In the first two parts of this 3-part blog, we discussed how much money you could get from Social Security based on your work history and family situation. But what if the Social Security trust fund isn’t there to pay your full benefits? In this blog, we discuss what happens when Social Security goes insolvent …
In part 1 of this 3-part blog, I outlined how to understand the Social Security benefits you could be eligible for based on your own earnings record. But it is possible that you could be eligible for more benefits based on your current or former spouse’s earnings record instead. So, let’s look more closely at …
ECONOMIC UPDATE Facebook LinkedIn Twitter Source: FactSet Equities pulled back in August, with volatility back on the rise. Notable events driving the market volatility were a US credit downgrade, China continuing to experience worsening economic conditions, and uncertainty on future Federal Reserve monetary policy decisions as a result of persisting inflation. US equities, as measured …
Americans love the royal family. And I’m English (my mom was born and raised there) so let me try to spice up the topic of Social Security with a royal family metaphor. Social Security is like Prince Harry – widely known but never fully understood. I cannot figure out what Harry is doing right now, …
Social Security Part 1 – How to Read Your Statement Read More »
My wife Debbie and I still watch the evening news. I know, we should just get instantaneous news from our Twitter feed like everyone else under 80 years old. But I like Lester Holt. Does your Twitter feed remind you to “take care of yourself, and each other” like Lester does? I think not. But …
ECONOMIC UPDATE Facebook LinkedIn Twitter US Credit Rating Downgrade What happened? The rating agency Fitch downgraded the US government credit rating one notch from AAA, its highest grade, to AA+ on August 1, 2023. The justification was rising debt, fiscal deterioration, and “the erosion of governance” from repeated debt limit standoffs. Fitch issued a downgrade …
In the financial industry, the term “Investment Policy Statement” is used a lot – but what is an Investment Policy Statement (or IPS) and do you really need one? Definition of Investment Policy Statement (IPS) An investment policy statement is a document written to provide the strategy for selecting and monitoring plan investments. This document …
What is an Investment Policy Statement (and Should You Have One)? Read More »
The term “Fiduciary” comes from the Latin word “fiduciaries” which means trust. In 401(k) terms, a fiduciary is someone entrusted with complying with the requirements outlined in ERISA—the Employee Retirement Income Security Act of 1974. This act governs the management and operation of retirement plans and protects the interests of those invested in the plan. …
Did you know that as a plan sponsor, you could be held personally liable for the poor investment and allocation decisions employees make inside their 401(k) plans? Don’t worry though – there is a provision inside ERISA (the Employee Retirement Income Security Act) that allows you to be relieved from liability, provided you follow some …
Using Erisa Section 404(c) To Limit Fiduciary Liability Read More »
ECONOMIC UPDATE Facebook LinkedIn Twitter Source: FactSet US equities were led by a handful of stocks and outperformed international equities for the quarter and year. Despite ongoing challenges, positive growth and inflation surprises helped US equities (S&P 500) gain 8.7% and 16.9% for the quarter and year, respectively. This marked the third consecutive quarter for …
