As of January 23, 2025 participants in the GM Retirement Savings Plan (RSP 401k) have a new and potentially game changing investment option. The plan now allows participants to open a self directed 401k account through Fidelity (BrokerageLink®). You might be asking what is a self directed 401k and why is this game changing?
Partnering with an independent, local, family-owned financial advisory firm offers a range of benefits that can enhance your financial planning experience. Full disclosure: I am a little biased in this opinion. Financial Strategies Group (FSG), the firm I am blessed to be a part of, fits this criteria.
Choosing a banking institution seems like a simple enough task. Many people have banked with the same institution since their first job (or the same lineage of institutions after various acquisitions). However, just because something is familiar doesn’t mean it fits your needs. This article outlines a few things to consider when choosing a bank.
Business owners have a great deal of responsibilities to contend with on a day-to-day basis. As a business owner myself, I can understand and appreciate the sometimes overwhelming list of tasks that need to be done. Among that list, usually somewhere near the bottom, is the process of setting up a retirement plan for yourself and your employees. Although setting up a plan does involve some work on the part of business owners, it does not necessarily need to be a time-consuming or expensive proposition.
I grew up in a small town outside of Flint, Michigan called Swartz Creek. Many of the people in our community worked for one of the “Big Three” automakers, including my uncle, all three of my best friends’ dads, and many of my extended family. These companies were a classic example of a typical 20th-century employer. Right out of high school you could get a good job and make a very good living. It was certainly not easy work, but if you stuck with it for 30 years you would be well taken care of with an opportunity for early retirement, a good pension, and excellent health care benefits. Today, things are very different.
One of the biggest challenges when saving for retirement is understanding how to invest your 401k. There are very few quick and easy ways to know for sure that you are making the right decisions
"Did you think three months ago that by the end of April the world as you know it would have changed drastically? That has become a reality for most people amidst the Coronavirus Pandemic and the drastic measures taken by federal, state, and local governments in an effort to protect the population. With so many people making huge sacrifices to protect their businesses and their families, at what point can we expect some normalcy?"
Shortly after releasing a strong third-quarter earnings report for 2018, GM sent correspondence to 50,000 of its employees that the company will be offering a voluntary severance package. The package is being offered to about 18,000 salaried employees who have 12 years or more experience.