS possible to retire with a $1 million retirement fund without winning the lottery or getting a substantial inheritance from a rich uncle you didn’t even know existed. According to the Employee Benefit Research Institute (EBRI), 401(k) plans of a million dollars or more make up less than 1% of all plans, but that number is growing fast.

Hey, Gen Xers! Flick your Bic if you’re worried about not saving enough for retirement

Hey, Gen Xers! Flick your Bic if you’re worried about not saving enough for retirement

Pull your checkerboard Vans out of the closet and flashback to the 1980s. Ahh, the 80s! You bombed around in your mom’s Ford LTD. You watched Ferris Bueller’s Day Off, over and over until the family VCR broke.  Your music came from a boom box and MTV. You rocked out with Whitesnake and R.E.M. and danced to The Pet Shop Boys. You didn’t need apps to entertain you. You were rad. But then the 90s had to go and spoil it – you had to start taking on some real responsibilities.

How many years of retirement would you like to have?

How many years of retirement would you like to have?

How much retirement would you like?

“What if I told a 401(k) saver that, based on their current savings rate and investment allocation they would be able to maintain their current lifestyle in retirement for just six year?” asked Michael Kiley, owner of PAi. "After all retirement isn't about money, it's about ...

Apply these 5 tips to your 401(k) for a solid long-term strategy

Apply these 5 tips to your 401(k) for a solid long-term strategy

Whether you’re brand new to retirement planning or an old pro, participating in an employer sponsored 401(k) retirement plan can provide a significant source of retirement income.  Here are five long-term strategy tips to apply to your 401(k) to keep you on track to achieve your retirement goals.Don’t worry, you won’t have to go-it alone.

Lost track of an old 401(k)? Here are 5 ways to find it

Lost track of an old 401(k)? Here are 5 ways to find it

Trying to locate an old 401(k) plan from a previous job? According to the website missingassets.com. About 2% of 401(k) plan assets – roughly $850 million owned by 33,000 workers – are “orphaned” each year. The good news is that the Department of Labor has established rules for protecting money put into a 401(k).  So the money may not be “lost,” just waiting for someone to claim it.

Have 401(k) questions? Let us help!

Have 401(k) questions? Let us help!

Question: How much money will I need to save before I can retire?

Answer: As a group, American workers are $6.6 Trillion short of what we need to retire comfortably. At PAi, we want to change that. One of the challenges in planning for retirement is finding simple, straightforward ways to share information. This calculator cuts through the clutter, showing participants the impact of their retirement savings decisions.

5 simple reasons why businesses should offer a retirement plan

5 simple reasons why businesses should offer a retirement plan

You’ve probably seen the TV ads with the big red “Easy” button. Here’s a hint: it’s the ad for an office supply chain with a name that rhymes with maples. If only you could take that red button and put it in front of all business owners who don’t have retirement plans for their companies. “Just hit the button,” you would say. And shazam! They’d have their retirement plans. Okay, establishing a retirement plan isn’t THAT easy, but it’s close. Education is crucial to showing business owners how truly beneficial, and of course, easy, an employee retirement plan is.

Who Pays When Nobody Saves?

Who Pays When Nobody Saves?

Just for the record, 30% of Americans say they have nothing saved for retirement. The reality facing today's workforce is that Social Security was never intended to be the sole source of income for our retirement. This underscores the importance of personal financial responsibility and the role we as individuals need to play in planning for our future financial well-being. The question becomes: Who pays when nobody saves?

 

7-Point checklist for you and your financial advisor

7-Point checklist for you and your financial advisor

You’re a small business owner and things have been going well lately. You realize the timing is right; it’s time to look into retirement savings plans for you, your employees and future employees. The problem is, words like “fiduciary” and “new DOL rulings,” and “investment portfolio” intimidate you.

April: Financial Literacy Month - Breaking down the 5 A's of a 401(k) plan

April: Financial Literacy Month - Breaking down the 5 A's of a 401(k) plan

The reality facing today's workforce is that “Social Security will not, nor was it intended to, constitute the entirety of U.S. workers' retirement income.” 1 This underscores the importance of personal financial responsibility and the role the individual plays in planning for their future financial well-being.

Happy Financial Literacy Month!

Happy Financial Literacy Month!

Over 30 million people (1 in 4) in the workforce are “seriously financially distressed” and living paycheck to paycheck. Household debt affects real people, including your best employees.  When employees are stressed over debt they will bring that negativity to work with them and it soon spills over into workplace culture.