“Money is not the key to happiness but if you have enough money you can have a key made”
-Anonymous
Welcome to the September 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…
I attended the “Celebration of Life” this past month for my College Hockey Coach, Mike Sertich. It was a touching and tearful tribute to a man that molded the person I am today. I know that sounds hyperbolic but bear with me. Coach Sertich was someone who believed in me as a person and hockey player coming out of High School. He demonstrated this belief by offering me the opportunity to play for team I grew up cheering; the UMD Bulldogs. I lived the dream of playing for my hometown team and more importantly met Jodi Johnson. Twenty One Years and three beautiful daughters later, we are still married and savoring our lives in Duluth. Coach Sertich was a great hockey coach; no doubt. But what I didn’t realize until sitting in the DECC listening to his grand daughters so eloquently say goodbye to their Grandpa; his guidance, belief and care for me as a person set me up to be, for better or worse, the person I am today. THANKS COACH.
IRS Issues Guidance on Withdrawals for Domestic Abuse Victims
In late June, the IRS issued a notice providing critical guidance on early withdrawal penalty exemptions under the SECURE 2.0 Act. The law includes significant provisions for individuals experiencing domestic violence, an issue that has affected millions across the U.S.
According to the Centers for Disease Control and Prevention (CDC), one in four women and one in seven men will experience physical violence from an intimate partner at some point in their lives. Annually, more than 5 million incidents of domestic violence are reported among women aged 18 and older, with another 3 million reported involving men. The IRS’s new guidance aims to offer some financial relief to those affected….
The High Cost of Financial Stress in the Workplace
According to the results of a 2024 American Psychiatric Association mental health poll, 43% of adults reported higher subjective feelings of anxiety than they did the previous year. Respondents indicated feeling anxiety related to a number of issues, but high on the list were the economy (77%) and paying bills or expenses (63%). These concerns were on par with worries about their health (63%), keeping themselves or their family safe (68%) and gun violence (69%).
According to ComPsych, the world’s largest provider of employee assistance programs, anxiety is the No. 1 presenting issue of employees seeking counseling, exceeding self-referrals for depression, stress, relationship issues, family issues, addiction and grief. The direct consequences of untreated anxiety impact both employees and employers alike….
Overcoming Challenges in HR and Benefits Departments
Employees in the HR and benefits departments handle many responsibilities, such as managing a company’s health care benefits or supervising the retirement plan. As a result, it’s common for these employees to experience times of overwhelm, stress, and burnout. It is crucial for plan sponsors, who are frequently overseeing these teams, to understand the difficulties that HR and benefit departments encounter daily, and to avoid compromising their fiduciary duties to these workers….
Participant Corner
Employer Matching – How to Make the Most of Your Plan
Many defined contribution plans include something called employer matching, meaning that your employer contributes a certain amount to your retirement savings plan based on your personal contribution. In 2024, individuals can contribute up to 23,000 into their 401(k) according to SEC guidelines, but, when combined with employer matching, the cap comes to 69,000 per year. If you are over 50, you are allowed to contribute an extra 7,500 a year as “catch up.” It is also important to be aware of your employer’s vesting schedule which dictates your ownership in employer contributions based on years of employment – if you are terminated, contributions made by your employer can be forfeited based on this schedule….
Mr. C’s Movie Review
“Maxxine” is a gripping continuation of the “X” and “Pearl” saga, directed by Ti West. The film follows Maxine, played compellingly by Mia Goth, as she navigates the treacherous landscape of 1980s Hollywood in pursuit of fame.
Mia Goth delivers a powerhouse performance, embodying Maxine’s creepy vibe from the previous iterations in X and Pearl. The supporting cast takes a back seat to Maxine’s over the top personality.
The movie highlights obsession, identity, and the price of fame, creating a tension that kept me on the edge of my seat. The pacing is perfect, leading to a climax that is both shocking and thought-provoking.
Overall, “Maxxine” is a stylish gory entry that personifies 80s style. It’s a must-watch for fans of horror and psychological thrillers alike, with a strong message about the costs of chasing dreams in a cutthroat world.
On a scale of: “Like It”, “Love It”, or “Gotta Have It”; it’s a “Love It” for me. I really enjoyed the first “2” chapters of X and Pearl. I felt this movie built the character of Maxine and provided an agreeable conclusion. This movie won’t be for everyone, but are any of the movies I review. Ha.