"We cannot solve our problems with the same level of thinking that created them."
Albert Einstein
PERSPECTIVE MATTERS
The United States faces a significant retirement savings shortfall, currently estimated at $3.68 trillion. This gap highlights the pervasive challenge of insufficient long-term funding for retirement across various consumer segments. Despite increased awareness, many Americans have not taken substantial steps to bridge the gap between their current savings and future needs. The economic impact of the pandemic has further emphasized the importance of financial security, altering savings behaviors and attitudes. If the same thinking or approach that created this problem remains unchanged, finding a real solution becomes difficult. Addressing this shortfall requires different perspectives with strategic and innovative actions to encourage more effective retirement planning and saving.
Source: Voya Survey of the Retirement Landscape
The varied results from a survey about retirement readiness among plan sponsors, consultants, and participants tell the story - nearly 40% of employees felt they were not well prepared or not at all prepared for retirement while the plan sponsors and consultants believed the preparedness numbers were higher. There are many retirement studies confirming the inadequate amount of savings and the unprepared state of many workers, so what, if anything, is being done to make progress with this issue?
At Parallax 401k, we accept the challenge at hand and are committed to developing and implementing solutions that will make an impact. We simply cannot continue accepting the status quo with retirement plan design and current participant saving rates.
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We utilize our extensive resources and experience to educate, counsel, and execute ideal solutions to serve the needs of our clients. Our number one priority is ensuring the financial prosperity for those we serve. We provide clarity and transparency in an increasingly opaque world. By doing the heavy lifting necessary to provide exceptional service, we allow you to focus on what matters to you most.
CHOOSING THE RIGHT PARTNER
WE ARE YOUR FIDUCIARY & ADVOCATE
We were founded on the principle that clients are best served by working with an independent firm that serves in the trusted position of fiduciary - meaning our obligation is to work exclusively in your best interests at all times. Consequently, you can know that we are offering transparent, unbiased advice without any conflicts of interest. As your advocate, our goal is to empower you to make informed decisions, confidently manage vendor relationships, streamline administration, and improve participant outcomes.
WE ARE A PENSION CONSULTING FIRM
Partnering with a pension consulting firm offers specialized expertise in corporate retirement plans that surpasses traditional financial advisors. Our firm provides tailored plan design strategies, comprehensive regulatory insights, and advanced fiduciary and investment oversight. Our focused approach ensures that retirement plans are not only compliant but also optimized for performance, benefiting from a depth of knowledge and resources dedicated solely to the complexities of qualified plan management and employee financial security.
WE LISTEN FIRST AND THEN ADVISE
Our consultative approach is invaluable because it prioritizes understanding and addressing the unique needs of each client. This method fosters trust, as we become allies who offer personalized, strategic solutions rather than generic services. It encourages open dialogue, leading to deeper insights and more effective problem-solving. Our clients feel valued and understood, which strengthens the relationship and promotes long-term collaboration. Moreover, it allows for flexibility and adaptability, ensuring that services evolve alongside your changing needs, ultimately driving mutual success and satisfaction.