How a Retirement Savings Plan Works

Employer-sponsored retirement savings plans, such as 401(k), 403(b), and 457 plans, present an ideal opportunity to build a nest egg for retirement. You contribute to the plan via payroll deduction, which can make it easier for you to save for retirement. In addition, you may receive significant tax benefits along the way. Following is a…

Why Save for Retirement?

When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone’s vision is unique. Fortunately, whatever your dream, your employer wants to help you make it reality —…

February is for Fiduciaries!

Working together to help you achieve your financial goals is incredibly rewarding. Here at SIMA, we take our responsibilities to adhere to the highest standards of ethical and professional conduct very seriously, which is why we are proud to be an Accredited Investment Fiduciary® Designee. The AIF® Designation is more than just an acronym. It’s…

401(k) Contribution Limit Increased to $19,000

The IRS has announced that the amounts employees can contribute to 401(k)s and IRAs will increase in 2019. In particular: The employee contribution limit for 401(k) plans will be $19,000, up from $18,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,000. The employee contribution limit for IRAs…

It’s National Estate Planning Awareness Week

This week has been designated as National Estate Planning Awareness Week. Estate planning is a vital component of every financial plan, regardless of the size of the estate. Unfortunately, it’s also an area that is commonly overlooked. This often results in wasted dollars and emotional hardship that could otherwise be minimized with proper advance planning…

How Does Your Defined Contribution Plan Compare? A Look at Automatic Contribution Escalation

Four-fifths of non-government plans that have automatic enrollment also offer automatic contribution escalation (80%).  After rising sharply from 2015 to 2016, the prevalence of automatic contribution escalation among non-government plans has remained at about seven in ten for the past two years.  The number of plans with automatic contribution escalation that use an opt-out approach…