“If you think nobody cares if you’re alive, try missing a couple of car payments.”
– Earl Wilson
Welcome to the November 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…
We hope you had a Happy Thanksgiving with your families. Our Wheeler Retirement Team is blessed to work with such wonderful organizations that care about their workforce. We wish you nothing but love on this Holiday.
I found this picture a great representation of the wonderful athletes I am Thankful to coach. These two sisters played for our Northern Elite Hockey Program in the fall. Good hockey players but even better humans. What makes this image so powerful is that they are holding a State Championship Trophy after winning the MN High School Volleyball championship. Our Northern girls are tasked with being leaders not only in their schools but communities. They branch out to other sports and contribute to the pursuits for their teammates. Qualities that will make these two young ladies, along with the rest of the special athletes of Northern MN, champions in whatever they pursue. Nice Job Alexandria Volleyball.
Increasing 401(k) Balances Can Bring Increased Risk
By the second quarter of this year, the number of “401(k) millionaires” rose 2.5% from Q1, marking a record high according to Fidelity. At the same time, retirement savers overall experienced three consecutive quarters of growth — and that’s good news for many investors. However, a Vanguard analysis of its plans also shows a concerning trend: The percentage of savers who took hardship withdrawals from retirement accounts increased twofold over a three-year period, climbing from 1.7% in 2020 to 3.6% in 2023. Moreover, new rules introduced this year make accessing those funds even easier, allowing participants to withdraw up to $1,000 annually from a qualified retirement….
Rate Cuts and Retirement: Navigating Change
The Federal Reserve’s recent 50 basis point interest rate cut, with more reductions expected by year’s end, may leave employees wondering what it means for their retirement savings — and their overall financial picture. Younger workers might question how this reduction compares to the significant pandemic-era emergency rate cuts in 2020, while those nearing or already in retirement will likely have different concerns. Employers can play a critical role in helping to guide their workforce through changing economic conditions by providing tools, personalizing communications — and promoting….
Protecting Benefit Plans from Cybersecurity Threats
Many plan sponsors focus on external cybersecurity threats, such as hackers attempting to breach their systems, but disgruntled employees can also pose a risk.
Recently, the Department of Labor (DOL) extended the scope of its cybersecurity guidelines to include all Employee Retirement Income Security Act (ERISA) plans, which include retirement, health, and welfare programs. This means that plan sponsors now have considerably more private information to safeguard….
Participant Corner
Harvesting Financial Lessons
Thanksgiving offers more than just family gatherings and meals—it encourages reflection on finances with gratitude. The holiday can inspire better financial habits, such as managing holiday expenses wisely and practicing mindful spending. Here are a handful of tips that can alleviate any financial burdens you may face during the upcoming holiday season:
Mr. C’s Movie Review
The Substance is a trip down the rabbit hole — if the rabbit hole was so horrifying that you could only squint.
The movie centers on Elizabeth Sparkles (Demi Moore), a fledging TV Aerobics star. Think Richard Simmons at the height of TV fame. Harvey played by an outrageous over the top sleeze-ball, Dennis Quaid, fires Elizbeth on her 50th Birthday. The industry is getting younger and Elizabeth no longer “fits” the demographic. A cutting age laboratory offers Elizabeth a black market drug Substance that promises a better you. It wouldn’t be a horror if the movie didn’t run off the tracks. Of course this drug is a cell replicating that creates a better, younger YOU. The only rule, is that YOU share time. One week for you and one week for the “new” you. Enter Sue (Margaret Qualley), the younger, more confident Elizabeth. The movie takes off when one week isn’t enough time. As long as Elizabeth/Sue respect the balance of time, what could go wrong with this arrangement. Queue Chaos. Imagine when you tested curfew for a couple of extra minutes with your parents; grounded was probably the end result. As Sue and Elizabeth battle for time, the results are most more horrifying. If nothing else, The Substance, will draw out the “REAL YOU”. Buckle up.
On a scale of: “Like It”, “Love It”, or “Gotta Have It”; it’s a “Love It” for me. This movie is every bit its “R” rating. The body horror is at times over the top. Not a film for the squeamish. Demi bravely bears all for this role while switching back and forth with Margaret Qualley. You must watch the movie with an open mind to truly appreciate the lesson from Director Coralie Fargeat. By the end I was exhausted and repulsed by the two women. We all want to be our better selves but if the Substance is the only way; count me out.