Retirement Advisor

Last week, Pres. Biden released a draft of the new Secretary of Education plan that would cancel or reduce student loan debt for millions of borrowers, following the Supreme Court's rejection of his debt cancellation in 2023.

Since most retirees no longer have pensions, financial advisors need to advise employees to take some of their 401(k) assets and convert them into protected income earmarked for retirement days, says The Longevity Project.

Stock options give every employee the ability to become a part owner of a company but members of the management team might be at greater risk because a larger percentage of their compensation might be in stock.

In 2024, a provision in the SECURE 2.0 legislation permits an employer that is not sponsoring a retirement plan to offer a starter 401(k) or safe harbor 403(b) plan to its employees that is exempt from certain nondiscrimination requirements.

Employees are expecting more from their companies and they're pushing for greater financial flexibility to give them a leg up on building wealth – perks that go far beyond a 401(k) plan, such as student loan repayment.

This week, the Labor Department issued a proposed information collection request, seeking voluntary assistance of plan administrators in developing an online search tool to help workers gain access to lost retirement savings.

The new bill is the latest attempt to restrict the use of environmental, social and governance factors in retirement plans by specifying that fiduciaries may consider only "risk and return" factors when making investment decisions.

Younger generations are adding a side hustle or second job at a heightened rate and more than half of adults expect inflation to increase this year, according to a new Northwestern Mutual study.