Life Goals: Where does Retirement Fall on your List?

When you think of your life goals, retirement should be high on your list… and it shouldn’t be a scary thought. Comfortable retirement can be achieved it just takes a little planning and FiduciaryShield is here to help you do just that.

As a business owner, how much time do you really have to read up on, or learn about, good investments, financial policy, ERISA regulations, compliance law changes, etc.? Let’s be honest, it’s 2019 and we live fast-paced, busy lifestyles. Researching financial aspects of a 401(k) plan steals moments of your precious time. FiduciaryShield is the solution. We do all the research and customize a plan personalized to your needs and the needs of your business and its employees, so you don’t have to.

FiduciaryShield understands how to manage your retirement plan while keeping fees low so you and your employees can save comfortably enough to retire. Our team of Retirement Plan Consultants ensures your investment menu is easy to understand, and that all fees in your plan are reasonable.  

The US Congress is finding ways to make company-sponsored plans more affordable with the Retirement Enhancement and Savings Act. Of this legislation is to ensure more people are able to save for their future. While the RESA is definitely a step in the right direction, it might not be enough. 

There are three major obstacles to be considerations which would improve the effectiveness of the plan:

  1. Financial Wellness Program- FiduciaryShield can provide financial educational material to bring attention to the importance of saving. Many recordkeeper platforms have financial calculators built-in. You answer a few questions, and the amount needed for retirement is calculated for you. This is a great value to add for a service provider, as well as a way to encourage utilizing the plan advisor as a resource for providing ongoing financial education. 
  1. Fees – A hot topic, to say the least. Stereotypes indicate that 401(k) plans are expensive to invest in, which results in low participation. Twenty years ago this may have been true, but today, FiduciaryShield has changed the way plans were done.  A FiduciaryShield 401(k) has been reducing plan fees and keeping those fees transparent to the participant. ERISA guidelines have mandated that fees must be reasonable and tort lawyers have found ways to call attention in cases where fees were too expensive. There are 401(k) companies that understand high fees erode savings.  A guide to providing a better 401(k) plan has been created. Hiring an administrative fiduciary (a company that is liable as the plan sponsor) to manage your plan is a great way to go. Allowing them to do the due diligence and providing a plan at a reasonable cost keeps everyone accountable. When a participant has access to a variety of investments with low cost, it allows for an increase in saving for the future. 
  1. Incentivizing Savings- Offering a matching program as part of the employee benefits program will encourage more employee participation. Sharing some of the profits should not be viewed as giving away free money, but instead as investing in your people. The business may get a tax deduction while the employee receives a financial incentive that gets them closer to their personal financial goals. Win-win!

Want to save time, money, and headaches? Contact us today!