PCS Retirement

As a business leader, talking about your failures may not come as naturally as trumpeting your successes. That’s not without reason: failure stings. It puts a dent in our egos, exposes us to criticism, and leaves us feeling vulnerable.   But according to Sanjay Khosla, a senior fellow and adjunct professor at the Kellogg School of Management, having the courage to acknowledge failures—and the humility to learn from them—is essential for top executives to be successful. Revealed through his clients’ biggest professional failures, here are the five most common leadership mistakes:   1.    Hesitating to make tough calls 2.    Not communicating with people on an individual level 3.    Creating an environment where people don't thrive 4.    Focusing inward instead of outward 5.    Falling for "the Seduction of More"   Read the comic “An Illustrated Guide to Succeeding Where So Many Leaders Fail” https://lnkd.in/dhxcfAFj   Contact us for more winning strategies to lead a thriving retirement planning business: https://shorturl.at/CMU15   #financialadvisors #retirementplanning #planprospecting

Younger people are increasingly describing themselves as having "money dysmorphia"--an inaccurate view of their true financial health. Erin Lowry writes in Bloomberg that according to a recent Credit Karma study, 43% of Gen Z and 41% of millennials say they suffer from a flawed perception of their finances. Lowry says, "While it might sound like just another form of TikTok-induced anxiety, money dysmorphia is a real problem that can cause someone to make poor or ill-informed decisions." She adds that having a financial perspective rooted in fear rather than fact is nothing new. Those of us with grandparents belonging to the Greatest Generation will recognize the Depression-era scarcity mentality. There's no easy solution. But instead of being in a constant state of unease, millennials and Gen Z should ground themselves by doing the math on what amount of money would make them sleep easier. And of course, get professional financial advice. Read "Money dysmorphia is haunting millennials and Gen Zers" https://lnkd.in/eedGm55p Contact us to find out how you can align your clients' financial perspective with their retirement goals: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

The Department of Labor has issued new rules around employee classification, tightening the definition of independent contractors. This could change which workers are eligible to join a retirement plan. David Levine, a principal at Groom Law Group, says that independent contractors are eligible to join 457 plans but are not eligible to join 401(k)s or 403(b)s. There is an exception for self-employed ministers, who may join 403(b) church plans. Levine says that plan sponsors should certainly evaluate how independent contractors may be treated under the new rules. He added that many plans have language about individuals who are not classified as employees still not being eligible even if reclassified as a categorical exception. He recommends plans conduct a review of “independent contractor process and plan language,” and consult with their plan counsel on which workers might become eligible. Read "How Does the DOL’s Independent Contractor Rule Affect Plan Eligibility?" https://lnkd.in/gBW22hPD Contact us to stay updated on new rules and ensure your clients' retirement plan eligibility: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

How can you come across as likable when meeting someone for the first time? The answer, according to science, is pretty simple. Take a genuine interest in them and listen to what they have to say. A study published in the Journal of Personality and Social Psychology found that asking a question (and then asking at least two follow-up questions) dramatically increases how likable other people perceive you to be. The study's authors explain that when we ask more questions, we are perceived as higher in responsiveness, an interpersonal construct that captures listening, understanding, validation, and care. When you ask a question, you need to actually listen to the answer, so that your follow-up questions can show that you were paying attention and cared about what you heard. And of course, everybody's favorite topic is themselves. Read "When You Meet Someone New, Harvard Research Shows This Is How You Instantly Become More Likable" https://lnkd.in/gKCXXiq8 Contact us to learn how we can help you enhance client interactions and build stronger relationships: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

When you're halfway up a steep hiking trail and wondering why you thought this was going to be enjoyable, just remember that you're experiencing "hard fun." According to psychologists, this kind of fun is good for your personal growth. Mike Rucker, PhD, who writes about the Science of Fun for "Psychology Today," says that hard fun is a term that was popularized in educational circles. It refers to the idea that people (and especially children) often derive deep joy and satisfaction from tasks that push their limits and require significant effort to overcome. Type II Fun is the official term used to describe activities that are enjoyable, not necessarily in the moment, but in retrospect. These types of fun are often associated with pursuits of endurance like sports or outdoor activities such as mountaineering and hiking, where the pleasure is derived from overcoming adversity, reflecting on the experience, and the sense of achievement it brings. Read "Embracing Hard Fun for Personal Growth" https://lnkd.in/eaVCF4fP Contact us to learn how we can help you boost your team's performance and client outcomes: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

Younger workers aren't just concerned about saving for retirement. They're worried that their financial insecurity could lead to homelessness. USA Today reports on a survey conducted by Acorns and Opinium Research, which finds that nearly a third of Gen Z and millennials worry that their finances could lead them to experience homelessness. These younger workers are nearly three times more likely than boomers and older respondents to worry about this outcome, results of the survey showed. They also found that 33% of millennials and 28% of Gen Z report that they are unable to enjoy their lives because they obsess over money. Less than 10% of respondents don’t have any financial concerns. Those who do have concerns say that the cost of living and inflation stress them out more than debt, retirement, interest, mortgages, and a lack of savings. Read "Gen Z, millennials concerned about their finances leading to homelessness" https://lnkd.in/gyMGHX9U Contact us for strategies to address the financial concerns of your Gen Z and millennial clients: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

Inflation is changing how workers view their ability to fund their retirement. 401(k) Specialist Magazine reports that a recent survey by MFS Investment Management (which surveyed more than 1,000 DC participants in the U.S. and an additional 3,000 globally) found that 60% of workers believe the rise in inflation has caused them to think differently about their retirement. 75% say they now need to save more for retirement than they originally thought. 66% lack the confidence to retire at the age they want. And 32% think they will not be able to retire at all. Another 63% of workers believe their retirement will not mean an end to their employment but rather a transition to reduced hours or a different job, while 61% of Americans have adopted more conservative investment strategies. Respondents also say that other financial priorities, including affording day-to-day costs and paying down debt, are in higher competition with retirement savings now. Read "As High Inflation Enters Third Year, Americans Rethink Retirement" https://lnkd.in/eqwQQRjS Contact us to learn how you can secure your clients' financial future in the face of rising inflation: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

Did you know that tomorrow is National 401(k) Day? The Plan Sponsor Council of America (PSCA) created National 401(k) Day as a way to bring awareness to the employer-sponsored retirement account. The day is celebrated on the Friday after Labor Day in the U.S. because Americans start the week focused on labor and can end it with retirement. In recent years, the honorary day has begun to focus on retirement plan education as well as financial wellness. “Plan sponsors and participants often don’t know where to start to evaluate their plans or where they are in preparation for retirement,” said Will Hansen, PSCA’s executive director. “This year’s campaign provides a simple way for participants to gather information about their plan and where they stand in a single place." In conjunction with that initiative, PSCA has unveiled a special education campaign featuring a checklist for plan participants to help them organize important information they may need for retirement. Read "Know Your Numbers for 401(k) Day" https://lnkd.in/geY-e4KQ Contact us for insights and resources to enhance your clients' retirement readiness: https://lnkd.in/ezi5Drcb #financialadvisors #retirementplanning #planprospecting

Is it OK to decline an invitation to an event you really don't want to attend? It may feel unforgivably rude to reject an invitation--even one to an event you would much prefer not to attend. But according to research published by the American Psychological Association, people often overestimate the social consequences of saying no. Researchers ran a series of experiments with groups of various sizes to measure the consequences of declining an invitation. "Across our experiments, we consistently found that invitees overestimate the negative ramifications that arise in the eyes of inviters following an invitation decline," said lead study author Julian Givi, PhD, a professor at West Virginia University. "People tend to exaggerate the degree to which the person who issued the invitation will focus on the act of the invitee declining the invitation as opposed to the thoughts that passed through their head before they declined." Read "Scientists: Just say no to that invitation" https://lnkd.in/e59wmJfu Contact us to discover how we can enhance your client interactions and relationships: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

Leakage isn't just bad for people's plumbing. It can also damage their chance for a fully funded retirement. The Employee Benefit Research Institute (EBRI) has found that about 40% of workers who leave a job cash out their 401(k) plans. While such "leakages" have totaled just over $90 billion annually, the EBRI estimates that they have diminished the 401(k) ecosystem by nearly $2 trillion. Writing for CNBC, Greg Iacurci, says, "Research suggests much of that loss is attributable to 'friction' — it’s easier for people to take a check than go through the multistep process of moving their money to their new 401(k) plan or an individual retirement account." However, the recent introduction of SECURE 2.0 — and partnerships among some of the nation’s largest 401(k) administrators have coalesced to help reduce friction in rollovers and plug existing leaks, experts said. Read "Policy changes look to reduce 401(k) plan ‘leakage’" https://lnkd.in/dqdBWy7n Contact us and we'll help you develop strategies to minimize leakage and maximize your clients' retirement savings: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting