Encouraging Words

 On what turned out to be the longest day of 2024, I said good-bye to my dear 94-year-old mother.

It wasn’t how any of us had planned to spend that day. Two days earlier, she was returning from getting new hearing aids with my sister when she slipped and fell — broke her femur, sending her to the hospital for what was to be a weekend surgery. Mom was amazingly self-sufficient — still living on her own (with some assistance from my sister, who lives nearby) — and she had gone through heart valve replacement and a pacemaker — with COVID in between those two years back.

But this time, as is often the case with older folks, the trauma to her body was more than she could fight off. Thankfully, she managed to hang on until her kids (including this one) and several grandkids were able to get to Chicago to be with her as she went to be with the Lord.    

I moved out — and my parents moved for my Dad’s new job — just as I graduated college.  My parents (and three siblings) lived in a house and a community that I only rarely visited — even less so as my own work and family drew me hundreds of miles away. As a consequence, there was a big chunk of my mother’s life that occurred outside my experience — neighbors, co-workers, and church members. Many of whom had rich and touching stories of the impact Mom had had on their lives.    

Not that Mom and I didn’t talk. After my Dad’s passing in 2006, I committed to calling her every Saturday morning — not always at the same time, and at times (I found later) wresting her out of bed when she, otherwise, probably had been sleeping. We covered a lot of ground on those Saturday mornings — weather, politics, family, investments — and religion. Mom’s faith was the central focus of her life — as the wife of a minister you might expect that — but as have many others of my acquaintance, she had a life — and a profession — outside of the church. 

See, Mom was a teacher from a long line of teachers — what some might think of as the school librarian, though in later years as a “learning center director,” she also became “custodian” and master of the school’s technology investments — video, computers, etc.  It was a skill she relished and nourished — regularly corresponding on email and using her Kindle Fire (and PC) to keep up with photos and YouTube videos. Both her love of books and reading — and technology’s gifts — she passed on to her kids, notably this one. Despite her age, Mom was no luddite, though in recent years the pace of change (the iPhone operating system updates were a particular challenge) was frustrating (and thank goodness for TeamViewer!).

I’ve shared in previous columns the lessons I picked up along the way from Mom (and my Dad, as well). Her decision to set aside money in a 403(b) when my dad insisted they couldn’t afford to (and trust me, it took some sacrifice — that was on top of the 8-10% of pay mandated pension contributions). But she also had the foresight to buy pension credits for the years she stopped teaching to raise a family.

And she, along with my Dad, bought long-term care insurance before it was “cool” (and when it was considerably more affordable) because she didn’t want to be a burden to her family — and had seen first-hand with her parents the financial toll that can take. Mom’s retirement finances — because of the thoughtful and prudent sacrifices my parents made along the way — were comfortable.  Indeed, her retirement income was better than her pre-retirement take-home even after nearly three decades of retirement.

It was, however, her faith that gave purpose to her life. And even when it was no longer safe for her to drive — and COVID kept her home — she believed with all her heart that the Lord’s purpose for her — despite, and perhaps because of those limitations — was to be an encouragement to others.

And so she did — by phone calls, texts, and an astounding amount of “snail mail” — she found ways to reach out, to support and encourage what turned out to be an incredible network of friends, family, church members — even co-workers from three decades ago.  The week she passed those notes were still arriving, encouraging those in her network(s).

I’m already missing my Saturday morning phone calls with Mom. But what a difference we could make in this world if we would all take to heart her “mission” to support and encourage those around us — to provide those “encouraging words” — because you just never know how much difference it could make…

• Nevin E. Adams, JD

5 Fiduciary Resolutions for 2025

This is the time of year when resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are five for plan fiduciaries for 2025.

1. Develop a (plan) budget.

Most financially-focused New Year’s Resolutions focus on spending (less) or saving (more) —and the really thoughtful ones do both — all tied around the development of a budget that aligns what we have to spend with what we actually spend.

I expect that most, or at least many, plans also have a budget when it comes to the expenditures that require corporate funding.  Less clear is how many establish some kind of budget when it comes to what participants have to spend.  Now, granted, what they pay will vary based on any number of …variables — but an essential part of ensuring that the fees paid by the plan (for the services provided to the plan) is knowing how much — and for what.

At some level that means not only keeping an eye on things like expense ratios, the options with revenue-sharing, and the availability of alternative share classes (or options like CITs) — but it also means having an awareness not only of the plan features, but the usage rates of those plan features.

Let’s face it - when it comes to retirement plans, there often IS a direct link between spending less and saving more.

2. Check-up—on your target-date fund(s).

Flows to target-date funds (TDF) have continued to be strong — and little wonder, what with their positioning as the qualified default investment alternative (QDIA) of choice for most 401(k)s. That said, the vast majority of those assets are still under the purview of an incredibly small number of firms — with glidepaths that are not nearly as dissimilar as their marketing materials might suggest.

A TDF is, of course, a plan investment, and like any plan investment, if it fails to pass muster, a plan fiduciary would certainly want to remedy that situation, including removing the fund if necessary (don’t take my word for it — that’s coming straight from the Labor Department). 

That said, TDFs are frequently, if not always, pitched (and likely bought) as a package. While each fund in the family is reviewed separately, and certainly should be, breaking up the set certainly carries with it a series of complicated consequences, not the least of which are participant communication issues and glide path compatibility. Not that those can’t be overcome — and not that those complications would be deemed sufficient to retain an inappropriate investment on the plan menu — but it doesn’t take much imagination to think about the heartburn that might cause.  However, and once again – the Labor Department has suggested that action might be appropriate.

The reasons cited behind TDF selection run a predictable gamut; price/fees, performance (past, of course, despite those disclaimers), platform (as in, it happens either to be their recordkeepers, or compatible with their program) — and doubtless some are actually doing so based on an objective evaluation of the TDF’s suitability for their plan and employee demographics.

Whatever your rationale, it’s likely that things have changed — with the TDF’s designs, the markets, your plan, your workforce, or all of the above – oh, and there might now be a more personalized managed account option. 

The time to consider a change is before you are forced to do so.

3. Pump up - the default rate in your auto-enrollment plan.

While a growing number of employers are auto-enrolling workers in their 401(k) plan (likely even more with the new provisions in SECURE 2.0), one is inclined to assume that nearly two decades after the passage of the Pension Protection Act, if a plan hasn’t done so by now, they likely have some very specific reasons.

But for those who have already embraced automatic enrollment, those are plans who have (apparently) overcome the range of objections; concerns about paternalism, administrative issues, cost — some may even have heard that fixing problems with automatic enrollment can be — well, problematic (though things have gotten a little easier on that front).

There has been movement here over the year s— indeed the most recent PSCA survey found that half of the plans with automatic enrollment set the default deferral rate high enough so that participants receive the full possible company matching contribution (another 10% set it above that rate). More than a third now have a default rate of 6% - or higher!

4. Set goals for your plan (designs).

The mantra about retirement benefits has always been that they exist to help attract and retain good workers. More recently, a reimagined emphasis on financial wellness has offered some nuance to that — to provide better levels of engagement while they are working, to forestall the “distractions” (and potential malfeasance) that financial stress can engender, and ultimately to help workers retire “on time.” These goals are not inherently incompatible, but at any given point in time they require differences in communication, education, emphasis, and potentially program design. 

There is, by the way, a sense of a shift in such things. While the primary goal of participant education has historically been to increase participation rates, the Plan Sponsor Council of America’s 67th Annual Survey of Profit-Sharing and 401(k) plans notes that in 2023 that shifted to increasing financial literacy of employees — cited by 83.6%, and cited as the top priority for more than a third of survey respondents. 

If you haven’t revisited those objectives in a while — or, heaven forbid, have never done so — there’s no time like the present for a reset. After all, as Yogi Berra once commented, “If you don’t know where you’re going, you might wind up someplace else.”

5. Do your homework

Whether you lead a plan committee – or are “just” part of one – it’s important to be prepared.  ERISA requires that the named fiduciary (and there must be one of those) make decisions regarding the plan that are SOLELY in the best interests of plan participants and beneficiaries, and that are the types of decisions that a prudent expert would make about such matters.  Even if you (just) serve on a plan committee, you are also held to that standard.  Legally, you have personal financial responsibility for those decisions – and that motivation alone should provide the requisite focus on preparation. 

That said, ERISA does not require that you make those decisions by yourself—and, in fact, requires that, if you lack the requisite expertise, you enlist the support of those who do have it. 

But you’ll help them – and help yourself – and help the plan participants – if you do your homework BEFORE the committee meeting.

• Nevin E. Adams, JD

Making a List...

  “You better watch out, you better not cry, you better not pout…”

Those are, of course, the opening lyrics to that holiday classic, “Santa Claus is Coming to Town.” And while the tune is jaunty enough, the message — that there’s some kind of elfin “eye in the sky” keeping tabs on us has always struck me as just a little bit…creepy.

That said, once upon a time, as Christmas neared, it was not uncommon for my wife and I to caution our occasionally misbehaving brood that they had best be attentive to how their (not uncommon) misbehaviors might be viewed by the big guy at the North Pole.

In support of that notion, a few years back — well, now it’s quite a few years back — when my kids still believed in the (SPOILER ALERT) reality of Santa Claus, we discovered an ingenious website[i] that purported to offer a real-time assessment of their “naughty or nice” status.

Indeed, no amount of parental threats or admonishments — in fact, nothing we ever said or did — EVER managed to have the impact of that website — if not on their behaviors (they were kids, after all), then certainly on their level of concern about the consequences.

In fact, in one of his final years as a “believer,” my son (who, it must be acknowledged, had been particularly “naughty” that year) was on the verge of tears, panic-stricken — following a particularly worrisome “reading”[ii] — concerned not so much that he’d misbehaved, and certainly not that he’d disappointed his parents with his misbehaviors — but that as a result, he'd find nothing under our Christmas tree but the lumps of coal[iii] he so surely “deserved.”

Naughty or Nice?

Every year about this time we read survey after survey recounting the “bad” savings behaviors of American workers. And, despite the regularity of these findings, most of those responding to the ubiquitous surveys about their (lack of) retirement confidence and their (lack of) preparations don’t offer much, if anything, in the way of rational responses to those shortcomings. Yes, even though they apparently see a connection between their retirement needs and their savings (mis)behaviors. The most recent “target” was the oft-overlooked Gen X — who, at least according to one recent survey is (even) less prepared than the Boomers OR Millennials (Gen X just can’t catch a break!)   

The reality has long been that a significant number will, when asked to assess their retirement confidence, generally acknowledge that there are things they could — and know they should have —done differently. Retirees routinely bemoan and regret their lack of attention to such things. Sadly, if there’s anything as predictable as the end of year regrets, it’s the perennial list of new year’s resolutions to (finally) do something about it. And the cycle repeats.

So if they know they’ve been “naughty” — why don’t they do something about it?

Well, some certainly can’t — or can’t for a time — but most who respond to these surveys seem to fall into another category. It’s not that they actually believe in a retirement version of St. Nick, though that’s essentially how they seem to (mis)behave. That said, they continue to carry on as though, somehow, these “naughty” savings behaviors throughout the year(s) notwithstanding, they'll be able to pull the wool over the eyes of that myopic, portly old gentleman in a red snowsuit. They act as though at their future retirement date (which a growing number say will never arrive), despite their lack of attentiveness during the year(s), that benevolent elf will descend their chimneys with a bag full of cold, hard cash from the North Pole. Or that sufficient time (or market gain) remains to remedy their “wrongs.”

Unfortunately, like my son in that week before Christmas, many worry too late to meaningfully influence the outcome.

A World of Possibilities

Now, the volume of presents under our Christmas tree never really had anything to do with our kids’ behavior(s). As parents, we nurtured their belief in Santa Claus as long as we thought we could (without subjecting them to the ridicule of their classmates[iv]), not because we truly expected it to modify their behavior (though we hoped, from time to time), but because we believed that children should have a chance to believe, if only for a little while, in those kinds of possibilities.

We all live in a world of possibilities, of course. But as adults we realize — or should — that those possibilities are frequently bounded in by the reality of our behaviors, as well as our circumstances. And while this is a season of giving, of coming together, of sharing with others, it is also a time of year when we should all be making a list and checking it twice — taking note and making changes to what is “naughty and nice” about our personal behaviors — including our savings behaviors. To “be good,” not just for “goodness” sake, but for what we all hope is the “goodness” of financial “freedom” in our lives.

Yes, Virginia,[v] as it turns out, there is a retirement savings Santa Claus — but he looks a lot like you, assisted by “helpers” like your workplace retirement plan, your employer’s matching contributions — and your trusted retirement plan advisors and providers. 

It’s time to do more than just make a list — but it’s a place to start.

Happy Holidays!

• Nevin E. Adams, JD

 

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[i] And it’s still online at http://www.claus.com/naughtyornice/index.php.htm

[ii] And yes, though this was before smartphones, there was a tendency to constantly check in. That said, there do appear to be a number of apps online now that purport to fulfill a similar function. 

[iii] For those unfamiliar with that reference… https://abc7chicago.com/st-nicholas-day-saint-lumps-of-coal/4846172/

[iv] At one point one of my daughters refused to contemplate the possibility of a 2^nd grade “relationship” because the boy didn’t believe in Santa!

[v] In case you’re curious as to that reference… https://publicdomainreview.org/collection/yes-virginia-there-is-a-santa-claus-1897/

The Path of Less Resistance

There was some good news — and some disappointing news — about the take-up of a “new” plan design last week.

It was the first anniversary of a coalition of recordkeepers called the Portable Services Network (PSN) — a consortium of firms that includes Alight, Vanguard, Fidelity Investments, Empower, TIAA and Principal — not to mention the Retirement Clearinghouse, whose long-term patience and commitment made the concept of auto-portability a reality. There’s even support for auto-portability in SECURE 2.0.     

The Good News

The good news: PSN reported that in its first year of operation — more than 15,000 plans representing approximately 5 million participants have signed up for auto portability. According to a press release, 549 auto portability transactions have been completed as of Dec. 1, 2024; and 7,841 auto portability transactions are “in motion” as of Dec. 1, 2024. In-motion transactions are those where the Retirement Clearinghouse has confirmed a match for an account holder of a small account stranded in a retirement plan or moved into a safe-harbor IRA (with the opt-out/consent notification process having been initiated). 

Why This Matters

Auto-portability is a process that facilitates an automatic rollover from one plan to another (or an IRA) when an individual changes jobs or otherwise terminates employment. Like auto-enrollment, it seeks to take advantage of behavioral finance — taking a complex process and creating a default that works to the benefit of the participant. As with automatic enrollment, participants can opt out — but in creating an “easy” path to do the “right” thing, it is hoped that not only will these balances remain as retirement savings, but that it will be easier for individuals to keep up with and manage their retirement savings.        

It’s a big deal — the Employee Benefit Research Institute has said that the leakage associated with job change could add up to $1.6 trillion in additional retirement savings over a 40-year period. More significantly, it could add up to $744 billion in extra retirement income for 98 million minority job-changers, with 30 million Black Americans expected to preserve $216 billion in incremental retirement wealth.

While there has been improvement over the years, those rollover decisions are — complicated. In fact, as I put together the financial components of my “retirement,” there was one aspect I dreaded more than any other. My balances were large enough that I didn’t HAVE to do anything more than leave my account “behind” — and for me that was certainly easier and less painful than going through the rollover process. 

That said, many don’t have that option — they are only presented with the option to roll it over to the IRA (that they probably don’t have) or a successor 401(k) (that they probably aren’t signed up for yet) — or to take it in cash. And I have to imagine that for the vast majority, taking it in cash is really the only option — even though they’ll wind up paying taxes and penalties that will significantly erode their balance — not to mention their retirement security.

The Disappointing News

PSN cited data by the Plan Sponsor Council of America (PSCA), based on the PSCA's survey of plans conducted in Sept. 2024, that found that — (only) 6% of all plans have implemented auto portability or will do so soon, including 12.5% of plans with between 200 and 999 participants, and 8.7% of plans with 1,000 to 4,999 participants.

And while that take-up rate was modest, that same survey found that 25.6% of plans are considering the implementation of auto portability, including 30.4% of plans with 1,000 to 4,999 participants and 47.5% of plans with over 5,000 participants. Not bad, considering that three years ago nearly 80% of plan sponsors surveyed hadn’t even heard of auto-portability!

All that said, for auto-portability to really work — to truly facilitate the movement of retirement savings from one plan to another — you need the broad network. More than that, you need the broad participation of the plan sponsor community to provide that option to retirement savers. Here’s hoping that in the months ahead more do. 

Because, thanks to the PSN it now seems that when it comes to retirement savings, you really, finally CAN take it with you!

- Nevin E. Adams, JD

Setting A (Too) High Bar?

  A recent article in The Wall Street Journal was titled “Here’s What Retirement With Less Than $1 Million Looks Like in America.” And it’s better than one might expect.

The individuals in this particular piece were a diverse group — indeed, the only real point of commonality was they all had less than $1 million in retirement savings. In view of the ubiquitous headlines proclaiming impending retirement destitution, one might well have expected tales of doom and gloom, though that wasn’t the case here.[i] There WERE, of course, stories of folks keeping an eye on costs, not travelling as much as they had expected, and in at least one case, deciding to stay put, rather than relocate to a warmer climate … but overall, these five — with savings ranging from $240,000 to $800,000[ii] — seemed to be in a good place — and half didn’t even wait till 65 to retire (though all chose their retirement time).

This is NOT the narrative that garners headlines (and clicks), of course. And, let’s face it; these individuals all had SOME retirement savings — presumptively because they, at some point in their working lives, had access to such a plan at work. There’s much to suggest that those lacking that access wouldn’t fare as well, though arguably nothing besides inertia (and in some cases, economics) precludes them from setting aside money in an IRA. But it does bring to mind that ever-present question — how much do you need to retire comfortably, at least on a financial basis? 

The real answer is, of course, it depends. 

Throughout my career, I have made several attempts to estimate my post-retirement income needs.  I did this with some trepidation because I had never quite managed to adhere to all the touchstones our industry touts. I never managed to save 15% of pay (even including employer matches, though I always contributed enough to get all of that), and never even maxed out my contributions until the last several years of my career (had to help get the kids through college, don’t you know). And as aggressively as we saved over the course of our lives — including taking advantage of catch-up contributions, we headed into retirement with nowhere close to the 10-12 times my annual salary in retirement savings some say should be your target. 

That said, once I got within sight of retirement, I also found that we didn’t need anything close to the 70% of pre-retirement income target to live the way we lived pre-retirement (much less the 80-85% some now advocate). Now, some of that is because my wife and I have always been modest in our expenditures — we live within our means. Perhaps more significantly, it’s (still) early — there aren’t yet any significant healthcare issues to worry about (we HAVE invested in long-term care insurance) — and my pre-retirement income was…comfortable. And while it wasn’t an economic prerequisite, relocation to a less expensive part of the country has provided some extra cushion (though, in fairness, the move itself, and the inevitable “adjustments” to a new home muted no small amount of that in year #1). 

In fact, how — and where — you live pre-retirement can have a significant impact on whether or not those common — and admittedly generalized — retirement savings milestones are applicable.  And, for those who haven’t — and perhaps won’t — take the time to undertake a more sophisticated analysis, those “rules of thumb” are surely designed to provide a sense of a target that should not only cover, but likely more than cover most needs. And — though long-term financing remains a question mark for many, perhaps most, Social Security provides a solid foundation to build upon — something that is worth checking out before hitting the panic button.

One thing that has been on my mind of late is, have “we,” in our efforts to help Americans save “enough” for retirement, pushed goal posts that are higher than they need to be? And in that process, have we not only undermined the confidence in an ability to retire with dignity, but fostered what seems to be a pervasive sense that the retirement system is…a failure? 

While I realize the answer is as varied as the individuals and individual circumstances considered — I think it’s a point worth considering.

Thoughts?

• Nevin E. Adams, JD

 

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[i] I’m always amazed at these type of personal vignettes — where a reporter from some major national newspaper somehow manages to track down a handful of individuals who are willing to share intimate details about their lives, financial and otherwise. The cynic in me often wonders at the process of picking particular individuals — do they shape the story, or are they chosen to support the story already envisioned by the writer? That said, they do put some real-life “texture” to the theoretical notion of retirement we all talk about. 

[ii] The article cites data from the Employee Benefit Research Institute (EBRI) that found total household balances in retirement accounts for those 55 to 64 years old are $413,814 on average, based on 2019 data, the most recent available.

A Retirement Thanksgiving . . . From ‘Retirement’

  Thanksgiving has been called a “uniquely American” holiday — and as we approach the holiday season, it seems appropriate to take a moment to reflect upon, and acknowledge — to give thanks, if you will.

While it’s the celebration following a successful harvest held by the group we now call “Pilgrims” and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.

On Oct. 3, 1789, George Washington issued his Thanksgiving proclamation, designating for “the People of the United States a day of public thanks-giving” to be held on “Thursday the 26th day of November,” 1789, marking the first national celebration of the holiday. However, subsequent presidents failed to carry forward this tradition.     

Incredibly, it wasn’t marked as a national observance until 1863 — right in the middle of the Civil War, (also on Oct. 3) and at a time when, arguably, there was little for which to be thankful. Indeed, President Abraham Lincoln, in his proclamation regarding the observance, called on all Americans to ask God to “commend to his tender care all those who have become widows, orphans, mourners or sufferers in the lamentable civil strife” and to “heal the wounds of the nation.”

We could surely stand to have some of that today. 

But for those of you who think the political harshness of today is a new phenomenon, consider that Thanksgiving was not made a legal holiday until 1941 when Congress named the fourth Thursday in November as our national day of thanks…in an answer to public outcry over President Roosevelt's attempt to prolong the Christmas shopping season by moving Thanksgiving from the traditional last Thursday to the third Thursday of November.

My List

With all of the strife and turmoil in our world, there remains much for which we can all be thankful. And in this, my second year of “retirement” — well, the list seems even longer. 

I’m once again thankful that so many employers (still) voluntarily choose to offer a workplace retirement plan — and, particularly in these extraordinary times, that so many have remained committed to that promise. I’m hopeful that the incentives in SECURE and SECURE 2.0 will continue to spur more to provide that opportunity.

I’m thankful that so many workers, given an opportunity to participate in these programs, (still) do. And that, under new provisions in SECURE 2.0, those who gain new access to those programs will be automatically enrolled, if not immediately, then in the weeks ahead.

I’m thankful that the vast majority of workers defaulted into retirement savings programs tend to remain there — and that there are mechanisms (automatic enrollment, contribution acceleration and qualified default investment alternatives) in place to help them save and invest better than they might otherwise.

I’m thankful for new and modestly expanded contribution limits for these programs — and hopeful that that will encourage more workers to take full advantage of those opportunities, even if the increases aren’t as big as last year’s (on the other hand, inflation isn’t as high, either).

I’m thankful for the Roth savings option that provides workers with a choice on how and when they’ll pay taxes on their retirement savings. “Retirement” reminds me that there’s a LOT to be said in favor of tax diversification, particularly the way benefits like Social Security and Medicare are means-tested.

I continue to be thankful that participants, by and large, continue to hang in there with their commitment to retirement savings, despite lingering economic uncertainty, rising inflation, and competing financial priorities, such as rising health care costs and college debt.

I’m thankful for the strong savings and investment behaviors (still) evident among younger workers — and for the innovations in plan design and employer support that foster them. I’m thankful that, as powerful as those mechanisms are in encouraging positive savings behavior, we continue to look for ways to improve and enhance their influence(s).

I’m thankful that our industry continues to explore and develop fresh alternatives to the challenge of decumulation — helping those who have been successful at accumulating retirement savings find prudent ways to effectively draw them down and provide a financially sustainable retirement. Trust me, knowing how much your retirement income will be is an essential element in knowing when you can comfortably retire.

I’m thankful for qualified default investment alternatives that make it easy for participants to benefit from well diversified and regularly rebalanced investment portfolios — and for the thoughtful and ongoing review of those options by prudent plan fiduciaries. I’m hopeful (if somewhat skeptical) that the nuances of those glidepaths have been adequately explained to those who invest in them, and that those nearing retirement will be better served by those devices than many were a couple of decades ago (though looking at the age 65 glidepaths for several leading providers, I’m again skeptical).

I’m thankful that the state-run IRAs for private sector workers are enjoying some success in closing the coverage gap, providing workers who ostensibly lacked access to a workplace retirement plan have that option. I’m even more thankful that the existence of those programs appears to be engendering a greater interest on the part of small business owners to provide access to a “real” retirement plan.

I’m thankful that figuring out ways to expand access to workplace retirement plans remains, even now, a bipartisan focus — even if the ways to address it aren’t always.

I’m thankful that the ongoing “plot” to kill the 401(k) … despite some new voices … (still) hasn’t.

I’m thankful that those who regulate our industry continue to seek the input of those in the industry — and that so many, particularly those among our membership, take the time and energy to provide that input.

I’m thankful to (still) be part of a team that champions retirement savings — and to be a part of helping improve and enhance that system.

I’m thankful for the involvement, engagement, and commitment of our various member committees that magnify and enhance the quality and impact of our events, education, and advocacy efforts.

I’m also thankful for the development of professional education and credentials that allow the professionals in our industry to expand and advance their knowledge, as well as the services they provide in support of Americans’ retirement.  I’m thankful for the consistent — and enthusiastic — support of our event sponsors and advertisers.

I’m thankful for the warmth, engagement and encouragement with which readers and members, both old and new, continue to embrace the work we do here.

I’m thankful — even in “retirement” — to continue to be able to make a “difference.” I’m thankful for those who seek me out at various events, or via email, to tell me how much they enjoy and appreciate my writing and speaking.

I am, of course, thankful for being able to “retire” — to kick back a bit. While I continue to get good-natured ribbing about how I don’t know how to “retire,” this second year of not working full-time has been a blessing in so many ways. I’m especially grateful to my wife for her encouragement and support throughout nearly four decades (amidst a LOT of sacrifices) and look forward to this next chapter in our lives. I’m thankful for the new home we’ve established as a base from which to enter that next chapter.  

But most of all, I’m once again thankful for the unconditional love and patience of my family, the camaraderie of an expanding circle of dear friends and colleagues, the opportunity to write and share these thoughts — and for the ongoing support and appreciation of readers… like you.

Wishing you and yours a very happy Thanksgiving!

- Nevin E. Adams, JD