Retirement planning is a crucial aspect of financial management, and 401(k) plans have long been a popular option for individuals and businesses alike. In recent years, 401(k) multiple employer plans (MEPs) have gained traction as a way for small to medium-sized businesses to offer retirement benefits to their employees more efficiently. Understanding the roles within a 401(k) multiple employer plan is essential for both employers and employees to maximize the benefits of this arrangement. Employer Sponsor At the core of a 401(k) multiple employer plan is the employer sponsor. This entit ..read more

By: John Slavic President & CEO, Slavic401k All Posts The economy and the markets have surprised most observers and analysts alike. Despite the historic hike in interest rates that began over two years ago, the economy has yet to enter an official recession as most had expected, including me. The residual cash left over from the pandemic relief packages from Congress and the monetary stimulus from the Federal Reserve still linger in the economy to power it through the anticipated recessionary period. Along with the excess cash, inflation has also lingered longer. While the inflation ..read more

In today’s fast-paced world, financial security is more crucial than ever. One of the most effective tools for building wealth and preparing for retirement is enrolling in a 401(k) plan offered by your employer. This retirement savings plan comes with a multitude of benefits that can significantly impact your financial well-being. Let’s explore the top 10 401(k) plan benefits: Employer Matching Contributions: Many employers offer matching contributions to their employees’ 401(k) accounts. This means that for every dollar you contribute, your employer will match a portion, effectively doublin ..read more

In the world of finance, the stock market plays a crucial role in the global economy, serving as a barometer of economic health and a platform for investors to buy and sell shares of publicly traded companies. However, for those new to the game, navigating the complexities of the stock market can feel overwhelming, especially when confronted with terms like the New York Stock Exchange (NYSE), NASDAQ, S&P 500, and the Dow Jones. Let’s break down these key components of the financial world and explore their differences. New York Stock Exchange (NYSE) The New York Stock Exchange (NYSE) is th ..read more

If you have investments in the market, including stocks, bonds, real estate, etc., you’ve likely heard the terms Bull and Bear Markets. These terms are used to describe market conditions, like if they are appreciating or depreciating in value, and can drive investment decisions for investors. While the terms of these markets are simple to understand, their causes and conditions are a little more complex. Read below to learn how these market conditions can impact your investments and investment strategy. Bull Market The term Bull Market refers to the uptick in the stock market after a period o ..read more

Saving for retirement is not a one-size-fits-all strategy, and varies on workplace benefits packages, salary, budgeting, and more. Knowing there is no traditional path for savings, the Internal Revenue Service (IRS) introduced 401(k) catch-up contributions for people over the age of 50 to help them amplify their retirement savings in the decade leading up to retirement. Employees can make catch-up contributions to a variety of retirement plans, including traditional and Roth IRAs, 401(k) plans, SIMPLE IRAs, and Simplified Employee Pension (SEP) plans. While the terms for each vary on an annua ..read more

With many things in life, there are rules and regulations to follow, and the same is true for retirement accounts. Individual retirement accounts (IRAs), 401(k) plans, and self-employed plans all have specific structures, and if you aren’t careful with your investments and management of the account, you may face retirement plan penalties, which include fees, increased taxes, and more. To avoid potential penalties, it’s important to understand the structure of the retirement plans you participate in, and work with a financial advisor if you need help navigating the rules and regulations. Read ..read more

Saving for retirement comes in many shapes and sizes, and strategies are not one-size-fits-all. Having a successful and beneficial retirement plan requires research, adjustments, and work from the participant. Having a set-it-and-forget-it mindset when saving for retirement will only go so far. That’s why it’s important to try new approaches to make your money grow and work for you in the future. One example is the $1,000/month rule. Created by Wes Moss, a Certified Financial Planner, this strategy helps individuals visualize how much savings they should have in retirement. According to Moss ..read more

Every year, the Internal Revenue Service (IRS), determines contribution limits for qualified retirement plans. These adjustments take a variety of factors into consideration, including inflation, cost of living, and more. The IRS has announced its 2024 retirement plan changes and that the contribution limits for 401(k) plans and other retirement accounts will be higher than previous years. As 2024 begins, it’s important to understand the contribution changes so you can review and adjust your budget to ensure you’re maximizing retirement saving efforts. A small change can go a long way, so whe ..read more

It is often said that economic and market forecasts exist solely to make astrology look respectable, but since year-ahead predictions are an age-old tradition in the financial community we too shall again partake in this annual exercise. Before looking ahead, though, we should first reflect back on what happened during the past twelve months. In 2023, technology stocks, particularly mega-cap firms that could cram mentions of “AI” as much as possible into every press release, were the clear winners. This should not be too surprising considering that these same stocks were the biggest losers in ..read more