By Neal Ringquist
In his March 3rd column in MarketWatch, RCH President & CEO Spencer Williams establishes an important link between the board games we played as children (ex. – Candy Land, Trivial Pursuit and Snakes & Ladders) and the “games” we can play in adulthood, while managing our retirement savings. The children’s games are harmless, fun and instructive, but the adult retirement games (ex. – Cashing Out, Stranding Accounts, and Not Updating Your Address) are anything but.
In separate statements, President Obama and Congress have recognized this, both calling for actions that improve retirement savings portability.
With the advent of frictionless plan-to-plan portability, adults will be able to turn the tables and change the game, easily moving their retirement savings board pieces (i.e., multiple retirement savings accounts) to their winning destination -- a current plan. As portability becomes more widespread (ex. – auto portability), the retirement savings game will only get easier!Back