Inside The Plan

Spring Has Sprung

In today's episode of the "Inside the Plan with the 401(k) Brothers", host Bill Bush and Andy Bush, advisors at Horizon Financial Group talk about their recent trip to San Diego for the National Association of Plan Advisors Summit. They share some stats from one of the interesting presentations they saw.

Episode Highlights

  • 01:19: Spring has sprung and are folks looking forward to the summer and hopefully an improved economic climate.
  • 01:32: One of the presentations that they did see at NAPA was, what is the American worker thinking right now and experiencing as you overlap that onto what's going on in the economy, especially as inflation hits everyone.
  • 02:09: When you kind of look at across the board, there is a greater portion of folks that feel like their financial independence is in jeopardy.
  • 03:13: There have been plenty of surveys and studies that have shown that the more financially stressed workers are the less productive they are.
  • 04:08: If you have debt that was introduced to you last year when rates were rising. You know it's a higher interest rate and so getting rid of that as soon as you possibly would be great.
  • 06:06: Inflation of expenses is going up and some people realize, I may as well just earn the dollars to pay my bills rather than pulling them out of my retirement savings.
  • 06:50: 65% of the folks that were surveyed said they would rather have a concrete plan to know how to spend their later years, so that they could know not only the monies they would spend, but how they are spending their time and energies.
  • 08:20: Bill and Andy discuss how people realized there was some benefit to staying at the job instead of going and chasing after something else.
  • 09:39: Bill and Andy always like to remind folks to use the tools you have available inside your plan, be surprised at how many folks don't even set up an online access username and password and maybe don't even check their balance or kind of where their holdings are.
  • 10:46: Bill and Andy have a whole series on how different generations look at finances.
  • 11:29: Some people have family relationships or social relationships that are strained. Bill and Andy discuss how mental health affects financial health.
  • 14:18: Bill and Andy talk about the importance of financial planning and why one should hire a financial advisor.
  • 16:40: Andy doesn't want to feel strapped or stretched or stressed from finances.
  • 17:24: If you have a 401K plan at your work, and you are not getting the education you feel like you deserve or need, reach out to the plan sponsor or providers and ask for it.

Three Key Points

  1. Bill and Andy talk about retirement savings and the importance of it.
  2. Bill and Andy discuss how millennials are managing their own finance.
  3. 90% of workers indicated that their employer should be involved in retirement education.

Tweetable Quotes

  • "Folks tend to be a little less confident about their independence, their financial independence or their retirement." - Bill
  • "Concentrate on the things we can control rather than those items out there that we cannot control." – Bill
  • "The current climate we are in has certainly really made folks have to be intentional, about their financial lives, whether they wanted to or not because prices go up." - Bill

Resources Mentioned

·        Horizon Financial Group

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