In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about the ways to construct a plan that works for you and also discusses about the 5 points that participants need to follow during financial planning.   Episode Highlights: 1.48 – Andy says that people during summer go on a vacation and things they usually do get less focused and once school gets back in, they kind of get back into the routine. 3.05 – According to him, we need to look out in the future a little bit and need to ask things like, what it looks like there, are we doing okay, are we on the right track, and what are we doing? 4.13 – Bill shares that point number one in our piece is online learning. All plans mostly have some sort of online portal that keep up participants with their account. 5.23 – He states that one of the first things we asked them is, “Hey, have you set-up your access online?” 7.09 – Andy highlights, when we get back to routine, what we ask ourselves as a retirement plan participant is that what we need to be doing and learning for this semester. 8.52 – Andy refers to the book - “The Psychology of Money”, in which Morgan House states that behaviour and making good behavioural decisions is much more to your savings rate is much more important than actual return rate of return. 10.27 – He shares that, no matter what the match is in our plan that we do know it, and that we are aware that there is a way to maximize that now. 12.23 – Bill mentions that the summary plan description or the plan description, they are pretty brief but it does outline four or five different main point’s features. 13.24 – As per Andy, if we want to do more, we need to shoot for the moon in a sense that we've got a balance, living in here and now.  14.35 – Bill shares, we can bump-up our contribution whatever works for us or whatever works in the constructs of our plan.   3 Key Points Things we need to do is, first to choose an online learning plan; second use the tools that are out there; third max, the match; fourth move-up a grade and final point is to seek out a tutor. We can't control the market returns, regulations, law changes, taxation and all that, but we can at least have an idea of how much will be our nest egg be in 10, 20 or 30 years, it’s a very valuable viewpoint and gives us an awareness. We all need to know how the employer is contributing to the plan, if there's a way to maximise on the case that we have a match, do that.   Tweetable Quotes “Two kids in college so, I say that I'm a part time empty nester” – Andy Bush ‘But I find that the beginning of school and the beginning of the New Year are typically at times when folks really kind of open their eyes to their situation.” – Bill Bush “What you really want to find out is that what the impact is going to be of what your actions are now.” – Bill Bush “Whether you're going to college or you're in high school, or even below is usually a teacher is going to tell you Hey! Class this is what we're going to be learning this semester.” – Andy Bush “And this example could impact you pretty well especially if you're fairly young.” – Bill Bush “The employer giving every person 3% whether they put any other money in or not. And what I would tell you is that if you're not putting your own money in that 3% is not going to be enough, definitely not going to be enough.”- Andy Bush “Hey, when my kid when my child moves-up a grade, I'm going to put more money in, you know, right, whatever works for you in whatever works in the constructs of your plan and what it's allowed to definitely look into that.” – Bill Bush   Resources Mentioned: Inside The Plan with the 401(k) Brothers -- Podcast Horizon Financial Group -- Website Contact Information: Bill Bush Andy Bush Podcast Editing 

Inside The Plan With The 401(k) Brothers

Back to School with your 401(k): 2021 Edition

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about Social Security benefits. They share some facts about the program works, how benefits are calculated, and mention resources to use so that you can make more informed decisions about when to apply for Social Security.   Episodes Highlights 00:56 –Bill and Andy want people to be aware about Social Security and invite them to the webinar, which is going to happen at the end of the month as they will discuss ins & outs of Social Security. 03:10 - There's pre-determined part of amount of what they will receive, once they file for Social Security. 05:38 – Bill shares that a lot of people have a question that, if they are not paying into this account, how is the benefit going to be calculated and what is the math behind that? 07:22 – They reveal that we are first eligible for Social Security when we're 62, so we can take it then but our full retirement age is based on the year we were born. 09:46 – As per Andy, if we delay and even wait till full retirement, the breakeven point is not that far out there, and so we need to understand is what longevity look like in our family. 11:30 – Andy shares, we can go online there are plenty of calculators out there that will help us call the Social Security Administration office or can go online to ssa.gov and do some calculating on there too. 13:03 – According to Bill, our latest Social Security statement should have our earnings by year on there and we have to make sure it's accurate. 15:08 – Andy highlights the fact that up to 85% of our benefit could be taxable and then the other 15% would not be taxable at all. 16:40 - Guaranteed income coming from the government that will last our lifetime as long as we're living, we're going to have bills to pay and so we're going to need some of that income to help offset those bills. 18:40 - If we earn more than that Social Security is not taken out of our cheque anymore.   Three Key Points If we waited past our full retirement age, we can get delay credits, and basically for each year that we delay, we are going to get an 8% step up on that earning. It's also important to examine our earnings record statement. We have to keep in consideration that when we get to retirement and calculate what is our taxable income then that's going to be part of it.   Tweetable Quotes “Social Security is only going to replace a portion of your pre-retirement income that average is about 40%, it's more of a percentage for the lower earning wage earner and less of a percentage for a higher wage earner.” – Bill Bush “It's thinking more clearly about your future income needs, because you are going to need income if you're still breathing at 85 or 87 or 90 or whatever, you know, you're still going to need a bill”. – Andy “And so, real quickly, just to reiterate on the early benefits you know if your full retirement age is 67, and you filed at 62 that ends up being a 30% reduction”. – Bill Bush   Resources Mentioned: Inside The Plan with the 401(k) Brothers -- Podcast Horizon Financial Group -- Website Horizon Social Security webinar info & registration   Contact Information:                        Bill Bush            Andy Bush  

Things to Know About Social Security

In this episode of ‘Inside the Plan with the 401(k) Brothers’, Bill Bush and Andy Bush, advisors at Horizon Financial Group talk about the benefits of doing a personal audit and share some tips on how to do that.   Episode Highlights:                   01:18: - Andy says that last year during pandemic it seemed like there was almost a little bit more freedom as they were still working, but there weren't as many extracurricular activities going on. 03:20: - He says that he goes through some old pictures on phone and writes down some life events. 05:09: - Andy states that when you go through this exercise, maybe one of the rows would be how much I contributed. 07:25: - They discuss that in order to know whether you're making progress you need to ask yourself what things you can control and can do differently going forward? 09:30: - Bill mentions that in his 20s & 30s, he went through without contributing to a retirement plan. 11:30: He reiterates that an annual audit can be done at any time and this can be done on a sheet of paper or an Excel spreadsheet. 12:36: - Andy says that personal audit might help you curb your spending as well as saving habits.   3 Key Points:   The one thing you can do is to use the resources that you have available like put your previous year’s salary in there and identify what percentage of your salary did you actually contribute? Going back in the past is great to see the history and the record and the trend, but then going forward you should ask yourself that can I do something differently that would make even a bigger impact. Don't waste the opportunity ‘Inside your Plan’; use the tools that are available from your 401k provider. Ultimately, it's you that is going to need resources, so even the small dollar amounts in your 20s add up-to bigger.   Tweetable Quotes:   “This may be different when you're listening to America, but just time to step back and say, hey, what have we accomplished?” – Andy Bush “Well, it's the things that we've talked about before of controlling the things you can control, right” - Andy Bush “And these things and saving for a retirement plan, it seems to be small amounts, and just a slow process getting boring.” – Bill Bush “If you don't want to go there, there's plenty of tools online, you can just Google those and just work out the assumptions.” - Bill Bush “You know, and so eventually I put away a little money in an IRA.” - Bill Bush “Well, it kind of reminds me in doing something like this an exercise, which is basically an annual audit.” - Bill Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers -- Podcast Horizon Financial Group -- Website   Contact Information: Bill Bush Andy Bush 

Time for a Personal Audit?

In this episode of ‘Inside the Plan with the 401(k) Brothers’, Bill Bush and Andy Bush, advisors at Horizon Financial Group answer some of the participants' questions on Financial / Tax / Retirement Planning from their recent meetings.   Episode Highlights:   01:30: - Andy and Bush answer the first question which comes from a participant, “How much tax will I pay when I withdraw from my 401(k)”? 03:30: - They discuss if there is a certain age limit required for disbursements. 05:10: - Both the brothers give a detailed answer on query related to the limit on number of times one can withdraw money from their 401(k). 07:55: - “How do I know I am invested in the right things?” answer Bill and Andy. 09:45: - Bill and Andy answer participant’s query related to depositing money from savings account to 401(k). 11:25: - The hosts answer and discuss query on the number of 401(k) plans that one can participate in simultaneously and the concerning limits. 13:45: - Bill asks this question from a participant that he’s still contributing to his employer’s 401(k) plan, but he’d like to roll over his existing balance to an IRA, can he do that? 15:34: - Andy and Bill talk about how one can change the beneficiary of 401(k) from Spouse to Children.     3 Key Points:   There are a couple of variables that decide how much tax you will be able to withdraw and how much money you can leave in your 401(k). You have to remember that whatever amount you withdraw at a certain age from 401(k), you are going to pay taxes on it. As per rule of 55 if you are working and terminate or quit service from a company and at the same time you turn 55 or older then you could take the distribution from 401(k).   Tweetable Quotes:   “Where can I leave money in my 401(k)?” – Andy Bush “The year that you are hitting 72, you’re going to have to take out a disbursement is called the required minimum distribution and that is just the minimum.” – Bill Bush “I am invested in XYZ fund and ABC fund, is that the right thing for me? Well what is your time horizon?” – Bill Bush “You can participate in multiple plans at the same time, but there are limits and those limits are that contribution rate for the year….” - Andy Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers -- Podcast Horizon Financial Group -- Website   Contact Information: Bill Bush Andy Bush 

Answering Participants' Questions

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about tidying up financial clutter, strategies for getting rid of documents you no longer need, and how to stay on top of your economic situation.    Episode Highlights:           02:57 – What should you do with your financial documents that are laying around?          03:28 – Consider shredding old receipts.          04:35 – How far back do you need to save your tax documents?          05:16 – What should be your process with printed pay stubs?         06:16 – Secured cloud storage is a good way to protect financial documents like utility bills, annual tax returns, and receipts.          07:26 – What should be done about property records?         08:11 – How long should you keep bank statements?         10:37 – Keep your 401k-related statements.          12:04 – Which physical documents should you keep very secure and safe?          14:10 – The flood of 2016 affected many people that lost vital documents and pictures.     3 Key Points:     If you ever have to prove any purchases during an audit, have at least 7 years of tax receipts.   Hold onto property records because any improvements can increase the property value and capital gains.     Bank statements can be cleaned out annually.      Tweetable Quotes:     “When it comes to tax documents, how far back do you need? You need about seven years of tax documents. Well, if I have 12, I surely don’t need those extra 5.” – Andy Bush     “‘If you do get pay stubs, you may want to keep those around until you receive your annual W2 form. But then you don’t need them after that.” – Bill Bush   “‘Investment documents. So, some of those play into, especially when we are talking about capital gains, are a part of your tax returns. So you kind of want to hang onto those.’” – Bill Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com 

Spring Cleaning

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about returns, markets, and historical numbers associated with the S&P 500.  Episode Highlights:           01:12 – Bill Bush and Andy Bush talk about forms of volatility that have                           affected the stock market, like the pandemic.          02:32 – Every generation has its own big issues that affect the stock market.         03:06 – What can you learn from looking at the S&P 500 in various periods?         06:34 – How far out are you going to need the money that you are investing?         08:04 – Keep in mind that there is a great chance that you or your spouse may live to 90.          08:42 – Everyone’s risk-tolerance is different.              10:40 – The pandemic caused people to rethink their original retirement plans.          12:15 – What is ‘dollar-cost averaging?’               18:40 – The 7 of the 10 best days of the market have occurred within 2 weeks of the worst 10 days market.   3 Key Points:     Looking at one-year periods since 1926, the S&P 500 has been positive just over 75% of the time.     Looking at five-year periods since 1926, the S&P 500 has been positive just about 84% of the time.     Looking at ten-year periods since 1926, the S&P 500 has been positive just about 90% of the time.     Tweetable Quotes:     “Pull yourself out of the weeds of this moment and look at your portfolio more in a longer-term perspective.” – Andy Bush     “‘Hindsight being 20/20, we have that benefit of knowing how things turned out. Whereas, as we experience anything today, we don’t know how it is necessarily going to turn out.” – Andy Bush     “‘Past performance is no indication of future results.’” – Bill Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com  

Rolling Forward

In this episode of Inside the Plan with the 401(k) Brothers, Bill and Andy Bush, advisors at Horizon Financial Group, share some tips envisioning what your retirement might look like, with  best practices based on a recent survey conducted by the Employee Benefit Research Institute.   Episode Highlights:   1:10 - According to a recent survey, many retirees find that retirement does not live up to their expectations. 2:35 - Most retirees hoped to travel more, and obviously the pandemic disrupted their ability to do that. 3:30 - People generally wish they had saved more; only 18% of those surveyed felt that they saved more than they needed. 3:55 - Right now is the only time you have to plan for retirement. 4:45 - Even if you don’t have much to save right now, save something, because the dollars you put away now will have the most time to compound. 4:55 - Despite people wishing they had saved more, over 60% report still being able to maintain the same or a better standard of living as when they were working. 5:40 - Use the retirement savings calculators that come as part of your 401k plan or other retirement savings plan. 6:03 - Six in 10 respondents wanted to only spend a small portion of their assets, none of their assets, or grow their assets. 7:36 - The biggest reason given for this in the survey is to make sure they have enough for unforeseen costs later in retirement. 7:53 - Those big hits often come, but that’s why you also pay premiums for various insurance policies. 8:30 - HSAs are a good thing to look into for future health-related emergencies. 8:37 - You should also look into having some sort of liquid retirement fund. 8:52 - 64% of survey respondents agreed that saving as much as they could for retirement made them feel happy and fulfilled. 9:19 - Saving for retirement creates a lifelong habit of spending less than you earn. 9:59 - Priorities can change during retirement. 10:40 - You have to prepare for the fact that you could have something happen pre-retirement that impact your plan, like a pandemic. 11:07 - 8 in 10 respondents scored their retirement satisfaction as above average. 12:00 - Delineate what you want vs what you need in retirement. 12:39 - It’s fairly common for people to feel they’ve lost a sense of identity once they retire, so you have to be careful of depression. 13:45 - Remember that you’re retiring to something else, to another purpose, not from one purpose to nothing. 14:12 - Some of the things you can control are your savings rate and how that money is invested. 14:50 - You have some control over your longevity if you regularly see your doctor and take care of your health. 15:55 - You have no control over market returns and taxation and social security policies. 16:31 - You also control your attitude and approach, so shoot for the positive, realistic view of where you’re headed.   3 Key Points:   If you aren’t currently putting any money away for retirement, start now; if you are, increase the amount. There are options besides a 401k for putting money aside for unforeseen circumstances. Focus on the things you can control.   Tweetable Quotes: "When I run into folks that have retired, most of them say I'm busier now than I ever was. Which is good, because they're actually experiencing and living life to the fullest, which is what they should do." "I don’t think you’re ever carelessly going to be able to spend in retirement, but comfortably, you’ve got to do the work ahead of time." "Let’s say you retire at 67, by the time you’re 90, those priorities inside retirement are going to be changing." "I’m retiring to another purpose. I’m not retiring from something to nothing, I’m retiring to something."   Resources Mentioned:   Horizon Financial Group: https://www.horizonfg.com/ Email Horizon Financial Group: info@horizonfg.com Email Bill Bush: bbush@horizonfg.com Email Andy Bush: abush@horizonfg.com Inside the Plan Podcast: https://www.horizonfg.com/resources/podcasts 

Retirement Reality v. Expectations

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about why getting life insurance is an act of love. They share insight into what goes into a term life insurance policy, how to estimate what you need from a policy, and more.   Episode Highlights:   Double check that your beneficiaries are correct on your plan, especially if you’ve gone through a life transition like a marriage or divorce. The primary beneficiary is the first in line and the contingent beneficiary is next in line. You can also split between your beneficiaries by percentage. Bill and Andy suggest term life insurance for a certain period of time where the premium and death benefits are consistent over that period. To figure out how much life insurance you need, look at your income as a starting point. A typical guideline is that it’s 12x your income, but that may not be enough; the factors that go into it change over the course of your life. Think about whether you have young children, if there are debts your spouse will need to eliminate, if higher education costs are a factor, and how much income your family will need to derive from this. Main factors in the cost of your premium are how old you are when you buy it, the term of the policy, what the death benefits are, and your health. It’s possible that eventually you’ll be able to accumulate enough wealth that you won’t even need life insurance. Life insurance could give you liquid assets if other assets are tied up in investments or tax policy.   3 Key Points:   Make sure the beneficiaries on your life insurance policy are up to date. Consider all the factors that may impact how much of a death benefit your beneficiaries might need, including debt, lost income, children, etc. There are benefits to a life insurance policy beyond financially sustaining loved ones.   Tweetable Quotes:   “Understand, if you’re buying it on your life, you’re not gonna be here if that thing gets enforced. So it’s really not for you, it’s for the ones you love.” –Bill and Andy   Resources Mentioned: Horizon Financial Group: https://www.horizonfg.com/ Inside the Plan Podcast: https://www.horizonfg.com/resources/podcasts  

Love is in the Air

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush, an advisor at Horizon Financial Group, talks with Jason Roussell from ADP about financial wellness, the programs they offer clients, the work they do with Louisiana businesses, and how stress is impacting employees and employers.    Episode Highlights:           01:06 – Jason Roussell describes his role with ADP.         02:05 – How does ADP see financial wellness fitting into the bigger picture?           03:06 – What is Jason Roussell seeing as far as strain on employees?          04:22 – What type of programs can ADP offer to clients?          07:00 – Jason Roussell discusses ADP Marketplace with 400 integrations.          08:08 – 29% of employees say their financial stress has been a distraction at work.          09:00 – Medical care costs keep going up and they affect retirement.    3 Key Points:     ADP makes sure workforces are educated about what is available to them and that they are preparing in the right way so that when it comes time for any major decision that they are viewing it from a holistic approach.    Prior to 2020, a statistic showed that the amount of time people spent on their phone daily was about 4 hours a day. In 2020 that number has almost doubled.  Most record keepers now have some sort of financial wellness resources.     Tweetable Quotes:     “My role is that I serve in what’s called our major accounts division and what we do is we partner with organizations, based out of Louisiana, to help with human capital needs.” – Jason Roussell     “For people that are entering into retirement age within the next 5 years, which is 65, 48% are projecting that they are going to have to push that back.” – Jason Roussell     “54% of employees identify that finances are their top source of stress.” – Bill Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group The Psychology of Money by Morgan Housel      Contact Information: bbush@horizonfg.com Abush@horizonfg.com Jason Roussell’s email: Jason.Roussell@ADP.com    

Financial Wellness...Behind The Numbers

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about planning for your plans, understanding that plans can go wrong, what things that can go wrong during retirement, and establishing a household budget.   Episode Highlights:   00:50 – Bill Bush and Andy Bush talk about the importance of planning. 02:09 – The year 2020 has been unpredictable financially. 04:00 – They discuss short-sided vs. long-term thinking. 04:53 – Be prepared the best you can for the unexpected. 06:40 – What things can go wrong in retirement? 08:28 – Past performance is no guarantee on future gains. 09:38 – Make sure you are controlling what you can control. 11:00 – What progress can you make in the next three years? 11:23 – Be intentional about having a household budget.     3 Key Points:   Short-term views worry about the news of the moment and its impact on the finances. Long-term views take into consideration the likelihood that things can and have gone wrong. Plan on your plans not going according to plan.   Tweetable Quotes: “Plans are worthless. But planning is indispensable.” – Andy Bush “You can never predict what might happen.” – Andy Bush “When there is a lot of uncertainty, there is typically a lot of volatility in the market.” – Andy Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group The Psychology of Money by Morgan Housel       Contact Information: bbush@horizonfg.com Abush@horizonfg.com 

Planning to Make a Plan

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about traditions of the holiday season at the end of the year, the importance of making a retirement wish list, changes that happen during retirement, and planning for the future.   Episode Highlights:   01:17 – What do Bill Bush and Andy Bush think about when the holiday eason arrives? 04:24 – What if you had a retirement wish book? 05:52 – How will you engage your time during retirement? 06:49 – Relationships and the people in your life take on more important and priority during retirement.  08:00 – Think about your life 5-10 years ago and look at what has happened that you planned for and didn’t plan for. 10:25 – Retirement planning is a balancing act between the present and the future. 11:15 – Bill Bush talks about periodically view his savings progress. 13:06 – What things are on Bill and Andy’s Christmas wish lists?   3 Key Points:   Plan a retirement wish list of accomplishments and experiences you would like to have. Once you get to retirement, you want to be able to keep yourself busy. Most regrets of older people after retirement are in reference to relationships in their lives.   Tweetable Quotes: “There is something about this bucket list that is starting to pop up for me, the wishlist if you will, of what do I want to accomplish?” – Andy Bush “You don’t retire into retirement. You are retiring from something. But you are retiring towards a purpose.” – Andy Bush “Look at all of the things that we have accumulated that we really aren’t using.” – Andy Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com    

The 2020 Holiday Special

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about times and strategies to make changes in your 401(k) plans and your retirement savings.   Episode Highlights: 01:18 – Bill Bush and Andy Bush talk about how the change in seasonal weather can signal other changes in your life. 02:11 – Is it time to change your contribution rate? 03:31 – New Year's resolutions are a time to reflect on your investment changes.  05:16 – What can you do in the next 30 days to have a better outcome in your life?  07:35 – Make sure you are comfortable with the risk you are taking. 06:50 – Identify what makes your life meaningful instead of just buying random things just because other people have them. 08:30 – Budgets are controls over you, it is you being in control of where your money goes. 09:00 – Use a retirement plan calculator to see where your goals are at currently. 11:20 – Unfortunately, people will spend more time planning a two-week vacation then they will spend reviewing their retirement.   3 Key Points: Birthdays, especially milestones like 30, 40, and 50, are times to make retirement changes. When your car is paid off, you can start reinvesting that money that is now freed up. Write down your goals, make them intentional, and hold yourself accountable.   Tweetable Quotes: “Anytime there is a change in temperature, change in season, it is a change, and so you can maybe think through, ok, well is it time to change something else in my life?” – Andy Bush “Is it time to change your investment philosophy if you haven’t changed your funds in a while?” – Andy Bush “The last 30 days, did you do something that was instrumental in your life or did you just kind of go about your life?.’” – Andy Bush   Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com    

Time for a Change?

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about behavioral finance and statistics over a 20-year period of investing that JP Morgan has provided. They also discuss investment biases, the behaviors that impact your decisions, and how you can understand how to make better financial choices.   Episode Highlights:   01:00 – Bill Bush and Andy Bush talk about how your emotions during difficult financial times like the pandemic can affect your judgement and JP Morgan stats. 02:58 – What are the core emotions that impact investments? 04:42 – What does ‘mental accounting’ refer to? 06:48 – How does ‘herd behavior’ affect financial decisions? 08:09 – What is an ‘emotional gap?’ 10:28 – ‘Anchoring’ is attaching a spending level to a certain reference. 11:24 – ‘Self-attribution’ is making choices based on confidence in personal knowledge. 12:42 – What is ‘disposition bias,’ confirmation bias,’ and ‘experiential bias?’ 18:00 – Bill and Andy Buss discuss ‘loss aversion’ and ‘familiarity.’ 3 Key Points: According to JP Morgan, the S&P from 1999 to 2019 has had an annual return of 6.1%. According to JP Morgan, in the S&P from 1999 to 2019 the average investor has only averaged 2.5% returns. Herd behavior is the tendency that people have to mimic the financial behavior of offers, or ‘the herd.’   Tweetable Quotes: “You think about investing and a lot of people will think about the emotions of it, right? There is greed, and there is fear, and then there is really confidence.” – Andy Bush “‘Mental accounting’ in referring to the propensity for people to allocate money for specific purposes.” – Andy Bush “‘Emotional gap’ is really when you are making decisions based on the emotions, right? There is a gap between how you feel and rationality.’” – Andy Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com    

How Are You Behaving?

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk with Jenee Olivier, Human Resources Director/Safety Coordinator at Sigma Engineers and Constructors in Baton Rouge, Louisiana about 401(k) planning.   Episode Highlights:   00:48 – Bill Bush and Andy Bush introduce Jenee Olivier. 01:51 – How does Jenee Olivier view her 401(k) plan? 03:42 – How does Sigma place importance on their employees plans? 06:07 – How does Sigma look at plan design regularly? 06:02 – Is her company satisfied with the way that participation and                          contribution rates are looking?  09:42 – Who owns the 401(k)? 11:40 – Helping small businesses is a focus of Jenee’s.       3 Key Points:   Think about your own 401(k) situation and ask yourself, are your retirement goals on track and will they be enough? A 401(k) plan is not something you set up and forget about. It is ever-evolving. Jenee Olivier is consulting on the human resources side and safety training.   Tweetable Quotes: “As a participant, I think the biggest thing that I look at in terms of the plan is value and what we’re getting and ease of use.” – Jenee Olivier “Each quarter we do a lunch and learn on a bunch of topics and try and bridge that gap and take a little bit of that pressure off of our employees, allow them the ability to ask questions in a less formal environment.” – Jenee Olivier “Most of my experience has been in the HR sector and working with small business and seeing it from a different perspective as both an HR and an owner, and kind of making those decisions.” – Jenee Olivier     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com   Jenee Olivier’s Contact Information: businessboutiqueLA@gmail.com (225) 235-4430  

A Chat with a Plan Champion

In this episode of Inside the Plan with the 401(k) Brothers, Bill Bush and Andy Bush, advisors at Horizon Financial Group, talk about the TransAmerica Center for Retirement Studies survey, how Baby Boomers, Generation X, and Millenials are approaching retirement.   Episode Highlights:   00:41 – Bill Bush and Andy Bush talks about the the TransAmerica Center                          for Retirement Studies survey. 02:18 – How confident are Baby Boomers are about retirement after                          COVID-19. 04:11 – Age 35 is the median age that Baby Boomer investors started                          saving for retirement. 04:45 – Baby Boomers are contributing 10% of their annual income. 06:02 – 68% either expect to or are already working past the age of 65. 06:30 – $144,000 is the average saved by Baby Boomers for retirement. 08:00 – How much of Generation X carries credit card debt and how much                          are they saving? 10:00 – How confident is Generation X about retirement after COVID-19. 11:39 – Student loan debt is a big issue for Millenials. 12:47 – Age 24 is when Millenials are saving for retirement and $3000 is                          the average amount saved for emergencies.       3 Key Points:   TransAmerica Center for Retirement Studies survey has retirement data on Baby Boomers (1946-1964), Generation X (1964-1978), and Millenials (1979-2000). 84% of Baby Boomers are saving for retirement in a company-supported 401(k) plan or similar plan outside of the workplace.” 52% of Generation X has credit card debt, starting to save for retirement at the median age of 30, and 10% of annual salary is getting saved.   Tweetable Quotes: “32% of the Baby Boomers say their confidence in their ability to retire comfortably has declined in light of COVID-19.” – Bill Bush (Baby Boomers) “$15,000 is the amount saved for emergencies to cover unexpected major financial setbacks.” – Bill Bush (Millennials) “26% do have student loan debt of this age cohort, which is quite a bit.” – Bill Bush     Resources Mentioned: Inside The Plan with the 401(k) Brothers-- Discover more about the Podcast Horizon Financial Group   Contact Information: bbush@horizonfg.com Abush@horizonfg.com 

How Do You Size up with this Survey?

Inside The Plan With The 401(k) Brothers is a production of Horizon Financial Group, located in Baton Rouge, LA. The show handles topics and questions that often arise from participants of company retirement plans. Bill Bush and Andy Bush are indeed brothers, but NOT twins.

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Inside The Plan With The 401(k) Brothers

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