PCS Retirement’s Post

A majority of Americans are counting on Social Security as a significant source of income in retirement. But many are confused about WHEN they should start claiming this benefit. And among financial professionals there has been a lively debate about the age an individual should begin taking Social Security. If the client's goal is to maximize lifetime income, then age 70 is the correct answer for the majority (57%) of people. This was determined by analyzing data from 20,000 retirees who are participants in the ongoing University of Michigan's Health and Retirement Study. However, researchers found that only 8% of those studied took Social Security at the optimum age. Of course, as Sean Williams points out in The Motley Fool, there are viable reasons for retirees to consider taking their payout early. One major factor being having one or more chronic health conditions that could shorten their life expectancy. Read "Should You Take Social Security at Age 62, 66, or 70?" https://lnkd.in/euWGxtUW Contact us to find out how you can optimize your clients’ retirement income strategy: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

Employees are more concerned about meeting their immediate cash needs than about saving for retirement. According to a recent survey conducted by Buck (an HR, pensions, and benefits consulting firm), more than half of respondents said they would prefer a $500 pay increase to a $500 increase in contributions made to a retirement plan. “It’s clear from the data that employee attitudes towards their retirement benefits are complex and contain contradictions,” the report stated. “While a majority (79%) are satisfied with their retirement benefits, only 27% are confident that they’ll be able to save enough to cover their expenses in retirement.” The authors of the report argue this may be because, for many employees, retirement is a concern for the future and is not front and center as they handle day-to-day expenses. Read "Employees More Stressed Over Immediate Expenses Than Retirement" https://lnkd.in/gCZXiDXZ Contact us to learn how we can help you tailor retirement plans based on your clients' financial priorities: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

It's tough being in the "Sandwich Generation" -- when you're the caregiver of both your young children AND your elderly parents. According to a recent survey by New York Life, 66% of self-reported caregivers are now Millennials, compared with just 23% of Gen Xers. For comparison, a 2020 survey found that 39% were Millennials and 40% were Gen Xers. “Our data show the demographic balance of the Sandwich Generation has shifted, as our population ages and more Millennials step into caregiving roles,” explains Suzanne Schmitt, head of Financial Wellness at New York Life. Almost all caregivers report making a lifestyle change or financial decision because of these newfound responsibilities. Whether that be cutting back on expenses, savings, and taking on more debt, this “sandwich generation” is experiencing a strain. Over half of caregivers say they’ve made a sacrifice to their financial security to provide care. So how should you prepare for this financial sacrifice? Read ‘Sandwich Generation’ Now Includes Millennials https://lnkd.in/eBHHbN8y Contact us to learn how to navigate your clients' challenges in the Sandwich Generation: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

If you focus on being liked, you significantly lower your chances of being respected. That's according to Harry Kraemer, a professor at Northwestern's Kellogg School of Management. During his time in leadership, including the job of chairman and CEO of the global healthcare company Baxter International, Kraemer learned how important it is to have the respect of your team. He cultivated this by doing things like listening carefully (seeking to understand before being understood), keeping an open mind, and being honest about why he took actions others didn't agree with. When you're respected, people are more likely to go along with decisions that go against what they've recommended. Kraemer says, "I believe the problem (many leaders) have is they’re very, very focused on being liked. If you focus on being liked, the chance of being respected, I actually think, is pretty low. If I focus on being respected, I let you know I care a lot about you." Read "Don't worry about being liked all the time" https://lnkd.in/guG6p_xF Contact us to learn how we can help you lead more effectively in your practice: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

Make sure your paperwork is ready for the upcoming Safe Harbor deadlines! As you may know, a Safe Harbor 401(k) Plan has several advantages over a traditional 401(k). One of the biggest is that Safe Harbor Plans enable owners and highly compensated employees to make the maximum salary deferral contributions to the plan even if other employees make limited or no contributions. If you have plan sponsors who should implement this option, they need to act soon: September 1st – Paperwork must be submitted in good order to PCS for establishing a new plan September 13th – Final day for PCS to schedule a plan design call October 1st – Deadline to be operational for plan year 2024 An Employer who would benefit by starting a Safe Harbor 401(k) Plan in 2024 needs their plan to be fully operational by October 1, 2024. This is to satisfy requirements that the plan allows employees at least 3 months to make deferral contributions—thereby meeting the “safe harbor” condition of this type of plan. If you have clients who are good candidates for a Safe Harbor 401(k), we encourage you to act now! You have just a few weeks to enable plan installation. Contact us to streamline the process and ensure your clients meet the Safe Harbor deadlines: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

We are excited to announce that Bob Francis has joined PCS Retirement's board of directors. With a distinguished career in the financial services industry, including his role as past president of Aetna's 401(k) business division and cofounder of Wise Rhino Group, Bob brings a wealth of expertise and strategic vision to our leadership team. Join us in welcoming Bob Francis to the PCS Retirement family as we continue to innovate and excel in the retirement plan solutions landscape. Read the press release here: https://lnkd.in/eRY7cdFk #financialadvisors #financialservices

Now that SECURE 2.0 has passed, how is it meeting its goal of helping Americans better save for retirement? To help answer this, Transamerica Institute and TCRS compiled a list of eight ways the new law progresses retirement security. Some of those include: 1.  Implementing a government matching contribution for income-eligible retirement savers. 2.  Expanding workplace retirement plan coverage. 3.  Extending retirement plan eligibility to part-time employees. 4.  Making it more convenient to save vis-à-vis automatic enrollment and automatic escalation. Writing for 401K Specialist, Amanda Umpierrez goes into detail on these points, explaining how the new legislation will improve and expand upon retirement security. Read the full list here: https://lnkd.in/e9fg4ju3 Contact us to learn how we can help you leverage legislative changes to maximize your clients' retirement outcomes: https://shorturl.at/CMU15 #financialadvisors #retirementplanning #planprospecting

We are pleased to announce the newest additions to the PCS team. Julianne Donatelli, C(k)P, CPFA, Chris McCarthy, and Robert Ebeling have joined PCS Retirement as part of the growth of our Sales and Strategic Accounts teams where their roles will include enhancing client engagement, implementing growth strategies, and refining the company's overall value proposition. Donatelli will head up the ERISA sales team, while McCarthy and Ebeling will expand the Strategic Accounts team. We are thrilled to welcome them aboard! Read the press release here: https://lnkd.in/eU5_GfiK #financialadvisors #financialservices

We are pleased to announce the newest additions to our executive team, Colleen Duffy as General Counsel, Head of Legal, Risk, and Compliance, and Kumar Ampani as the Head of Technology. The extensive experience of Ampani and Duffy will be instrumental in driving PCS Retirement's technological advancements and compliance standards forward under the company's mission to provide top-tier retirement solutions. Read the press release here: https://lnkd.in/evgziMsr #financialadvisors #financialservices