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The SECURE 2.0 Act of 2022 brings sweeping changes to retirement savings plans, with benefits for people planning and investing for retirement – and for retirees as well. Pam Krueger, CEO of Wealthramp explains, and also offers her take on what you should be looking for – and looking out for – in a financial advisor.
Pam Krueger joins us from Northern California.
Pam Krueger is a recognized investor advocate and award-winning personal finance journalist and author. She is the founder and CEO of Wealthramp, an advisor matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisors. It is the only service that gives people full control over when and how they talk to their referred advisors.
Pam is also the creator & co-host of MoneyTrack and Friends Talk Money podcast. MoneyTrack aired on 250+ public stations on PBS from 2005-2019 and was funded by the Investor Protection Trust.
With more than 25 years in investor advocacy, Pam is one of the leading voices on financial literacy and financial empowerment. She’s been the recipient of two Gracie Awards for educating the public about personal investing and received the 2021 NAPFA Special Achievement Award for her work educating individuals about the value of fee-only financial advice.
Her perspectives on personal finance regularly appear in Marketwatch, Worth Magazine, PBS Next Avenue, and she is a frequent speaker on fiduciary financial advice. In addition, Pam is an active volunteer member of the Retirement Income Committee at the Defined Contribution Institutional Investment Association (DCIIA), a non-profit dedicated to enhancing the retirement security of America’s workers. She has also served on the California Jump$tart Coalition, an organization dedicated to increasing financial literacy among children and teens, where she created one of their most successful curricula available for K-12 teachers called, Investing Pays Off For Kids.
For More on Pam Krueger
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The Key Decisions for Retirement Success – Wade Pfau
Ways to Retire on Less – Harriet Edleson
On The New Legislation
“The 155 pages of this legislation, that has been described as massive, helps retirement savers of all ages. I’m blown away because I look at this and I see that for the first time in a really long time, in my memory anyway, every stage of career is helped in some way by this legislation. It is passed. It is real. It’s happening. It’s going into effect. So, just look at some of the benefits and how it helps people overall, I see more ways to save, more ways to expand your savings and to do it in much smarter tax planning ways. Some of these laws allow us to save more like in a Roth environment versus just a traditional IRA or traditional 401k and allows you to put more away in a single year. So, there’s something here for everybody.”
On Why Humility is an Asset in a Financial Advisor
“So for me, humility is a huge X-factor because I had so many people coming to me from our show, and women many times, and they would say, Pam, I’m working with this advisor, I don’t even like him. He makes me feel so small, makes me feel like I’m so lucky if I get an answer. He talks way up here and speaks in jargon. That doesn’t fly. So Joe, when someone points me to a fiduciary-feeling advisor who looks on paper squeaky clean, I’m excited. And then I can tell, this is why I do the interviews with them. When they’re talking to me and if they’re making me feel that they just are really wanting to lecture, you know that you’re going to be entering into a relationship with an advisor who everybody thinks is the best thing since sliced bread. I can’t tell you how much people get mad at me, especially here in San Francisco. Why don’t I have this firm? Why don’t I have that firm? They’re so good. They’re so great. Well, because they know they’re so great and when they talk with their clients, they have a culture that really does feel like you will bask in the glow of my expertise and that is not a relationship that’s going to last. So it is a very big deal.”
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About Your Podcast Host
Joe Casey is an executive coach who also helps people design their next life after their primary career. He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking.
He’s the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.
The views and opinions expressed by guests on The Retirement Wisdom Podcast are solely those of the guests and do not reflect the opinion of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast primarily covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.