“The safest way to double your money is to fold it over and put it in your pocket”
-Kin Hubbard
Welcome to the July Edition of Ryan’s Retirement Ramblings – The monthly newsletter that will bring you the latest developments from the qualified plan space & provide updates for the retirement team at Wheeler Retirement Plans.
On A Personal Note…
Relationships are so important in our lives whether they are professional, casual and/or personal. This past month a group of my closest and dearest friends celebrated 20+ years of the aptly titled World Golf Tournament (WGT) at Big Fish Golf Course. My relationships with each of these gentlemen has transcended my adult life. We met in Junior High School and we continue to lean on each other professionally and personally. I’m grateful that all of us take time from our busy schedules to catch up and assure each other we aren’t on this journey of life alone. Like my buddies in the WGT, I truly appreciate the relationship with all of you plan sponsors. You are part of the Wheeler Retirement Plans family and its nice knowing I don’t have to travel my working life alone. Thank you all.
When It Comes to 401(k) Beneficiaries, Where There’s a Will There Isn’t Necessarily a Way
Beneficiary designations are a critical yet often neglected aspect of retirement plans. Many participants mistakenly believe that their retirement plan assets will be distributed according to their will or trust. However, retirement accounts are governed by their own rules, meaning the named beneficiary on the account will typically inherit the funds, regardless of other estate planning documents….
The Magic Number Gap: Bridging the Divide Between Expectations and Reality
A troubling trend has emerged in the retirement planning space: The “magic number” — or amount of money Americans believe they need to retire comfortably — has surged to an all-time high, even as actual retirement savings have declined. This growing disparity or “magic number gap,” highlights a significant and escalating challenge for both participants and plan sponsors….
Cybersecurity and How to Deal with Data Breaches as a Plan Sponsor
Retirement funds are a target for cybersecurity attacks and identity fraud more than ever before. For most people, their retirement account is one of their biggest assets and they rarely check it. This makes these accounts a prime target for cybercriminals. Data breaches with recordkeepers are common. Last month 1,833 Walmart participant 401(k) plans were leaked from a large financial institution’s data breach caused by a single employee making an isolated email error. The risk of incidents like this can be lessened with proper precautions. Even with the best precautions in place a data breach can still occur, and having an established response plan in place with your recordkeeper is key to minimizing the damages….
Participant Corner
How Much Do You Know About Your Retirement Plan Quiz
Many people often find that they know far less about their retirement plan than they thought. Test yourself with the quiz below and see how much you know about your financial future….
Mr. C’s Movie Review
This moment I saw the trailer for a new Beverly Hills Cop, I was immediately whisked back to my childhood basement on Glenwood Street watching the original BHC with my dad. It was the first rated R movie he allowed me to watch. From that point on, it became a tradition in the Coole house to rent 2-3 VHS (yes VHS tapes) movies on crummy weekends, order out pizza and sit in our below zero basement. Memories that will forever be cherished. The 2024 edition of Beverly Hills: Axel F might as well have been titled “Axel F: Still Cool After All These Years,” because Eddie Murphy’s return as Axel Foley feels like a nostalgic high-five from an old friend who’s somehow managed to stay effortlessly cool over the decades.
The plot kicks off with Axel Foley heading back to Beverly Hills for one more high-stakes case that has inexplicitly involved his estranged daughter Jane (the excellent Taylour Paige). It turns out, Beverly Hills still has a knack for attracting trouble, and Axel’s presence is needed to solve a crime that’s both incredibly complex and comically absurd.
Axel’s humor is as sharp as ever, and his ability to turn a routine interrogation into a stand-up routine is nothing short of magic. The movie cleverly pays homage to the original rolling out now Chief Taggert (John Ashton) and Billy Rosewood (Judge Reinhold) for Axel to rib as he did over 20 years ago. The new recruits led by Bobby Abbott (Joseph Gordon-Levitt) and Captain Grant (Kevin Bacon adding to his “six degrees”) are bewildered by Axel’s unconventional methods, Their interactions with Axel bring a fresh dynamic to the film, blending the old-school shenanigans with new-school police procedures.
On a Scale of “Like It”, “Love It”, or “Gotta Have It”…..I give this show a “Love It”. Package the nostalgia of the original and a soundtrack that closely mimics the original is a warm bear hug on a cold night. It may never rival the original’s impact in my life but its fun to take a trip down memory lane.