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Leveraging the Roth IRA for a (Grand)Child Born Today
Your Newborn Child As A Middle Class Millionaire … Someday. Part 2 of 2. Chris Carosa (DC Insights, Fall 2017) generously shared his thoughts on his book – From Cradle to Retirement – The Child IRA – How to start a newborn on the road to comfortable retirement while still in a cozy cradle. We discussed a number of unique concepts about long term... Read More >>
Another Nobel Laureate in Economics Who Was Focused on 401(k) Plans - Part 2 of 3
In October, our blog focused on Richard Thaler, the 2017 Nobel prize winner in Economics and recounted how his insights into the world of behavioral economics impacted 401(k) plans and the retirement savings industry (https://www.psca.org/blog_jack_2017_10 ). But, did you know there were two other Nobel prize winners in Economics whose work has... Read More >>
From Cradle to Retirement, Diapers to Depends - Re-defining "Long Term" Investing. Part 1 of 2
Chris Carosa (DC Insights, Fall 2017) generously shared his thoughts on his book – From Cradle to Retirement – The Child IRA – How to start a newborn on the road to comfortable retirement while still in a cozy cradle. There are a myriad of definitions of what constitutes a long term investment that can be anything from 1 year to more than 10... Read More >>
Looking For A Few "Good" Plan Sponsors
You’ve probably heard or seen the Marine Corps ad – “Looking for a Few Good Men.” Well, I am starting a search for a few “good” plan sponsors. Many plan sponsors have themselves been searching for a payout or “decumulation” solution. Today, more than ever before, participants are leaving assets in the plan after separation. That’s a big shift... Read More >>
Financial Wellness Via Your 401(k)
Coming to you from Boston, at the Society of Actuaries Annual Meeting. In a prior post, “DC Plans, Can Everyone Win?” I shared my thoughts on whether American workers could adequately prepare for retirement, and generally speaking, I think most can. However, there is a group who may not succeed in a traditional 401(k) plan – workers who live... Read More >>
"The mind, once stretched by a new idea, never returns to its original dimensions." Ralph Waldo Emerson
I love this Emerson quote. Ever have one of those experiences? I did at the Society of Actuaries meeting last week. The keynote speaker was Scott Page who spoke on the topic of “Cognitive Diversity.” Professor Page is the author of the book The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies. ... Read More >>
Tax Reform Proposal Expected Soon
The House Ways and Means Committee is projected to launch their Tax Reform proposal November 1, 2017 or shortly thereafter. No one knows all the details. One potential detail is a proposal to raise revenue, to increase federal income taxes over the next ten year budget window by limiting 401(k) pre-tax contributions to no more than $2,400 a year... Read More >>
House, Senate Action Needed On Social Security
We are already making substantial progress in the employer-sponsored retirement savings marketplace. The Government Accountability Office recently issued a report which cites Plan Sponsor Council of America survey results - GAO-18-111SP, “The Nation’s Retirement System: A Comprehensive Re-evaluation Is Needed to Better Promote Future Retirement... Read More >>
DC Plans: Can Everyone Win?
This week I was part of a panel on the topic “DC Plans – Can Everyone Win?” at the Society of Actuaries Annual Meeting in Boston. Many point to the increased use of DC plans triggering a “Retirement Crisis.” We can confirm that: If America has a crisis, it is less than the one we faced just two generations ago – where fewer had employer-... Read More >>
A Nobel Laureate Focused on 401(k)s
Congratulations to Professor Richard Thaler, the 2017 Nobel Prize winner in economics. Many of us know him through the book he co-wrote with Cass Sunstein, Nudge, which was published in 2008. Professor Thaler was already famous in our community for highlighting the possibilities where behavioral economic tools and processes could be deployed in... Read More >>