Prism Fund Solutions

727-580-6006

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    • Home
    • Why Choose Prism?
      • Contact Me
      • What Really Matters
      • Privacy Statement
      • Legal Disclosures
      • Top 10 Questions
      • Plan Sponsors
    • Important Links
    • Code of Ethics
Prism Fund Solutions

727-580-6006

  • Home
  • Why Choose Prism?
    • Contact Me
    • What Really Matters
    • Privacy Statement
    • Legal Disclosures
    • Top 10 Questions
    • Plan Sponsors
  • Important Links
  • Code of Ethics

What Really Matters

The most important thing is to define your goals

Many retirement services companies claim to be the lowest cost providers. Others are boutiques that excel at personal service. Prism Fund Solutions, Inc. brings the best of both. Our core philosophy is one of direct, personal relationships focusing on competitive fee arrangements for the services we provide.

Prism enjoys its role as an educator to plan sponsors, participants and individual clientele. It's all about helping hard working people achieve their goals of a meaningful retirement.

As a plan sponsor, you’re concerned with making sure your employees have a secure retirement.

What are some ways they can increase their savings and put aside more for retirement?

  • Getting Started: The single most important thing anyone who is planning for retirement can do is start NOW. It doesn’t matter if retirement is 30 years away or only five years out, the more time you have, the better off you’ll be. Of course, it’s better if you do have 30 years to allow you to take advantage of compounding, but even people with shorter time horizons can significantly improve their situations if they start saving right away.
  • Increase Contributions: Many people who do participate in employer-sponsored retirement plans do so at the employer’s matching level. So, if the plan matches 3% of contributions, that’s what they contribute. However, many financial advisors recommend saving between 15 and 20% of salary, so there’s a lot of room to improve there.
  • Manage Expectations: Many advisors think retirees should plan to replace 80% of their working income. Many people may be able to get by with less, though. Remember, though, that while the 80% “rule” is based on assumptions, lowering your standard of living is also making a big assumption. It’s better to save as much as possible.
  • Work Longer: Everyone should plan to work until their maximum Social Security retirement age, to receive full, rather than partial, benefits. In addition, it may be possible to extend your working career to allow time to save more money. Alternatively, people can work part-time, as consultants, freelancers, or even regular part-time employees.


Putting it All Together

Most likely, your participants will rely on some combination of all of these strategies. But starting right away and increasing contributions as much as possible should be their very first steps before considering other options. At Prism Fund Solutions, Inc., we work with plan sponsors to help their participants reach their retirement goals. If your participants are saving too little, we can help you educate them about ways to reach their retirement goals. For more information, contact us at 727-580-6006, or browse the rest of our website.

This information was developed as a general guide to educate plan sponsors but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. Prism Fund Solutions, Inc. make no assurance that by using the information provided, the plan sponsor will be in compliance with ERISA regulations.

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