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Will Switching Jobs Cost You Hundreds of Thousands in Retirement Savings?
John—a client of ten years—shared his plans to switch jobs. His new position came with a significant raise, and he was excited about the new opportunity. “I’ll be earning more, but I’m not sure how it will affect my 401(k). Will my savings continue to grow at the same...
The 401K Rollover Dilemma: A Cautionary Tale
Jaime, a longtime client, came in to ask me about rolling over her 401(k) to an IRA. “David, I’ve been considering rolling over my 401(k) from my previous job into an IRA. What are the pros and cons of doing this?” “That’s a good question,” I said. “Rolling over your...
Take Control of Your Internal Control!
A fifth client this month asked me to review their internal controls. Usually, they make the same mistakes: Wrong compensation used to calculate payroll deductions and match Failure to mail out participant notices Deferral Elections made on RK platform are not updated...
Catch Up with the Catch-Up Contribution!
I sat at my monthly SHRM chapter meeting with a group of HR managers from various businesses. We enjoyed some pre-meeting small talk until Linda, one of the HR managers, leaned in with a question that piqued my interest. “Has anyone heard about this new Catch-Up...
Holiday Bonuses and Win/Win Strategies
Margaret, the president of her company came into my office one late November morning feeling great! “We had another good year and I was going to write holiday bonus checks for everyone. This year we’ll be giving out bonuses equal to 7% of our employees’ annual pay....
Changes Coming for 2025: Automatic Enrollment for Retirement Plans
Geoff came into my office looking concerned. “David, I heard something about mandatory automatic enrollment for retirement plans starting in 2025. Is that true?” “Hi, Geoff. And yes, you’re right. Starting in 2025, most new 401(k) or 403(b) plans will be required to...
Sometimes It’s Illegal to Spend Your Own Money!
Hector asked me if it would be possible to make an early withdrawal from his retirement plan. He’s a small consultant and though he does well overall, his income tends to “roller-coaster” as he works on one project and then sets up a new one. “I’ve been saving for...
ERISA After 50!
At my last SHRM chapter meeting, I found myself engaged in conversation with several HR managers who were responsible for managing their companies’ retirement plans. I was surprised to discover that none of the professionals at my table were aware of how dramatically...
Inheriting an IRA: Navigate the Tax Maze
A client booked a meeting with me last week to discuss a question about an inherited IRA. Our conversation shed light on how to avoid potential pitfalls and make the most of the inheritance. “I just inherited my great aunt Harriet’s IRA. Free money is good but how do...
I Put My Spouse on Payroll. Now What?
Like many business owners, Jack put his spouse on the payroll during COVID—and she’s still there. “It started as an emergency measure,” he explained, “but I don’t think I could have grown the business this way without her. But we’re on the same payroll. How does this...
Why Was My Contribution Cut in Half?
Jess called me with an urgent question about her retirement plan. “I have a pension/cash balance plan. My actuary just told me the contribution I can put in this year is cut in half. Why is this?” “Usually, this happens for two reasons:” I explained. “It could be that...
Can I Save Money by Owning Multiple Companies?
James, a long-term client, called me last week to ask about his retirement plan. He owns a successful business and he’s a partner in a second company. “How does this work? Can I set up a plan for the second company and participate in both?” “The fact that you have...
Madison Pension Services is now known as Concierge Retirement Services.