Atessa Benefits

Are your employees “retired on the payroll”?

Bill Coffey — Wed, 16 May 2012 23:05:59 +0000

Without a defined benefit pension plan (DB plan) employers don’t have control over the timing of their employee’s retirements. Older employees may not be able to afford to retire, will remain on the payroll and may never retire. If they don’t save enough to retire, they can block upward mobility and not allow employers to [...]

Are you and your employees singing the investment blues?

Bill Coffey — Sun, 06 May 2012 22:28:40 +0000

Well, if the stock market caught you off guard again … “fool
me once, shame on you! But, fool me twice, shame on me!” Do your company and
your employees want to continue on a stock market roller coaster? What do you
think will happen to the stock market if, for example, [...]

Do you have the right actuary?

Bill Coffey — Sat, 05 May 2012 20:25:06 +0000

You know you’re not getting the value you deserve when your actuary:

1. Is not available immediately when you need them. If the person that you report to wants an answer now, you need an actuary who will give you advice immediately. If you are in union negotiations, you need answers immediately.
2. Doesn’t [...]

5 Action Items For Meaningful Retirement Legislation

Bill Coffey — Thu, 03 May 2012 22:01:44 +0000

Our retirement system is failing too many Americans and government needs to step up to the plate to provide meaningful legislation which will help facilitate retirement. Employers, workers, and the government should share the responsibility for the retirement security for all Americans. Here are the top 5 areas that I believe our government should focus [...]

When Can I Retire?

Bill Coffey — Thu, 26 Apr 2012 22:15:02 +0000

The bad news is that, unless you have a defined benefit pension plan or you die young, you will likely not have sufficient retirement assets to last for your lifetime. Americans are not saving nearly enough for retirement. Let’s assume that you will have an investment return of 4% after retirement and want to retire [...]

Risks of Retirees and Pre-Retirees

Bill Coffey — Wed, 04 Apr 2012 18:27:13 +0000

A new Society of Actuaries study “The 2011 Risks and Process of Retirement Survey” reveals growing concern of risks among retirees but little change in their retirement planning. The retirement risks that most concern both retirees and pre-retirees are:
• Keeping the value of their savings and investments up with inflation (69 percent of [...]

Why Do Companies Keep Traditional Pension Plans?

Bill Coffey — Wed, 22 Feb 2012 02:20:10 +0000

Only 20% of companies maintain traditional defined benefit pension plans (“DB Plans”). More than 40% of companies provided these DB plans 20 years ago. Outlined below are the main reasons why companies continue to sponsor these plans at all:

1. DB Plans are the best retirement plan for employees. Employers who really care about their [...]

Financial Literacy Education

Bill Coffey — Fri, 02 Dec 2011 22:38:43 +0000

Retirement decisions affect how we will live for the last third of our life. A firm foundation in reading and mathematics is essential for providing us with the tools that we need to make sound financial decisions later. Deciding to invest in higher education is one of the most important decisions of our lives and [...]

Retiring Broke and Knowing What to Do About It

Bill Coffey — Sat, 19 Nov 2011 05:22:59 +0000

The majority of people still working today will retire without a traditional (defined benefit) pension plan. Some of them will have substantial balances in 401(k), 403(b), or other personal savings, but most of them will not. Most people will have the promise of Social Security, home equity (which may well recover a lot of its [...]

How much do you need to save for retirement? … It depends!

Bill Coffey — Sun, 06 Nov 2011 02:38:52 +0000

A new study from the Center for Retirement Research at Boston College concludes that retirement security depends more on the things we can control than on the things we can’t control, like investment returns. The most important things we can control are when we start saving, how much we save and when we retire. The [...]