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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