Risk & Business Magazine CEO/CFO Business Today Magazine Fall 2017 | Page 27

FINANCIAL WELLNESS manages his or her own investments, of course, needs to invest the time and effort necessary to learn how to be a successful investor. Many employees would prefer to work with an investment advisor to create a plan to help guide them through the often confusing maze of investment choices.
PILLAR # 6: RETIREMENT PLANNING Although many people think of investing as retirement planning, retirement planning is named as a separate pillar for several reasons. A retirement plan includes a number of lifestyle issues: at what age the employee plans to retire, where he or she plans to live, whether he or she will work part-time and semi-retire( or start a new career), when to take Social Security or other government benefits, an employer-funded retirement plan( if the person is fortunate enough to have one), the employee’ s health and family situation as well as many other factors. There are a number of tax incentives for investing in retirement accounts, typically with an upfront deduction, whether it is an employersponsored plan( such as a 401( k) plan, a 403( b) plan, or a 457 plan) or an individual plan( such as an IRA or a SEP-IRA).
PILLAR # 7: ESTATE PLANNING / TAX PLANNING Whether an employee’ s financial plan will result in sizable wealth or a modest estate, it is important to plan a legacy to leave hardearned assets to the people or institutions the employee chooses and to have those assets transferred efficiently and with the least cost in taxes, probate and attorney fees, and other expenses. Most individuals seek advice on reducing income taxes during their lifetime, either by working with a CPA or other tax preparer, or by using tax software to help identify all the deductions available to them. Professional advice is equally important in planning an estate and gifting; the advisors should include an attorney, an accountant, an investment advisor and a life insurance agent.
In addition to these seven pillars of a financial wellness plan, there is another important factor that is the essential“ brace” to hold the pillars together: DISCIPLINE. Discipline is essential to executing the plan and keeping it on track and current. A“ perfect plan” built with all seven pillars would soon begin to crumble and be ineffective without regular monitoring and updating. As our lives, our situations, our goals, our income and our assets change— as will legal and tax provisions— employees need the discipline to review their plans, modify them, and keep their plans current. Discipline braces the seven pillars to keep the financial wellness structure strong.
The employer can play a major role by creating a financial wellness program that provides education and tools to help employees stay focused, minimize stress, and be more productive as a result. The 10th Annual Study of Employee Benefit Trends by MetLife( 2012) found that“[ a ] clear majority of employers( 57 %) say they believe that financial education boosts productivity.” A financial wellness plan can be delivered in many ways, including through“ lunch and learn” seminars, by providing financial technology platforms, or by arranging for qualified financial professionals to meet with employees one-on-one, either at work or off-site.
As we continue to see convincing evidence of the advantages of financial wellness programs, more employers are likely to add them to their suite of employee benefits. The payback of a well-designed program can have a significant impact on the company’ s bottom line as employees pursue financial health! +
Guarantees and benefits provided by life insurance products are subject to the claims-paying ability of the issuing insurance company.
Exchange-Traded Funds( ETFs) and mutual funds are sold by prospectus only. Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of a mutual fund or ETF. The fund prospectus provides this and other important information. Please contact your representative or the Company to obtain a prospectus. Please read the prospectus( es) carefully before investing or sending money.
Securities offered through Kestra Investment Services, LLC( Kestra IS), member FINRA / SIPC. Kestra IS, LLC is not affiliated with Snider, Fuller and Stroh. Kestra IS does not offer tax or legal advice.
Mark Snider is owner of Snider, Fuller and Stroh, a benefits firm located in Athens, Ohio. Mark moved to Athens to start his insurance career in 1971. He has been active in his industry, serving as a past president of the Ohio Association of Life Underwriters, a national board member of the Association of Health Insurance Agents, a life member of the Million Dollar Round Table and Top of the Table, and a board member of the Hocking Valley Bank.
BY: MARK SNIDER, OWNER OF SNIDER, FULLER AND STROH
He has been active in many civic activities and has been a past president or board member of Athens Downtown Kiwanis, O’ Bleness Memorial Hospital, United Appeal, Rural Action, the 317 Board, and Athens Area Chamber of Commerce, twice being named as the Chamber Person of the Year. In 2010, he was awarded the Ohio University Honorary Alumnus of the Year Award. Mark is married to Rita and they have five daughters and six grandchildren.
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