Elizabeth Althoff
Every month, we see hundreds of retirement articles hit the news ranging from pension issues, to retirement plan design, to personal finance. Here are a few of my favorite headlines from this past month.
5 Financial Concepts To Teach Your Teen Before High School Graduation
I can’t remember how many times I listened to my parents lecture about financial responsibility when I was in high school, and now looking back, I am so grateful for their wisdom. As an adult, having the ability to understand and manage my personal finances, limit unnecessary debt, and make smart savings and investment choices not only allows me a more stress-free outlook on my family’s finances, but also gives me the ability to plan for my future retirement security in ways I may have otherwise not been able to. This article captures five great concepts that every young American should master in order to improve their future financial outlook.
Employees Willing to Pay More for Retirement Benefits
With many Americans feeling unsure or unprepared for their retirement future, nearly 62% of employees in this survey said that they would be willing to pay more out their paychecks for more generous employer-sponsored retirement benefits. I hear very similar comments from many of our LAGERS members who say they would be willing to go from a 0% to a 4% personal contribution to LAGERS in exchange for a higher benefit multiplier. The good news here is that employees are recognizing the need to save often and early. Employers can use these conversations to help tailor a retirement plan that helps their employees feel like they are able to achieve their retirement goals.
http://www.plansponsor.com/Employees-Willing-to-Pay-More-for-Retirement-Benefits/
401(k)s ‘Not Suitable’ Retirement Income Vehicles
I recently read a survey that found many retirees prefer a guaranteed retirement income option over spending down assets. The great news when it comes to LAGERS is that all benefits at retirement provide a guaranteed lifetime income stream. This article talks about some of the challenges traditional DC account holders face when trying to figure out their de-cumulation stagey while ensuring they don’t outlive their retirement savings.
http://www.plansponsor.com/401ks-Not-Suitable-Retirement-Income-Vehicles/
Teamster Retirees Win Surprise Victory, Force Government Not To Slash Their Pensions
This is a story that I have personally been following for some time now, as I’m sure many of our members have as well. It is scary to think that someone could work their entire career with the promise of pension income at the end, only to get there and have the terms of that agreement changed on you. I believe that every hard working employee who dedicates their career to an employer should be able to retire with the peace of mind in knowing that their retirement benefit will always be there for them. I am proud to work for LAGERS where our members and retirees know that their benefits are safeguarded by great plan design and strong funding policies. I will continue to watch this story with interest and certainly hope for retirement security for every hardworking American today and into the future.
10 Expensive Habits You Can, And Should, Break Today
I guarantee that you will find at least one habit on this fun list that you probably are guilty of. I think I found four or five that I know I should be better about. I love these little reality checks because it helps me to hold myself accountable for every single financial choice that I make each day…often ones that I otherwise make without thinking, and certainly choices that can add up big over time.
Elizabeth Althoff, Communications Specialist