​For retirement planners, employer-sponsored 401(k) plans are back in the spotlight. According to a 2024 retirement analysis survey by Fidelity Investments, the number of 401(k)-created millionaires broke a new record in Q4 2024. The number rose 27 percent year-on-year, reaching 537,000, with IRA-created millionaires increasing eight percent to 344,000. The average 401(k) millionaire is age 59, and the key to attaining this milestone is starting to save early in one’s career and consistently contributing over the years.

Those who have been contributing for fewer years also witnessed significant gains, with 15-year Gen X savers achieving 18 percent more year-on-year ($589,400). For Gen Z savers who have contributed to an IRA for five years, the average savings increased 66 percent to $52,900. While average balances in 401(k) declined slightly from Q3, the $131,700 average savings is still the second-highest on record.

Another positive sign was steady total average 401(k) savings rates of 14.1 percent, which is near the optimal 15 percent level. One factor in this has been employers proactively designing features into plans that encourage high levels of savings. Since 2019, the percentage of plans with a Roth IRA option attached has risen 20 percent, and nearly 40 percent of plans default to auto-enroll workers at a five percent rate of contribution or higher.

The Fidelity survey also found that nearly a third of clients expected to adopt at least seven optional provisions within the SECURE 2.0 Act, with the average anticipated time to implement such retirement savings provisions being half a year.

Section 107 increases the age for required minimum distribution (RMD) to 73, with this set to rise to 75 in 2033. This allows retirees to save and invest longer, gaining them even more compound assets. Section 302 reduces the excise tax on certain accumulations in qualified retirement plans. The penalty assessed when one fails to take RMD has dropped from 50 to 25 percent. If retirees correct their RMD mistake in a timely fashion, the penalty drops further to 10 percent.

For employers, Section 102 boosts credit from 50 percent to 100 percent for small employer pension plan start-up costs. Such businesses can have as many as 50 employees and still receive this credit. Section 113 allows employers to offer small financial incentives, such as gift cards, as a way of incentivizing workers to contribute to workplace retirement plans.

It’s also easier now to take unforeseeable emergency or hardship withdrawals from one’s retirement account. Employees simply self-certify that an unforeseeable emergency or event constituting a hardship occurred. This takes the place of having the employer verify such a hardship or life emergency.

The Institutional Retirement Income Council’s (IRIC) executive director believes that one reason for 401(k) growth has to do with the continued decline in traditional pensions, which means that employees and employers must work together to ensure secure retirement income. Sponsors’ responsibilities are shifting from simply aiding accumulation to making sure that participants receive retirement security in the long run.

The IRIC executive notes that innovative retirement income solutions are constantly coming on board as investment firms, middleware technology companies, and insurance providers seek new strategic possibilities. Providers emphasize diversified approaches that incorporate alternative investments, and various distribution options, from retirement paycheck systematic withdrawal to annuity retirement income. Employers, tasked with ensuring a financially secure retirement for their workers, are seeking out income streams that are reliable, predictable, and easy to follow.

​Wholesalers in the retirement plan industry occupy a unique position. More than just salespeople, they are connectors, educators, and trusted resources for advisors and plan sponsors navigating an increasingly complex market. Done well, the role can transform territories, open multimillion-dollar opportunities, and elevate an individual into the ranks of top producers. Done poorly, it can quickly erode trust and credibility in an industry in which reputation is everything. Avoiding a handful of common mistakes can make the difference between being seen as just another representative and becoming the go-to partner advisors call first.

One of the most frequent pitfalls is focusing too heavily on products instead of relationships. It is tempting to lead with record-keeping platforms, investment lineups, or plan features, but advisors rarely make decisions on technical details alone. They are looking for wholesalers who can help them grow their business, solve problems for clients, and provide insight into how industry trends will affect their practice. A wholesaler who talks exclusively about products without connecting them to advisor needs risks becoming interchangeable with every other provider in the market.

Another mistake is neglecting follow-up. The retirement plan business is built on long sales cycles and layered decision-making. Advisors often juggle dozens of sponsor conversations at once, and it’s easy for momentum to stall if the wholesaler disappears after the first meeting. Failing to check in, to provide updated information, or to continue adding value, signals to advisors that their time wasn’t truly respected. Consistent, thoughtful follow-up demonstrates reliability and professionalism.

A third misstep is underestimating the power of partnerships. The most successful wholesalers know they cannot do everything themselves. Third-party administrators, DCIO (defined contribution investment only) asset managers, benefit consultants, and compliance experts all play a role in creating the right solution for an advisor. Wholesalers who fail to build and nurture these alliances miss opportunities to differentiate themselves. In today’s environment, advisors want integrated solutions that address compliance, fiduciary oversight, and participant outcomes. Without strong partners, even the best wholesaler can fall short of delivering what the market demands.

Equally damaging is failing to adapt communication styles to the audience. A Registered Investment Advisor (RIA) may want a deeper dive into investment options and plan-design flexibility, while an advisor for a large national brokerage firm might prioritize streamlined service and competitive pricing. Speaking in the same way to every advisor can come across as tone-deaf. Wholesalers who tailor their message to the channel, the advisor’s business model, and even the personality of the individual in front of them, tend to develop stronger, longer-lasting connections.

Finally, some wholesalers sabotage themselves by chasing short-term wins at the expense of their reputation. The pressure to meet quotas is real, but cutting corners, overselling capabilities, or pressuring advisors into a plan that isn’t the right fit, almost always backfires. Retirement plan advisors want stability and integrity from their partners. A wholesaler who demonstrates the willingness to walk away from misaligned opportunities often earns more trust and referrals in the long run than one who forces a deal through.

Avoiding these mistakes requires discipline, patience, and a commitment to the bigger picture. The wholesalers who consistently rise to the top see themselves not as product-pushers, but as trusted guides navigating a complex and high-stakes landscape.

Retirement plan sales and consulting may appear on the surface to be about investments, plan design, and compliance, but the real foundation of this industry is about relationships. Numbers alone rarely secure long-term success. Trust, reliability, and a sense of connection are what keep clients engaged and confident, often more than any single product recommendation.

The importance of this can’t be overstated. A 2022 SmartAsset survey showed that financial advisors retain about 95 percent of their clients once a relationship is established. That level of loyalty is rare compared to most industries, for which the average retention hovers closer to 78 percent. The difference lies in the personal bond. Clients who believe their advisor understands their goals and values are far less likely to stray, even when markets are volatile.

Research from Vanguard reinforces this point. Their “Advisor’s Alpha” framework estimates that advisors add roughly three percent in net returns annually for clients. Interestingly, a large portion of this value does not come from technical portfolio management but from behavioral coaching—helping clients avoid rash decisions, stick with long-term strategies, and stay grounded during downturns. Those outcomes hinge on trust, which is only possible when relationships are strong.

It’s worth noting how fragile these bonds can be if neglected. In 2023, Russell Investments found that more than half of clients who left their advisor cited poor communication, lack of personal connection, or advice that didn’t feel tailored to them. That statistic is a stark reminder: people don’t just want numbers explained—they want to feel seen and understood.

The emotional side of the business plays out in measurable ways. Data shows that 86 percent of customers across service industries are more likely to stay loyal if they feel an emotional connection with their provider. Retirement planning is particularly sensitive, since decisions affect not only a client’s money but their sense of security and identity later in life. Advisors who lean into authentic relationships build confidence, more important than building accounts.

These connections also create practical advantages. In a field where new-client acquisition can be slow and expensive, retaining existing clients is far more efficient. Studies consistently show that it costs five to seven times more to attract a new client than to retain an existing one. For wholesalers, consultants, or plan advisors, strengthening ties with employers, centers of influence, and even competitors through strategic partnerships can compound opportunities. A single relationship can open doors to dozens of plan participants and lead to years of collaboration.

Professional presence, ethical standards, and integrity reinforce these bonds. Walking away from misaligned opportunities may feel counterintuitive in the short run, but over time, it bolsters reputation. In an industry where word-of-mouth carries immense weight, being known as trustworthy and principled attracts both clients and partners.

Ultimately, retirement plan consulting is a people business. Technical expertise matters, but without relationships, it doesn’t translate into results. The professionals who thrive are those who listen more than they talk, check in before they are asked, and build trust that withstands the ups and downs of markets. In the end, relationships are not just the foundation of sales, they are the true measure of lasting success.

​Riding a motorcycle presents a distinct set of considerations for the novice. Beyond the allure of the open road, understanding fundamentals like preparation, safety, and operational proficiency is paramount. This discussion aims to outline crucial knowledge points for those contemplating their first foray into motorcycling.

One of the foremost considerations for a new rider is formal training. While the desire to jump on a cycle may be strong, enrolling in a certified safety course is a foundational step. These courses provide instruction on essential riding techniques, traffic laws pertinent to motorcyclists, and crucial emergency maneuvers in a controlled environment. Learning to ride under the guidance of experienced instructors on a closed course minimizes risk and builds a solid skill base before heading out onto public roads. Such training typically covers aspects from basic controls and balance to more advanced techniques like emergency braking and obstacle avoidance, vital for developing confidence and competence.

Equally critical is the selection of appropriate protective gear. A common oversight among new riders is underestimating the importance of comprehensive safety equipment. A Department of Transportation (DOT)-compliant helmet is non-negotiable, offering crucial head protection in the event of an impact. Beyond the helmet, riders should invest in durable, abrasion-resistant riding jackets and pants, preferably constructed from materials like leather or specialized textiles designed for motorcycle use. These garments provide essential protection against road rash and impact. Gloves protect hands during falls and offer a better grip, and sturdy over-the-ankle boots provide ankle support and foot protection. Prioritizing quality gear is not merely a recommendation but a fundamental aspect of rider safety.

Understanding the motorcycle itself is another vital prerequisite for a novice. Before the first ride, familiarity with the bike's controls and basic maintenance checks is essential. This includes knowing the location and function of the clutch lever, front and rear brake controls, throttle, and gear shift. Performing pre-ride checks, such as inspecting tire pressure, brake fluid levels, chain tension, and headlight/taillight functionality, can prevent unforeseen issues during a ride. A motorcycle, unlike a car, requires constant rider input for balance and control, making it imperative to develop a nuanced understanding of its responses to that input. This familiarity extends to understanding the bike's weight and power delivery, especially when considering a first motorcycle. Many instructors advise starting with a smaller, more manageable bike, as its lighter weight and lower power output are more forgiving for learning and skill development.

Beyond these aspects, developing a heightened sense of situational awareness is indispensable for motorcycle riders. Motorcyclists often operate within the blind spots of other vehicles and are less visible on the road. Therefore, actively scanning the environment, anticipating potential hazards, and maintaining adequate following distances are practices that should be ingrained from the outset. This involves constantly observing traffic patterns, road conditions, and the behavior of other drivers. The ability to react quickly and appropriately to unexpected situations is honed through practice and conscious effort. Avoiding distractions, whether internal or external, is also paramount to maintaining focus on the complex task of riding.

Finally, approaching motorcycling with a mindset of continuous learning is beneficial. The initial training course provides a foundation, but true proficiency and safety evolve over time with experience. New riders should consider starting with short, controlled rides in familiar areas before venturing into more complex traffic situations or longer journeys. Gradually increasing ride difficulty and actively seeking opportunities to practice learned skills will contribute to ongoing development. Engaging with the riding community, while not explicitly part of initial training, can also provide valuable insights and peer support as a new rider navigates the early stages of their motorcycling journey. Seasoned riders can offer practical advice on everything from gear choices to advanced techniques, reinforcing the idea that motorcycling is an ongoing process of skill refinement and adaptation.

​For individuals new to carpentry, understanding the foundational steps and adhering to best practices is essential for developing both competence and confidence in the craft. Carpentry, one of the oldest trades in the world, involves working with wood to build functional and decorative objects. While it can be physically demanding and occasionally complex, it is also highly accessible with the right preparation. By focusing on knowledge, tool familiarity, workspace setup, and practical application, novice hobbyists can establish a reliable and effective approach to learning the necessary skills.

One of the first steps for beginners is to build a basic understanding of carpentry principles. Research plays an important role in reducing risks, especially when using sharp or powered tools. Beginners benefit from defining their goal early, whether it’s learning to install shelves, build furniture, or eventually take on larger projects like constructing garden sheds or cabinetry. Clarifying these goals helps in selecting relevant learning materials and tutorials.

An essential aspect of early carpentry education includes brushing up on fundamental math skills. Carpentry does not demand complex calculations, but a good grasp of geometry and measurements can significantly affect project accuracy and efficiency. Understanding how to measure, convert units, and read diagrams enables beginners to make precise cuts and reduce material waste.

A foundational step is learning about the tools of the trade. Beginners are not expected to own an entire professional-grade kit, but certain tools are nearly indispensable. A carpenter’s pencil is a primary marking tool for making accurate lines, while a tape measure is crucial for precision in sizing and layout. A claw hammer offers versatility for both nailing and adjusting wood placement. For cutting, a hand saw allows newcomers to develop an understanding of wood grain and resistance without the complexity of power tools. Chisels, screwdrivers, and clamps also form part of a basic toolkit and are used across a wide range of projects. As skill levels grow, adding more specialized tools, such as marking knives and power drills, can enhance efficiency.

Once tools are gathered, setting up a dedicated and functional workspace is vital. A kitchen table or casual surface is not suitable for carpentry. A sturdy workbench provides a safe and stable platform to work on and should ideally come with a built-in vise. Whether indoors or out, the space should be well-lit and ventilated. A clutter-free environment contributes to safety and concentration, while eliminating tripping hazards, like stray cords or loose tools, helps prevent accidents.

Hands-on practice is the next step in developing carpentry skills. Beginners should take the time to become comfortable with each tool before embarking on a full project. Practicing hammering techniques, measuring and marking wood, sawing in a straight line, and using clamps effectively all contribute to safer and more accurate work. When it comes to power tools, beginners should watch instructional videos and follow safety guidelines closely. Practicing on scrap wood can be a good way to gain familiarity without the pressure of ruining a planned project.

Measuring techniques deserve particular emphasis. Accurate measurement is foundational to any successful carpentry effort. Mistakes in this area can lead to misaligned joints, wasted material, and structurally unsound results. Practicing “measure twice, cut once” helps reduce such errors and improves long-term efficiency.

The final stage in a beginner’s carpentry journey is to start working on simple projects. Starting with manageable designs allows for gradual skill development and creates opportunities to apply learned techniques in real situations. As projects increase in complexity, carpenters-in-training can build on their experience to produce more advanced and functional items. The learning process naturally includes trial and error, but each mistake is a learning opportunity that contributes to improved craftsmanship over time.

Beginner carpenters benefit most from a structured approach that includes gaining theoretical knowledge, obtaining essential tools, creating a functional workspace, and applying skills through practice. With patience and consistency, newcomers can safely and effectively build a strong foundation in carpentry.