The Next Chapter

Life has many lessons to teach us, some more painful than others—and some we’d just as soon be spared. But for the graduates of 2020—well, theirs is surely a unique time. So, if you have a graduate—or if you ARE a graduate, here are some thoughts…   

My kids have passed those milestones—but I have two nieces that will graduate this year without an “official” ceremony to commemorate the occasion, no capstone to those years in pursuit of education, and preparation for the next of life’s stages, and—while social media, cell phones, TikTok and Zoom provide some solace—this is a class that will, for the moment anyway, be denied the hugs and warm embraces of classmates, friends and family alike.

That said, those next steps lie ahead—and if the when, where (and how) remains elusive—the if is surely only a matter of time. And as graduates everywhere look ahead to the next chapter in their lives, it seems a good time to reflect on some lessons learned along the way—most of which apply regardless of the times.

The world is made up of introverts and extroverts—learn and respect the difference(s).

You can “social distance” without being socially distant.

Because you’re young(er), people are going to assume you know things you don’t—and assume you don’t know things you do.

Nothing says a video conference has to include video.

There can be a “bad” time even for good ideas.

Emails can be a blunt instrument for (mis)communication.

Be who you are and say what you feel, because those who mind don’t matter and those who matter don’t mind. But not necessarily at work.

Paying the minimum due on your credit cards is dumb.

There actually are stupid questions.

A picture may be worth a thousand words, but sometimes it pays to read the fine print.

Never say you’ll never…

“Bad” people almost always get what’s coming to them. Eventually.

Always sleep on big decisions.

When it seems too good to be true, it’s generally neither good, nor true.

Never let your schooling stand in the way of your education.

Sometimes the grass on the other side looks greener because of the amount of fertilizer applied.

Never miss a chance to say, “thank you.”

Hug your parents—often.

If you wouldn’t want your mother to learn about it, don’t do it.

Bad news generally doesn’t age well.

Your work attitude often affects your career altitude.

Comments that begin “with all due respect” generally aren’t.

Sometimes the questions are complicated, but the answer isn’t.

That 401(k) match isn’t really “free” money—but it won’t cost you a thing.

And don’t forget that you’ll want to plan for your future now—because retirement, like graduation, seems a long way off—until it isn’t.

Congratulations to all the graduates out there. We’re proud of you!

- Nevin E. Adams, JD

Got some to add? Feel free to add in the comments.

A List of 10 ‘Best of’ Lists

It is something of a tradition this time of year to look back, to reminisce about past events and lessons learned, and sometimes to look ahead.

Here are some insights from columns past that I hope have been of value in 2017 – and will continue to be in the months ahead.

5 Things You May Not Know About Roth 401(k)s

According to a variety of industry surveys, roughly 60% of 401(k) plans now offer a Roth 401(k) option, and Plan Sponsor Council of America (PSCA) data shows that 28.6% of 403(b) plans already allow for Roth contributions. Participant take-up, which just a few years ago hovered in the single digits, is now in the 15-20% range. Here are five other things you may not know about the Roth 401(k).

5 Things People Get Wrong About ERISA Fidelity Bonds

One of the most important – and, in my experience, least understood – aspects of plan administration is the requirement that those who handle plan funds and other property be covered by a fidelity bond.

5 Things You May Not Know About HSAs

Odds are that you’ve heard that health savings accounts, or HSAs, offer individuals a “triple tax advantage” – but here are five things you may not know about HSAs.

7 Reasons Why HSAs Are ‘Hot’

Health Savings Accounts, or HSAs, are hardly a new thing – they were approved by Congress in 2003 and became law in January 2004. But they are getting a lot of attention lately – here’s why.

6 Dangerous Fiduciary Assumptions

There’s an old saying that when you assume… well, here are six assumptions that can create real headaches for retirement plan fiduciaries.

20-20 Hindsights

Here are 20 things I wish I had known when I entered the workforce.

6 Assumptions That Can Wreck a Retirement

The future is an uncertain thing, and planning for uncertainty inevitably involves making some assumptions. Here are six that, done improperly, can wreck your retirement.

12 Ways That the Class of 2021’s Retirement Will Be Different

By the time the Class of 2021 entered school, laptops were outselling desktops, while on the technology front, in their lifetimes, Blackberry has gone from being a wild fruit… to being a communications device… to becoming a wild fruit again. But what about their retirement(s)?

The Value of an Advisor

Most of the attempts to affix a value to having an advisor tend to focus on investment returns or cost savings. Both are valid, objective measures that can have a real, substantive impact on retirement security. But here are five of the best values I’ve gotten from a plan advisor.

Why an Average 401(k) Balance Doesn’t ‘Mean’ Much

In recent days, we’ve gotten updates on average savings rates and 401(k) balances, and while for the very most part the reports have been positive and “directionally accurate,” I’ve always taken such findings with a grain of salt. Not so many in the press. Here are four things to keep in mind about those “average” 401(k) balances.

Even with the passage of time, there’s value in looking back even further. Here’s last year’s list (an 11th):

Things, Remembered – From 2016

Here are some insights – nearly 80 – from columns in 2016 that I hope have helped - and will continue to help lay the groundwork for a productive and prosperous New Year.

Here’s wishing everyone a happy, healthy, and prosperous 2018!

- Nevin E. Adams, JD