401(k) Archives - Page 2 of 6 - HFM Investment Advisors, LLC

Ready to elevate your 401(k) strategy? Discover strategies that can take your 401(k) plan beyond a financial obligation to become a catalyst for fostering a motivated, loyal team. Consider implementing features like auto-enrollment and auto-escalation to improve savings and participation rates and position your plan to boost retention and encourage on-time retirements. Download The Guide HFM Investment Advisors, LLC. 856-232-2270 401kteam@hfmadvisors.com 102 West High Street Suite 200, Glassboro, New Jersey 08028 HFM Investment Advisors, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the…

SECURE 2.0 Update: Looking Ahead

401(k), Secure Act

Some provisions of SECURE 2.0 have already taken effect, and more will become effective soon. For plan sponsors, preparation is the key. Starting early allows for a thorough consideration of how SECURE 2.0 provisions may impact enrollment, contributions, and other aspects of your 401(k) plan. This will help you align your plan with regulatory requirements while continuing to meet both employer and employee needs. Here are a few of the provisions that could affect your plan: Long-term part-time worker eligibility Effective January 1, 2025, employees who have at least 500 hours of service each year for two consecutive years are…

Employee Newsletter: Debt Management Edition

401(k), Business Owners

This quarter’s employee education offers practical tips and strategies to help manage debt effectively, distinguishing between “good” and “bad” debt, accompanied by practical exercises for budgeting and debt management. Understanding these concepts is helpful to achieving financial freedom and stability; we believe your employees will greatly benefit from this knowledge. We encourage you to share this newsletter with your organization. It's an excellent way for your team to access valuable information that can aid their progress while on their savings journey. Download Employee Education HFM Investment Advisors, LLC. 856-232-2270 www.hfmadvisors.com 401kteam@hfmadvisors.com 102 West High Street Suite 200, Glassboro, NJ 08028…

What’s Going On in Washington?

401(k), Business Owners

Exploring current ERISA and DOL areas of interest In a significant move by the Department of Labor (DOL), new regulations are being rolled out that may impact your ERISA compliance and retirement plan administration. Learn how these changes could influence your retirement plan, discover Washington's initiatives, and prepare your company effectively. Retirement Security Rule effective date stayed indefinitely On July 25 and 26, 2024, two different federal courts in Texas ruled that the DOL likely overstepped its authority in redefining what is considered fiduciary investment advice under ERISA and the Internal Revenue Code. The new DOL regulation, the “Retirement Security…

Exploring In-Plan Retirement Income Solutions

401(k), Retirement Planning

To help prevent potential retirement delays, consider retirement income solutions to boost participants’ confidence in their future financial security. Both employers and employees have a growing interest in in-plan retirement income solutions. With 66% of participants concerned about creating an income stream in retirement, this shows a signification interest in retirement planning tools that can convert savings into lifetime income.[1] Offering in-plan retirement income solutions is one way to help participants plan for financial stability in retirement in order to retire on time. Why focus on in-plan retirement income solutions, and why now? Here’s what you need to know…

Q2 2024 Plan Sponsor Newsletter

401(k), Financial Wellness

As we continue to navigate an evolving workforce landscape, it's becoming increasingly evident that employees at different career stages have distinct needs when it comes to retirement planning and benefits. Understanding and addressing these diverse needs is crucial to foster employee satisfaction, retention, and overall financial wellness. To effectively meet these diverse needs, it's wise for plan sponsors to consider implementing personalized resources and benefits tailored to each career stage. Our Q2 newsletter discusses tailored strategies for each career stage. Download The Newsletter Providing access to financial wellness platforms, one-on-one counseling, and retirement readiness assessments can equip employees with the…

Boosting Retirement Confidence for Near-Retirees

401(k), Financial Wellness

Employees late in their careers need information that helps smooth the transition into retirement We are entering the “Great Retirement” era, where tens of thousands are hitting retirement age daily. By 2030, the entire baby boomer generation will be 65 or older. These hard working and resilient employees were the first to experience the shift from guaranteed pension plans to defined contribution plans such as 401(k)s. With retirement in sight, near-retirees are a key target audience for financial wellness programs. Older employees are likely to experience heightened financial stress and anxiety as they transition from work into retirement…

Employee Newsletter: Financial Health Edition

401(k), Financial Wellness

As a plan sponsor, employees want you to support their financial well-being. Achieving financial health takes time and commitment, here are three tips to help your employees stay focused: Make savings a routine they can stick to Set realistic goals Get help from a financial professional Just as physical health requires commitment, good habits, and professional guidance, achieving financial health needs time , persistence, and small yet powerful changes. By empowering your employees to improve their financial fitness, you are contributing to their overall well-being and satisfaction. Download the Newsletter HFM Investment Advisors, LLC. 856-232-2270 www.hfmadvisors.com 401kteam@hfmadvisors.com 102 West High…

Overcoming Mid-Career Retirement Savings Hurdles

401(k), Financial Wellness

Practical tips for Gen X and Millennial workers to save for retirement Life in the middle can be a pickle—just ask any mid-career employee. They're often caught between a rock and a hard place, or, more accurately, a kid's college fund and an aging parent's medical bills. Add to that the rising cost of living, and you've got a perfect storm for financial stress. Money and Happiness Did you know that 59% of Americans think money can buy happiness? With the magic number being $1.2 million. Interesting though, for a significant portion of your workforce, financial happiness is tied…

Helping Early-Career Employees Navigate the Saving Maze

401(k), Financial Wellness

Ways to boost financial confidence and loyalty for Gen Z employees Have you ever found yourself pondering the classic "If only I could rewind the clock and share some pearls of wisdom with my younger self" scenario? As an employer, you have the chance to share this knowledge with your employees, especially when it comes to saving for the future. The Impact of Early-Career Saving Hurdles While everyone encounters challenges, certain obstacles tend to affect individuals early on in their careers more than their senior counterparts. Factors such as inflation, the cost of living, student loans, and impulsive 401(k)…