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Our Thoughts On...

IRS Extends Roth Catch-Up Contribution Effective Date

On August 25, 2023, the Internal Revenue Service issued guidance extending the effective date of a controversial provision of the SECURE 2.0 Act of 2022 (“Secure Act 2.0”) for an additional two years. Read more.

Hardship Distributions Surge: Strategies for a Troubling Trend 

More and more workers are taking hardship distributions from their 401(k) accounts, a recent report shows. Bank of America’s June 2023 Participant Pulse study reveals nearly 16,000 participants withdrew money to cover a financial hardship in Q2 of this year—up 36% compared to the same quarter in 2022. Read more.


Offboarding Employees from

Your 401(k) Plan

A full two-thirds of employees don’t receive guidance on managing their retirement plan benefit while offboarding. Leaving 401(k) or 403(b) balances behind can result in orphaned accounts that sit unmonitored and unmanaged by participants for years, as opposed to remaining an active part of their retirement planning. Read more.

Plan Sponsors Can Help Social Security Early Birds Build Their Retirement Nest Egg 

Two-fifths of pre-retirees say they plan to start taking Social Security benefits before they reach full retirement age, according to a recent Schroders report. And just 10% intend to wait until age 70 in order to qualify for maximum payments. Read more.

Schneider Downs Wealth Management Advisors, LP is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). SDWMA provides fee-based investment management services and financial planning services, along with fee-based retirement advisory and consulting services. Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice. Registration with the SEC does not imply any level of skill or training.
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