Nevin's Data "Points"

Social media routinely reminds me that I’m teetering on the brink of overlooking key remembrances—days in the year to honor sons, daughters, puppies, dogs, kittens, and…well, you name it. And we have whole months set aside to acknowledge the contributions of women, black history, and Hispanic heritage—but there’s another you might have missed… As it turns out, October is National Retirement Security Month—a “national effort to raise public awareness about the importance of saving for retirement.” More specifically, to provide an opportunity for employees to reflect on their personal retirement goals and determine if they're on target to reach those goals—and for those who work with those employees to help them do so. Now, while the need isn’t new, the calendar acknowledgement is, at least relatively so. The notion was raised in 2006 by then-Sens. Gordon Smith (R-OR) and Kent Conrad (D-ND)—though at that time it was “just” a week. However, in 2020, the  National Ass...

While it might not be on your calendar, this happens to be National Retirement Security Week – and in the spirit of the week, here are five things that can provide just that. Retirement security – or more precisely, preparing so that you do have retirement security – is a year-long activity, of course. But this week is devoted to making employees more aware of how critical it is to save now for their financial future, promoting the benefits of getting started saving for retirement today, and encouraging employees to take full advantage of their employer-sponsored plans by increasing their contributions. So, for those looking to shore up your own retirement security – or those you may work with – here are some things to keep in mind. Don’t default to the plan default. While most education materials provided with your 401(k) emphasize the benefit of the employer match (generally referencing that you don’t want to leave “free money” on the table), a growing number...

When it comes to retirement, Americans seem to be a pretty insecure bunch. But then maybe it’s because they don’t know all the things they need to know. This, of course, is National Retirement Security Week , a week devoted to making employees more aware of how critical it is to save now for their financial future, promoting the benefits of getting started saving for retirement today, and encouraging employees to take full advantage of their employer-sponsored plans by increasing their contributions. In the spirit of the week, here are six things that people who need to save for retirement (and who doesn’t?) need to know about saving for retirement. You should save to at least the level of the employer match. Many employers choose to encourage your decision to save for retirement by providing the financial incentive of an employer matching contribution. That match is often referred to as “free money” because you get it just for saving for retirement. That match is not actually ...

I’ve always had a certain ambivalence about what are cynically referred to as “Hallmark holidays.” You know the ones I’m talking about – the ones that seem (and in many cases, are) crafted for the sole purpose of generating sales for greeting card sellers. Next week some – and I hope many – will commemorate National Retirement Security Week (which used to be called National Save for Retirement Week). Sponsored by the National Association of Government Defined Contribution Administrators (NAGDCA), it runs from October 16-22. It’s a national effort to raise public awareness about the importance of saving for retirement – and it’s even managed to obtain a Senate resolution in support of its observance. That said – and despite the hard work, talented designs, and sponsorship of a number of large and reputable financial services organizations, I suspect many of you haven’t even heard of it. More’s the pity. The week is focused on three key objectives: Making employees more aware ...