The State of Retirement Readiness Today with Shannon Edwards

About Shannon Edwards: Shannon Edwards is the founder of TriStar Pension Consulting and a seasoned professional with over 30 years of experience in the retirement plan industry. She has dedicated her career to helping individuals retire on their terms. A credentialed member of the American Society of Pension Professionals & Actuaries (ASPPA), Shannon currently serves as its Vice President. Her expertise in retirement plan design, compliance consulting, and administration has earned her widespread respect in the field. Outside of her professional life, Shannon is a devoted wife, mother, and grandmother who cherishes time with her family and volunteers for local non-profits.

In this episode, Shawn and Shannon Edwards discuss:

• Starting early to maximize retirement savings growth
• The critical role of financial literacy in retirement readiness
• The impact of mandates like SECURE 2.0 Act on retirement plans
• Key challenges for professionals in retirement planning and compliance

Key Takeaways:

• Automatic enrollment policies, as required by SECURE 2.0 Act, have led to a significant rise in retirement plan participation by simplifying decision-making and requiring employees to opt out rather than opt in.
• Employers are increasingly turning to private sector retirement plans instead of state-mandated IRAs, driven by employee demand and the competitive need to offer better benefits packages.
• Matching contributions, especially dollar-for-dollar matches in 401(k) plans, effectively double an employee’s initial investment and offer a level of return unmatched by market alternatives.
• Financial advisors who specialize in retirement plans play a pivotal role in providing guidance to underserved employees, such as welders or dental hygienists, who might otherwise lack access to personalized financial advice.

"I know nobody likes the word "mandate"—nobody likes that word—but honestly, [automatic enrollment] makes such a difference in the outcomes for these people that it's just hard to understand why we wouldn't do it." — Shannon Edwards

 

Connect with Shannon Edwards: 

Website: http://www.tristarpension.com/

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/shannonedwardsplanconsultant/

Get a free copy of Shawn’s book “The Priority of Retirement” here-