RetireReady Solutions Blog

Welcome to the TRAK Retirement Planning Blog.

The Bucket Strategy: What It Is, and What It Can Do for You (Part 1)

March 12, 2019 by Edward Dressel -

In this first installment of our bucket strategy series, we explore what the bucket strategy is and why it is worth your time as an advisor. Understanding the fundamentals of the bucket strategy and the value it provides to clients will lead into two more segments: “Who Wants the Bucket Strategy and How to Win Their Business” (Part 2) and...

Choice is the Driving Factor in 403(b) Participation

February 21, 2019 by Edward Dressel -

“Teachers are expected to reach unattainable goals with inadequate tools. The miracle is that at times they accomplish this impossible task.” – Haim Ginott

Many of us read this quote and fondly recall a teacher who made a significant impact in our formative years. Teachers face many challenges in the classroom, carefully balancing the...

Averages Fail to Engage Participants, So Move Beyond the Mean!

February 14, 2019 by Edward Dressel -

Given the countless variables involved in assessing risks, needs, and strategies for retirement readiness, turning to averages provides a false sense of security and control. However, No One is Average, a report from J.P. Morgan, warns that “averages can be distorting because, in fact, no one is average.”

Don't Settle for Auto Enrollment—Push for Higher Contributions

February 13, 2019 by Edward Dressel -

A 2018 study by J.P. Morgan shows that automatic enrollment increases the number of Americans saving for retirement. This is an important step in the right direction, but are they saving enough? The 401(K) market space has significant room for higher AUM and participant engagement. Ready! Fire! Aim? 2018, a J.P. Morgan report correlates current...

Showing Projected Monthly Retirement Income Increases Plan Contributions

October 02, 2018 by Edward Dressel -

Plan advisors are always looking for good ways to motivate participants to increase their retirement plan contributions. There are many tactics to accomplish this ranging from advisor-driven approaches such as providing personalized retirement projections to plan-centric approaches like auto-escalation. New research from LIMRA’s Secure...

Plan Sponsors Focus on Retirement Readiness - But is it Enough?

August 15, 2018 by Edward Dressel -

Plan sponsors are finally focusing on the metrics that will help their employees better prepare for retirement. In Fidelity’s ninth edition of its Plan Sponsor Attitudes survey the survey revealed that retirement readiness is now top of mind for plan sponsors. The top concern of plan sponsors in 2018 is “Is the plan effectively preparing...

Changing Retirement Plan Trends in the Healthcare Industry

December 11, 2017 by Edward Dressel -

What retirement plan trends are evident in the healthcare industry? This is the question explored by Transamerica in their recently released study “The Path to Wealth Starts with Health: 2017 Retirement Plan Trends in Today’s Healthcare Market”. As healthcare organizations move away from offering defined benefit plans and seek to find...

Plan Portal Design Trends Still Miss the Mark

November 20, 2017 by Edward Dressel -

A recent article on WealthManagement.com explored some of the improvements to participant retirement plan portals being implemented by the big players like Fidelity and Vanguard. The article points out that plan portal design has improved vastly and how the types of data available, how it is presented, and the options given to participants are...

Better Participant Outcomes: The Solution

November 13, 2017 by Edward Dressel -

As discussed in our previous post Better Participant Outcomes: The Problem, one of the biggest issues preventing better participant outcomes is participant apathy. If one of the barriers is participant apathy, what is the solution? The solution is advisor-driven participant education. Advisor-driven education is a powerful concept. Instead of...

Better Participant Outcomes: The Problem

November 06, 2017 by Edward Dressel -

The 401(k) retirement plan is the principal retirement savings mechanism for many Americans. Almost 80% of all Americans have access to a workplace sponsored 401(k) plan. With total assets of nearly $5 trillion, these plans present a tremendous opportunity for the average worker to save for a healthy retirement with an employer’s support. 

Many Employees Making Early Withdrawals from Retirement Accounts

September 25, 2017 by Edward Dressel -

In 2017, nearly one third of employees withdrew funds from a retirement account for expenses other than retirement. That is the data presented by PwC in their 2017 Employee Financial Wellness Survey. If this survey is representative of the general population then this should be cause for concern.

The Secret to Better Client Engagement and Fiduciary Relationships

August 21, 2017 by Edward Dressel -

How do you feel when a client doesn’t take your advice? You clearly presented and explained everything to your client, only to hear “OK, let me think about it.”

Industry Giant Vanguard Releases DC Plan Report

June 12, 2017 by Edward Dressel -

Last week Vanguard released its report How America Saves 2017. Some of the most interesting pieces of the report centered on data on the increase in automatic 401(k) features such as auto-enrollment and auto-escalation, default investment options and employee contributions.

Financial Wellness: Opportunity or Current Fad?

June 05, 2017 by Edward Dressel -

Financial wellness is one of the key buzzwords in our industry right now. While many are talking about it, what trends do we see on the ground? Is there a uniform understanding of what financial wellness is? Do plan sponsors want it and is it making a difference to participants?

IRA Savings Trends and the Need for Advisors

May 22, 2017 by Edward Dressel -

Individual Retirement Accounts (IRA) make up a quarter of all retirement assets. What do we know about these accounts and the behaviors of IRA account holders? Where can advisors offer important guidance to account owners? Fortunately, new studies can help answer these questions!

What Does Delayed Retirement Cost Employers?

May 15, 2017 by Edward Dressel -

While much has been written about the general lack of retirement readiness among the workforce, there are other costs to this retirement crisis which receive less attention. Delayed worker retirement can have high costs for plan sponsors as well, another reason why it is in plan sponsors’ interests to provide a well-designed retirement plan and...

Retirement Superheros,Your Services are Needed!

April 10, 2017 by Edward Dressel -

Last month, the Employee Benefit Research Institute released the 2017 Retirement Confidence Survey. In its 27th year, the survey reveals interesting information about how American workers think about and plan for retirement. While much of the report is unsurprising and somewhat depressing, some key questions about financial advice reveal that...

Five Ways to Boost Participant Engagement

March 06, 2017 by Edward Dressel -

Much of the conversation about 401(k) participation and whether participants are adequately saving for retirement centers on the plan sponsor. Plan design and administration plays a big part in plan success. However, there is still much that an individual plan advisor can do to help improve participant 401(k) plan experiences and, ultimately,...

No, retirement planning is not like a slow cooker

January 30, 2017 by Edward Dressel -

Retirement planning is not like a slow cooker. Just drop in the contributions, set it and forget it, and at retirement it will be ready? No, it doesn’t work that way. Retirement planning is more like preparing a gourmet French meal. It requires combining the right ingredients in the right way at the right time. Different life stages present...

Are your clients emotionally prepared for retirement?

January 16, 2017 by Edward Dressel -

Much has been written on preparing financially for retirement, and rightly so, a successful retirement is a financially secure retirement. While many people consider the financial aspect of retirement, not as many consider the emotional aspects of retirement. It can be beneficial to future retirees to think about several key factors so that...

How to Get Participants to Increase Contributions

December 01, 2016 by Edward Dressel -

“How can I motivate my plan participants to save more for retirement?” This is a common question for both plan sponsors and financial advisors who advise retirement plan participants. Participants know they need to save more to be on track for retirement, but getting them to commit to increasing their contributions is challenging.

Move up the alphabet from FFF to EE

October 31, 2016 by Edward Dressel -

In the spirit of the back-to-school season, let’s talk about the alphabet. Every advisor knows the three F’s: funds, fiduciary, and fees. In client meetings, financial industry websites, and online discussion forums, the three F’s tend to be the primary focus of our industry.

   

With a long history of working with corporate accounts of all sizes RetireReady Solutions will draw on our experience to help your advisors increase their sales through client education.

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