National 401(k) Day
I bet you didn’t realize that today, September 9th, is national 401(k) Day. It is an annual celebration to promote the importance of participation in employer-sponsored profit sharing and 401(k) plans. Here are some other things you may not know:
- Most of us spend more time thinking about what to have for lunch than we do about how to have a comfortable retirement.
- The average Social Security Retirement Benefit is just over $1100 per month and will only replace a fraction of the income we need to live comfortably in retirement.
- Many young people feel that their future Social Security Benefit will not be there or will be greatly reduced from what their parents received.
- Most employer-funded retirement benefits, like Defined Benefit Plans, are history and will never come back.
401(k) plans allow employees to take control of their retirement and not worry so much about the future or depend on the government in their post working years. Our team has working closely with clients to offer their employees the best possible 401(k) Plan and helps encourage their employees to participate. In addition, the current economic downturn has prompted more questions from our clients and their employees about how best to navigate through these challenging times.
You may want to spend a few minutes thinking about your own retirement planning. I can’t think of a better way to celebrate the day than to spend a few minutes thinking about your future.
Please contact a member of the WGA Retirement Services Team for more information.
About the Author
Rich Quigley is an Assistant Vice President at WGA and a Qualified Retirement Plan (401k) expert within the Employee Benefits Group. Mr. Quigley assists clients through the plan implementation process by structuring the plan design to meet their unique retirement planning needs.