1-520-327-1019 info@wellspringfp.com

Resources / Education

What financial resolutions should I consider making as I look ahead to 2018?

What financial resolutions should I consider making as I look ahead to 2018? A new year is right around the corner, bringing with it a fresh start for you and your finances. What will you do this year to help improve your financial situation? Evaluate your savings goals. The beginning of the year is a great time to examine your overall financial plan. Maybe you want to buy a  new vehicle this year or save money toward a Caribbean…

Read More >

What can I learn from looking back on my financial situation in 2017?

What can I learn from looking back on my financial situation in 2017? If your financial plan for 2017 didn’t work out the way you wanted it to, don’t beat yourself up. Instead, ask yourself the following questions to determine what you can learn from reflecting on your financial situation in the last year. Did you meet your financial goals and expectations for 2017? Perhaps you started the year with some financial goals in mind. You wanted to establish…

Read More >

It’s Time for Baby Boomer RMDs!

In 2016, the first wave of baby boomers turned 70½, and many more reach that milestone in 2017 and 2018. What’s so special about 70½? That’s the age when you must begin taking required minimum distributions (RMD) from tax-deferred retirement accounts, including traditional IRAs, SIMPLE IRAs, SEP IRAs, SARSEPs, and 401(k), 403(b), and 457(b) plans. Original owners of Roth IRAs are not required to take RMDs. If you’re still employed (and not a 5% owner), you may be able to…

Read More >

Demographic Dilemma: Is America’s Aging Population Slowing Down the Economy?

United States is growing older at a rapid pace. While the U.S. population is projected to grow just 8% between 2015 and 2025, the number of older Americans ages 70 to 84, comprising the Aging Population, will skyrocket 50%.1 With roughly 75 million members, baby boomers (born between 1946 and 1964) make up the largest generation in U.S. history. As a group, boomers have longer life expectancies and had fewer children than previous generations.2 Now, after dominating the workforce…

Read More >

Questions to Ask Before Buying That Thing You’ve Always Wanted

Even if you’re generally comfortable with your finances, you may occasionally worry about how much you’re spending, especially if you consistently have trouble saving for short or long-term goals. Here are a few questions to ask that might help you decide whether buying that special something is really worth it. Why do I want it? Maybe you’ve worked hard and think you deserve to buy something you’ve always wanted. That may be true, but are you certain you’re not…

Read More >

Improving Automatic Enrollment

Our research shows that the vast majority of plan sponsors recognize that automatic enrollment has been effective in improving plan success and simplifying internal plan administration. Could automatic enrollment’s success be improved upon? When automatic enrollment first began gaining popularity, about 20 years ago, its typical design served a number of purposes. It improved plan enrollment and made for more efficient administration (no more “herding the cats” every year during open enrollment periods). For the majority of plans it…

Read More >

Do You Send Participant Notices via Email — And Should You?

rules regulations waivers

The number of notices and disclosures required to retirement plan participants has increased while methods to access information changed drastically. Many people receive their news and information on  electronic devices through apps and social media. What remains the same is the Department of Labor’s (DOL’s) guidance about permissible methods to provide notices electronically. There is a disconnect between how people are accustomed to receiving information (electronically) and what is permissible under ERISA. What Disclosures May be Distributed Electronically Under…

Read More >

How can families trim college costs?

Trimming college costs up front can help families avoid excessive college borrowing and the burdensome student loan payments that come with it. Here are some ideas. 1. Pick a college with a lower net price. You can use a college’s net price calculator (available on every college’s website) to estimate what your net price (out-of-pocket cost) will be at individual colleges. A net price calculator does this by estimating how much grant aid a student is likely to receive…

Read More >

How much money should a family borrow for college?

There is no magic formula to determine how much you or your child should borrow for college. But there is such a thing as borrowing too much. How much is too much? Well, one guideline for students is to borrow no more than their expected first-year starting salary after college, which, in turn, depends on a student’s particular major and job prospects. But this guideline is simply that — a guideline. Just as many homeowners got burned by taking…

Read More >

Five Myths About Group Disability Insurance

You may think that the chances of becoming disabled during your working years are slight, and even if you did get hurt or had to miss time at work, you could get by because you have group disability insurance.  unfortunately, you may be in for a big surprise. Here are some myths and misunderstandings about group disability insurance. Myth 1: It won’t happen to me. You’re not really worried about your group disability insurance coverage because you’re sure you…

Read More >