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Are You Maximizing 401(k) Contributions?
The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement.
Read More401(k) vs. Life Insurance: Comparing Your Retirement Savings Options
When it comes to saving for retirement, the options can seem endless. From 401(k) plans to IRAs, to Roth IRAs, health savings accounts, even life insurance policies, there are a variety of financial vehicles that allow you to set aside...
Read MoreFiguring Out a 401(k) Strategy That Works for You
Everyone wants a comfortable retirement, but the road you take there will depend on your specific situation. When you invest, you assume a certain level of risk (but like everyone you’re hoping that your holdings will increase in...
Read MoreSECURE Act 2.0: What 401(k) Managers Need to Know for 2024
Required for 2024 Luckily, the required changes for 2024 are minimal. Requirement Summary Long-term, part-time employees become eligible to participate in the 401(k) plan. Catch-up contributions are required to be Roth if the...
Read MoreWall Street Wisdom: Wise Words from Warren Buffett and Other Great Investors
You can learn a lot from those who have come before you. For individuals interested in investing, especially those new to it, learning and applying the wisdom from people that have found techniques that worked for them is a great...
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Long-Term, Part-Time Overview for 2024
For part-time workers, saving for retirement can be a challenge. Many part-time employees are often excluded from 401(k) plans because they often don’t meet the plan’s eligibility requirements. This includes many students,...
Read MorePicking the Right Golf Partner is Not Easy
Have you ever thought about what kind of golf partner best suits your game? Maybe you have an upcoming member guest or are considering joining a local four-ball league this summer? Turns out picking a golf partner is a lot like...
Read More4 Ways Employers Can Create a Culture of Wellness
To compete for top talent, companies are looking for innovative ways to stand out in a competitive labor market. Employees are looking for beefed up benefits that support their social, physical, mental and financial well-being. Creating...
Read MoreCongress Tells Treasury to Expect SECURE 2.0 Technical Fixes
In late May 2023, Congress sent a letter to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel saying that it will introduce legislation to correct several technical errors in the SECURE 2.0 Act. The letter, signed...
Read MoreIs Financial Education on Company Time Worth It?
Financial education is becoming increasingly important in today's world, but is it worth the company's time and resources to provide such a service? Helping employees reduce financial stress can help improve wellness, retention and...
Read MoreBroadening Your Annuity Horizons with Details
While fixed annuities are generally considered to be conservative instruments, variable annuities are investments with the growth potential necessary to outpace inflation, but generally carry a higher degree of risk.
Read MoreWhy Plan Sponsors Are Feeling More Responsible for Employee Financial Wellness
Bank of America's Workplace Benefits Report recently revealed that a whopping 19 in 20 surveyed employers felt responsible for their employees' financial wellness.1 But because financial wellness is such a holistic concept,...
Read MoreUnderstanding the Retirement Bucket Strategy
Retirement is a significant milestone in one's life, which requires careful planning and foresight to pursue a confident and stress-free transition. One effective way to plan for retirement is by adopting the Retirement Bucket Strategy.
Read More5 Ways Whole Life Insurance Provides Tax Advantages
Life insurance is essential in providing for beneficiaries upon your death, but it can also offer other tax advantages you may not know. For this reason, whole life insurance, also called cash value life insurance, is often used as a...
Read MoreWhy Plan Fiduciaries Need to Pay Careful Attention to Retirement Plan Fee
Retirement plan fees can take many different forms, making it difficult to determine whether they're reasonable. In this article, we'll discuss why fiduciaries need to pay careful attention to fees and how benchmarking can help you make...
Read MoreWhy Investment Oversight is Important for 401(k) Committees
Selecting and monitoring investment options for your company’s retirement plan is just one part of your fiduciary responsibility. How do you evaluate, benchmark and assess your plan and what other expertise or protection should you consider
Read MoreDefining Workplace Goals is a Vital First Step to an Effective Retirement Plan
Retirement plans can be as unique as your company and its employees. Yet many committees do not take the time to set specific goals for their plans. Without defined goals, it can be difficult to create an effective retirement plan that...
Read MoreRe-fired Not Retired: Making The Best of the Rest of Your Life
While retirement is a time to enjoy the things you have worked hard for in life, the next chapter may leave some a little anxious. Retirement doesn't mean you have to retire from the excitement in life.
Read MoreWomen’s Financial Empowerment: The Challenge of Financial Wellness and Why We Need Women’s History M
March is Women’s History Month, a month-long celebration of female empowerment1. This effort includes advocating for better representation in the workforce, pay parity and improved work-life balance. There are some specific steps that women
Read MoreBuild a 401(k) Dream Team with the Power of Partnership
As a retirement plan sponsor, you are a valuable member of a team that includes your recordkeeper, third party administrator (TPA), financial wellness provider and retirement plan advisor. Each member must uphold their roles and responsibil
Read More4 Simple Steps to Help Understand the Transition to a New 401(k) Recordkeeper
Learn what to expect when changing recordkeepers to avoid unpleasant surprises.Change can be exciting but is sometimes stressful. However, transitioning to a new 401(k) recordkeeper shouldn’t be a taxing experience. In this...
Read MoreEntrepreneurship and Financial Risk: What You Need to Know
Entrepreneurs tend to be natural risk-takers but this doesn't mean committing to uncompensated risk. A wise entrepreneur considers their potential exposure before leaping into a new business venture, moving forward only on those...
Read MoreSecure Act 2.0: What Employers Need to Know
After a lot of excitement, Congress finally passed the Consolidated Appropriations Act which included several new retirement plan legislations. The SECURE 2.0 and other provisions strive to expand access to retirement plans, increase
Read MoreCelebrating Black History Month
Take some time this month to learn about the contributions of black businesses, inventors, and activists throughout America's history. Some of the most powerful statements can be made by aligning your finances with your values.
Read MoreWays to Minimize Tax on an Investment Portfolio
Improving return by minimizing taxesAlthough we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be...
Read MoreWhy Plan Sponsors Are Feeling More Responsible for Employee Financial Wellness
Bank of America's Workplace Benefits Report recently revealed that a whopping 19 in 20 surveyed employers felt responsible for their employees' financial wellness.1 But because financial wellness is such a holistic concept,...
Read MoreConsiderations for Your Charitable Giving
Points to think about as you contemplate giving to others and causes. Any endeavor worth undertaking, especially one that may affect others, deserves our careful consideration before we begin. When contemplating charitable giving,...
Read More5 Financial Wellness Tips Your Employees Will Thank You For
A financial wellness program can be an extremely valuable benefit, learn how it can help employees reduce stress while improving workplace productivity.
Read More6 Ways to Minimize Your Tax Liability Throughout the Year
You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax...
Read MoreA Guide to Incorporating Philanthropy into Your Financial Planning
If you're considering giving back to society or a cause as part of your financial planning, there are many ways you can do so. You can make an impact while receiving tax benefits by including philanthropic giving as part of a holistic...
Read MoreA Year-End Wealth Planning Guide
As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances
Read MoreMaking Decisions About Medicare
As you near age 65, you may start to think about Medicare. How do you sort through your coverage options? When (and how) do you enroll? And what if you have other health insurance? Here is some information to help you
Read MoreWhat Gen Xers, Millennials, and Baby Boomers Need to Know About Financial Planning?
Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of...
Read MoreSix Potential 401(k) Rollover Pitfalls
You're about to receive a distribution from your 401(k) plan, and you're considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble-free, there are some pitfalls you'll want to avoid...
Read MoreTax-Advantaged 529 Accounts: What Families Need to Consider
According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for the 2021-2022 school year was $10,740 for in-state students and $27,560 for out-of-state...
Read MoreDesignating a Beneficiary for Life Insurance
A beneficiary is the person or entity you name (i.e., designate) to receive the death benefits of a life insurance policy. Some states require that your beneficiary have an insurable interest in your life or be related to you (at least...
Read MoreSCS Team Event
The team at SCS recently had a team outing where they made their way to T-Mobile Park for the Wednesday night game. The Mariners and the Yankees battled it out, but in the end our very own Mariners took the win with a score of 4-3. It...
Read MoreHow to Help Aging Parents
Financial capacity – the ability to manage your finances in your own best interest – involves everything from paying bills to reading a brokerage statement and weighing an investment's potential risks and rewards. And...
Read MoreBig Week For Market Watchers
Last week was epic for market-watchers. A Federal Reserve (Fed) rate hike, a much anticipated gross domestic product (GDP) report, and the busiest week of earnings season got most of the headlines. There was even a surprise out of...
Read MoreStaying on Track with Your Retirement Investments
All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful. And asset allocation and diversification alone cannot guarantee a profit or eliminate...
Read More3 Golf Tips to Keep Your Retirement Plan on Course
In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...
Read MoreSecuring Your Future with Life Cycle Planning
The need for regular saving and investing spans many life stages. Through the years, your goals will change and your strategies will shift, but don’t be alarmed. You’re just progressing through the normal stages of life,...
Read MoreA Bear Market is Officially Here
A bear market is officially here thanks largely to stubbornly high inflation. For many of us, it has probably felt like a bear market for a while now, but the S&P 500 Index didn’t close more than 20% below its January 3 record...
Read MoreMindful Questions to Ask Yourself at Work
It’s important to be task driven at work, but your mental and physical well-being should never suffer because of your daily tasks. Here are some questions worth asking yourself during a work day.How are you fueling your body?A...
Read MoreWhat Homeowners Should Know About Estate Planning
If you have always thought estate planning was just for those nearing retirement or already retired, think again. If you own a home, it is important to have a plan in place. Without a will or other arrangements that allow your home to...
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