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How to Navigate Divorce Later in Life

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Tips on managing the shock, financial instability, and new lease on life when divorce comes after you’ve already built a life together.

President Biden signed the Social Security Fairness Act, starting 2025 by increasing benefits payments for millions of retired Americans.
The bill eliminates the Windfall Elimination Provision (WEP) as well as the Government Pension Offset (GPO), two rules that had previously reduced Social Security benefits for those who spent all or most of their careers in public service and received other retirement benefits, such as a pension from a state or local government.1
&ldquo;Social Security is a bedrock of our middle class. It&rsquo;s retirement security that Americans pay into and earn over a lifetime of work &ndash; and count on to be there for them when they retire,&rdquo; said Senator Sherrod Brown (D-OH) who cosponsored the bill in the Senate alongside Senator Susan Collins (R-ME). &ldquo;Social Security should be available to everyone, including local police officers, sheriffs, deputies, firefighters, teachers &ndash; and their families.&rdquo;2
Who is impacted?
Previously, if you&rsquo;ve been a public sector employee during your career, your Social Security and retirement planning would look different than those who&rsquo;ve spent their working years exclusively in the private sector. Private sector employees have a percentage of their paycheck go toward Social Security with the expectation of receiving those Social Security benefits later in life. But, if you have worked in a public sector job your retirement package may not work quite the same way.
Congress passed the WEP to prevent workers who receive non-covered pensions from receiving higher Social Security benefits as if they were long-time, private sector earners, and the GPO to ensure that spousal benefits of those with covered or non-covered lifetime earnings would be roughly equal.&nbsp;
The Windfall Elimination Provision applies to most teachers and public sector employees who receive both:
<ul>
<li>
A pension from a job where they did not contribute to Social Security, and&nbsp;
</li>
<li>
Social Security benefits based on fewer than 30 years of substantial earnings in covered employment or self-employment.
</li>
</ul>
In short, it limits the Social Security benefits you can claim if you worked in both the public and private sectors over the course of your career.4
The Government Pension Offset, on the other hand, reduces Social Security benefits for spouses, widows, and widowers who also receive government pensions of their own. Meant to reduce &ldquo;double dipping,&rdquo; the GPO allows the government to reduce your spousal benefits by two-thirds the value of your pension.5
What&rsquo;s changing?
Both WEP and GPO are going away, with the rule effective for benefits payable after December 2023.&nbsp;
The elimination of the WEP means that your earnings history will no longer be discounted and you will earn full credit for your public sector work. Previously, public sector earnings were reduced for anyone who spent less than 30 years in the private sector when calculating Social Security benefits.
By eliminating the GPO, Social Security recipients who previously saw their spousal benefits reduced in order to account for their public sector pension will now receive a full spousal benefit.

In a joint statement following the passage of H.R. 82 in November, cosponsors Rep. Garret Graves (R-LA-06) and Rep. Abigail Spanberger (D-VA-07) said: &ldquo;By passing the Social Security Fairness Act, a bipartisan majority of the U.S. House of Representatives showed up for the millions of Americans &mdash; police officers, teachers, firefighters, and other local and state public servants &mdash; who worked a second job to make ends meet or began a second career to support their families after retiring from public service. A bipartisan majority of the U.S. House voted to provide a secure retirement to the hundreds of thousands of spouses, widows, and widowers who are denied their spouses&rsquo; Social Security benefits simply because they chose careers of service.&rdquo;

What steps should you take if you were previously impacted by WEP/ GPO?

Social Security has not announced the timing of payments but has advised impacted individuals to follow these steps

If you have previously Social Security benefits and they are partially or completely offset by the WEP/GPO: You do not need to take any action except to verify that SSA has your current mailing address and direct deposit information. Most people can do this online with their personal my Social Security account without calling or visiting Social Security. Visit <a href="https://www.ssa.gov/myaccount">www.ssa.gov/myaccount</a> to sign in or create your account.
If you have not previously filed for Social Security benefits: If you are receiving a public pension and have not previously filed for benefits, you may file online at <a href="https://www.ssa.gov/">ssa.gov</a> or schedule an appointment.6
 
<h4>SOURCES</h4>
<ol>
<li>
&ldquo;S.597 - Social Security Fairness Act.&rdquo; Congress.com, March 1, 2023, <a href="https://www.congress.gov/bill/118th-congress/senate-bill/597?q=%7B%22search%22%3A%22Social+Security+Fairness+Act%22%7D&amp;s=2&amp;r=2">https://www.congress.gov/bill/118th-congress/senate-bill/597</a>. Accessed 19 December 2024.
</li>
<li>
&ldquo;H.R.82 - Social Security Fairness Act of 2023.&rdquo; Congress.com, January 9, 2024. <a href="https://www.congress.gov/bill/118th-congress/house-bill/82">https://www.congress.gov/bill/118th-congress/house-bill/82</a>. Accessed 19 December 2024.
</li>
<li>
&ldquo;House Overwhelmingly Passes Senator Collins&rsquo; Social Security Fairness Act.&rdquo; Collins.senate.gov, November 14, 2024. <a href="https://www.collins.senate.gov/newsroom/house-overwhelmingly-passes-senator-collins-social-security-fairness-act">https://www.collins.senate.gov/newsroom/house-overwhelmingly-passes-senator-collins-social-security-fairness-act</a>. Accessed 19 December 2024.
</li>
<li>
"Windfall Elimination Provision.&rdquo; SSA.gov, Social Security Administration, January 2024,<a href="http://www.ssa.gov/pubs/EN-05-10045.pdf"> www.ssa.gov/pubs/EN-05-10045.pdf</a>. Accessed 19 December 2024.
</li>
<li>
&ldquo;Government Pension Offset.&rdquo; SSA.gov, Social Security Administration, May 2019,<a href="http://www.ssa.gov/pubs/EN-05-10007.pdf"> www.ssa.gov/pubs/EN-05-10007.pdf</a>. Accessed 19 December 2024.
</li>
<li>
&ldquo;Social Security Fairness Act: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) update.&rdquo;&nbsp;SSA.gov, Social Security Administration, January 2025,<a href="http://www.ssa.gov/pubs/EN-05-10007.pdf"> https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html</a>. Accessed 3 January 2025.
</li>
</ol>

Social Security eliminates WEP and GPO provisions

wep-gpo-change

The year 2025 will see an increase in 401(k) contribution limits while IRA contribution limits remain unchanged. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan will increase to $23,500, up from $23,000. The limit on IRA annual contributions remains at $7,000.1
In addition to these changes, the catch-up contribution limit for 401(k), 403(b), most 457 plans, and the federal government&rsquo;s Thrift Savings Plan for employees ages 50-59, remains at $7,500 for 2025. New for 2025, based on changes made under the SECURE Act 2.0, a higher catch-up limit of $11,250 now applies to employees ages 60-63 who participate in these plans. The IRA catch-up contribution limit for individuals aged 50 and over remains unchanged at $1,000.2&nbsp;
<img src="https://cdn.buttercms.com/tP7JBcLQ2mcdoP6h69yL" alt="2025 updates - retirement contributions - 8.png" width="358" height="440" style="display: block; margin-left: auto; margin-right: auto;">
Another key change this coming year is an increase to the Roth phase-out cap: The income phase-out range for taxpayers making contributions to a Roth IRA will increase to $150,000 and $165,000 for single filers and heads of households; up from $146,000 and $161,000. And for married couples filing jointly, the income phase-out range increases to between $236,000 and $246,000, up from $230,000 and $240,000. For married individuals filing separately, who is covered by a workplace plan, their income phase-out remains the same from last year at $0 and $10,000.3&nbsp;
<img src="https://cdn.buttercms.com/IDUB7ynKQ5SbV16BA7YO" alt="2025 updates - retirement contributions - 7.png" width="355" height="379" style="display: block; margin-left: auto; margin-right: auto;">
The Saver&rsquo;s Credit (Retirement Savings Contributions Credit) income limit was increased for all filing groups. Married couples filing jointly increased to $79,000, up from $76,500. Head of household went up from $57,375 in 2024 to $59,250 and married individuals filing separately went up to $39,500 from $38,250.4
For more information, read class &ldquo;<a style="text-decoration: none;" href="https://retirementsimplified.silvur.com/retirement-school/how-your-retirement-savings-are-taxed">How Your Retirement Savings Are Taxed.</a>&rdquo;
SOURCES
<ul style="margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;">
<li style="list-style-type: none; font-size: 11pt; font-family: Arial, sans-serif; color: #000000;">
&ldquo;401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000.&rdquo; IRS.gov, 1 November 2024, <a style="text-decoration: none;" href="https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000">https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000</a>. Accessed 1 November 2024.
</li>
</ul>

2025 Retirement Contribution Changes

2025-retirement-contribution-changes

The Centers for Medicare and Medicaid Services just released information around Medicare Advantage, also known as Part C, and Medicare&rsquo;s prescription drug plan, Part D.
<h2 style="line-height: 1.44; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding-top: 4pt; padding-bottom: 4pt;">Medicare Advantage (Part C)</h2>
The average premium for Medicare Advantage plans is now $17.00 per month, which is a decrease of $1.23 compared to last year's $18.23.1
Keep in mind that this is only a fraction of the total costs, so make sure to include additional expenses like copays and deductibles.
It&rsquo;s projected that Medicare Advantage enrollment will increase to 35.7 million people this year, compared to last year&rsquo;s 33.8 million. In addition, Medicare Advantage plans will continue to offer a variety of supplemental benefits including access to meals (for a limited duration), fitness benefits and worldwide emergency/urgent coverage. About 28% of Medicare Advantage plans will offer special supplemental benefits for chronically ill individuals.&nbsp;
As a reminder, Medicare Advantage is an all-in-one plan that provides the same coverage as Original Medicare (Parts A and B). However, Medicare Advantage also includes additional benefits such as vision, dental, hearing, prescription drugs, and lower out-of-pocket costs. Medicare Advantage does have a lot of perks compared to Original Medicare but there is one caveat; it&rsquo;s far more restrictive than Original Medicare when it comes to which providers you can see. Therefore, you should see if your doctor takes the Medicare Advantage plan you&rsquo;re planning to choose. Also, if your Medicare Advantage does not include a prescription drug plan, you may be eligible for Medicare Part D.&nbsp;
<h2 style="line-height: 1.44; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding-top: 4pt; padding-bottom: 4pt;">Medicare Part D (Prescription Drug Plan)</h2>
The expected average premium for Medicare Part D coverage in 2025 is $46.50 per month, which is 13.8% lower compared to last year&rsquo;s at $53.95.2&nbsp;
Medicare Part D is specifically designed to help you pay for prescription drugs. It&rsquo;s a supplemental plan to Original Medicare, meaning you can choose to add Part D a la carte. Don&rsquo;t be fooled that your Medicare Part D premium will cover 100% of your total prescription drug costs. You may still be responsible for other costs like annual deductibles, monthly premiums, copayment and out-of-pocket costs. In 2024, 80.4%3 of Medicare enrollees had Part D coverage.
<h2 style="line-height: 1.44; background-color: #ffffff; margin-top: 0pt; margin-bottom: 0pt; padding-top: 4pt; padding-bottom: 4pt;">Key Takeaways</h2>
This modest reduction in Medicare Advantage premiums might sound like good news to retirees. But keep in mind that premiums are only a part of your total annual costs. By understanding all the real costs of Medicare, it will help you budget for your retirement and navigate your new coverage.&nbsp;
Here are some key financial takeaways to remember:
<ul style="margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;">
<li style="font-size: 12pt; font-family: Arial, sans-serif; color: #000000;">
The average 65-year-old couple will spend $330,000 on healthcare over their retirement.4
</li>
<li style="font-size: 12pt; font-family: Arial, sans-serif; color: #000000;">
Where you live impacts your total Medicare costs.
</li>
<li style="font-size: 12pt; font-family: Arial, sans-serif; color: #000000;">
When building health care costs into your plan, consider not just the monthly premium but also factor in out-of-pocket expenses, deductibles and coinsurance.
</li>
<li style="font-size: 12pt; font-family: Arial, sans-serif; color: #000000;">
The average total costs for a Medicare Advantage plan in 2024 which includes out-of-pocket costs, premiums and deductibles was $7,273 a year ($606.08 per month).5
</li>
</ul>
What is <a style="text-decoration: none;" href="http://www.silvur.com/">Silvur</a>?
Silvur future proofs financial institutions for wealth transfer by engaging and supporting your most valuable segment: account holders over 50. This demographic holds over 80% of US household wealth and is the first generation to retire without the benefit of a pension. Silvur makes it easy to help them, with over 800 classes, powerful calculators and a proprietary Retirement Score to guide complex decisions along their Retirement journey, which on average is 20-25 years.

Silvur Impact
Silvur helps capture and retain direct deposit relationships, uncovers hundreds of millions in new deposit and wealth opportunities, and reduces direct deposit attrition and asset flight.

<h4 style="background-color: #ffffff; margin-top: 0pt; margin-bottom: 2pt;">SOURCES</h4>
<ul style="margin-top: 0px; margin-bottom: 0px; padding-inline-start: 48px;">
<li style="list-style-type: none; font-size: 8pt; font-family: Arial, sans-serif; color: #000000;">
&ldquo;Medicare Advantage and Medicare Prescription Drug Programs to Remain Stable as CMS Implements Improvements to the Programs in 2025.&rdquo; CMS.gov, 27 September 2024, <a style="text-decoration: none;" href="https://www.cms.gov/newsroom/fact-sheets/medicare-advantage-and-medicare-prescription-drug-programs-remain-stable-cms-implements-improvements">https://www.cms.gov/newsroom/fact-sheets/medicare-advantage-and-medicare-prescription-drug-programs-remain-stable-cms-implements-improvements</a>. Accessed 30 September 2024.
</li>
<li style="list-style-type: none; font-size: 8pt; font-family: Arial, sans-serif; color: #000000;">
&ldquo;Medicare Advantage in 2024: Premiums, Out-of-Pocket Limits, Supplemental Benefits, and Prior Authorization.&rdquo; kff.org, 8 August 2024, <a style="text-decoration: none;" href="https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2024-premiums-out-of-pocket-limits-supplemental-benefits-and-prior-authorization/">https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2024-premiums-out-of-pocket-limits-supplemental-benefits-and-prior-authorization/</a>. Accessed 30 September 2024.
</li>
<li style="list-style-type: none; font-size: 8pt; font-family: Arial, sans-serif; color: #000000;">
&ldquo;Medicare Monthly Enrollment.&rdquo; CMS.gov, May 2024, <a style="text-decoration: none;" href="https://data.cms.gov/summary-statistics-on-beneficiary-enrollment/medicare-and-medicaid-reports/medicare-monthly-enrollment">https://data.cms.gov/summary-statistics-on-beneficiary-enrollment/medicare-and-medicaid-reports/medicare-monthly-enrollment</a>. Accessed 30 September 2024.
</li>
<li style="list-style-type: none; font-size: 8pt; font-family: Arial, sans-serif; color: #000000;">
Fidelity Investments&reg; Releases 2024 Retiree Health Care Cost Estimate as Americans Seek Clarity Around Medicare Selection.&rdquo; Fidelity Investments, 8 August 2024, <a style="text-decoration: none;" href="https://newsroom.fidelity.com/pressreleases/fidelity-investments--releases-2024-retiree-health-care-cost-estimate-as-americans-seek-clarity-arou/s/7322cc17-0b90-46c4-ba49-38d6e91c3961">https://newsroom.fidelity.com/pressreleases/fidelity-investments--releases-2024-retiree-health-care-cost-estimate-as-americans-seek-clarity-arou/s/7322cc17-0b90-46c4-ba49-38d6e91c3961</a>. Accessed 30 September 2024.
</li>
<li style="list-style-type: none; font-size: 8pt; font-family: Arial, sans-serif; color: #000000;">
Silvur Services LLC. (2024) Cost Of Living Calculator. Unpublished internal company document.
</li>
</ul>

2025 Part D and Medicare Advantage (Part C) Changes

2025-medicare-part-cd-changes

What’s New for Medicare AEP 2025

2025-medicare-aep-2025

2025 Presidential Budget Proposal
Today President Biden released his 2025 Budget. While nothing is guaranteed during the budget negotiations, Biden once again re-affirmed his commitment to protecting and strengthening Social Security and Medicare. While there have been solid strides over the last few years to reign in Medicare costs, prescription drugs in particular, both programs still need major reform.
The upcoming budget includes proposals to
Protect and Strengthen Medicare. The Budget strengthens Medicare by extending the solvency of the Medicare trust.&nbsp; The proposal increases Medicare taxes on incomes above $400,000 from 3.8 percent to 5 percent.. &nbsp;&nbsp;The Budget also speeds up the pace of negotiation of prescription drug prices, expands the Inflation Reduction Act&rsquo;s inflation rebates and extends the $2,000 out-of-pocket prescription drug cost cap to non- Medicare participants. The budget proposal also extends the $35 cost-sharing cap for a month&rsquo;s supply of insulin to the commercial market.&nbsp;
Protects the Social Security Benefits that Americans Have Earned. The Administration is committed to extending the solvency of Social Security by increasing taxes on higher income earners.
Ensures That Americans Can Access the Benefits They&rsquo;ve Earned.&nbsp;The Budget also invests in staff, information technology, and other improvements which will improve customer service at SSA&rsquo;s field offices. If you have spoken to a member about visiting a Social Security office recently you will know how important improved services are.
<a href="https://www.whitehouse.gov/omb/briefing-room/2024/03/11/fact-sheet-the-presidents-budget-for-fiscal-year-2025/" rel="follow">Read the full proposal&nbsp;</a>
How Retirement Benefit Policies Impact Your Members
99% of your members will enroll in Social Security and Medicare when they retire.&nbsp; Social Security is your members largest retirement asset, their only source of lifetime/ inflation protected income and a 25+ year direct deposit stream for the credit union.&nbsp; Medicare is members largest cost in retirement ($300k for a couple, excluding long term care) and the stakes are high. 1 wrong decision can lead to a lifetime of penalties and burdensome healthcare expenses.
#1 Social Security
We all agree that Social Security needs to be reformed to ensure long term solvency.&nbsp; The question is how to do this (eg who pays).&nbsp;
Some of the key proposals include:
<ul>
<li>
Eliminating State/ Federal Taxation of SSA: Several proposals are on the Hill right now to eliminate both state and federal taxation of Social Security.&nbsp; Many retirees are surprised when they learn Social Security is taxed.&nbsp; If the tax is eliminated, SSA will have to make up these funds from other places...
</li>
<li>
Delaying Full Retirement Date:&nbsp; Over the years the definition of 'full retirement date', the age when you are eligible for 100% of your benefit, has been delayed.&nbsp; Currently age 67, one way for Social Security to increase solvency is to delay full retirement date.&nbsp; This may be viewed unfavorably by soon to be retirees, particularly those in labor related jobs.
</li>
<li>
Increasing Earnings Cap:&nbsp; Another way to increase solvency is to increase the amount of workers salaries that is subject to Social Security tax.&nbsp; Today earnings above $160,200 are not subject to the 6.2% (12.4% when including employer tax) but there are several proposals to increase the taxes on higher income earners.
</li>
<li>
Modernizing Benefit Calculations: Current Social Security calculations discourage part time work in retirement.&nbsp; They also provide inequitable outcomes when couples divorce and don't provide family caregivers with earnings credits.&nbsp;&nbsp;
</li>
</ul>
Why should credit unions care about Social Security?
99% of your members will enroll in Social Security and Medicare when they retire.&nbsp; Social Security is your members largest retirement asset, their only source of lifetime and inflation protected income.&nbsp; Its also a 25+ year direct deposit stream for the credit union.
What our data shows 
Your female members are disadvantaged by these 1920s policies.&nbsp; They have 20% lower Social Security benefits and 9 year lower retirement scores.. yet will live 5+ years longer than male partners.&nbsp; If your female members age into poverty we have a multi-generational problem.
#2 Medicare
You might think that the Medicare tax in your paycheck covers your healthcare costs in retirement.&nbsp; But the reality is that members are spending $500+ per month (per person) to get full Medicare coverage.&nbsp; This adds up to over $300k over the course of retirement.&nbsp; Reform is needed to cap the costs and ensure that members are guided to the right medicare policy for them.
<ul>
<li>Prescription Drug Reforms: The restructuring of the Medicare Part D drug benefit is expected to lower drug costs for millions of Medicare recipients, and cap annual out-of-pocket costs at $2,000 per person in 2025 for those with Medicare Part D.</li>
<li>Medicare Marketing Reforms: Members are aggressively sold Medicare policies.&nbsp; Medicare has several proposals outstanding to reform Medicare marketing policies, including eliminating marketing subsidies from carriers to agents (which risk promoting policies that pay agents higher commissions).&nbsp; Increased transparency and clear commission schedules is essential for members to get unbiased advice.</li>
</ul>
What our data shows: 
Members are desperately seeking to be educated on Medicare. They want to be educated, not sold/. As one member recently shared with us:&nbsp; &ldquo;The Medicare component of retirement is even more confusing than Social Security.&nbsp;There are people willing to tell you their pitch on that, but they&rsquo;re all salespeople. I don&rsquo;t know that I&rsquo;ve found any independent analysis of what&rsquo;s best to look for."&nbsp; - Tom, 63 y.o. credit union member
About Silvur
Silvur is the retirement engagement solution for Americans over 50&ndash;the demographic that holds over 80% of US household wealth and is the first generation to retire without the benefit of a pension. Silvur makes it easy to help them, with over 800 classes, powerful calculators and a proprietary Retirement Score to guide complex decisions along the 20-30 year Retirement journey.&nbsp; Silvur&rsquo;s always-on technology platform is designed to economically engage all your 50+ members, not just those served by wealth management.&nbsp; Silvur helps capture and retain direct deposit relationships and uncovers hundreds of millions in new deposit and wealth opportunities.&nbsp; Support your most valuable member segment, reduce asset flight, and help your members retire fearlessly with Silvur.

2025 Presidential Budget Proposal- Retirement Policy Focus

2025-president-budget-proposal

ELECTION 2024
As the election cycle picks up, retirement policy remains front of mind for many policy makers.&nbsp; With both Social Security and Medicare long term financing at risk, you should expect to hear big promises on the campaign trail and lots of activity in Washington along the way.
How This Impacts Your Members
99% of your members will enroll in Social Security and Medicare when they retire.&nbsp; Social Security is your members largest retirement asset, their only source of lifetime/ inflation protected income and a 25+ year direct deposit stream for the credit union.&nbsp; Medicare is members largest cost in retirement ($300k for a couple, excluding long term care) and the stakes are high. 1 wrong decision can lead to a lifetime of penalties and burdensome healthcare expenses.
#1 Social Security
We all agree that Social Security needs to be reformed to ensure long term solvency.&nbsp; The question is how to do this (eg who pays).&nbsp;
Some of the key proposals include:
<ul>
<li>Eliminating State/ Federal Taxation of SSA: Several proposals are on the Hill right now to eliminate both state and federal taxation of Social Security.&nbsp; Many retirees are surprised when they learn Social Security is taxed.&nbsp; If the tax is eliminated, SSA will have to make up these funds from other places...</li>
<li>Delaying Full Retirement Date:&nbsp; Over the years the definition of 'full retirement date', the age when you are eligible for 100% of your benefit, has been delayed.&nbsp; Currently age 67, one way for Social Security to increase solvency is to delay full retirement date.&nbsp; This may be viewed unfavorably by soon to be retirees, particularly those in labor related jobs.</li>
<li>Increasing Earnings Cap:&nbsp; Another way to increase solvency is to increase the amount of workers salaries that is subject to Social Security tax.&nbsp; Today earnings above $160,200 are not subject to the 6.2% (12.4% when including employer tax) but there are several proposals to increase the taxes on higher income earners.</li>
<li>Modernizing Benefit Calculations: Current Social Security calculations discourage part time work in retirement.&nbsp; They also provide inequitable outcomes when couples divorce and don't provide family caregivers with earnings credits.&nbsp;&nbsp;</li>
</ul>
This week Reps. Angie Craig, D-Minn., and Yadira Caraveo, D-Colo., introduced new legislation called the <a href="https://www.congress.gov/bill/118th-congress/house-bill/7084/text?s=2&amp;r=26&amp;q=%7B%22search%22%3A%22actionDateChamber%3A%5C%22118%7CH%7C2024-01-25%5C%22+AND+%28billIsReserved%3A%5C%22N%5C%22+OR+type%3A%5C%22AMENDMENT%5C%22%29%22%7D" rel="follow">You Earned It, You Keep It Act</a>.&nbsp; The Act proposes extending the Social Security lifeline by 20 years by increasing taxes on high earning workers and simultaneously removing the federal taxation of Social Security.
Why should credit unions care about Social Security?
99% of your members will enroll in Social Security and Medicare when they retire.&nbsp; Social Security is your members largest retirement asset, their only source of lifetime and inflation protected income.&nbsp; Its also a 25+ year direct deposit stream for the credit union.
What our data shows 
Your female members are disadvantaged by these 1920s policies.&nbsp; They have 20% lower Social Security benefits and 9 year lower retirement scores.. yet will live 5+ years longer than male partners.&nbsp; If your female members age into poverty we have a multi-generational problem.
#2 Medicare
You might think that the Medicare tax in your paycheck covers your healthcare costs in retirement.&nbsp; But the reality is that members are spending $500+ per month (per person) to get full Medicare coverage.&nbsp; This adds up to over $300k over the course of retirement.&nbsp; Reform is needed to cap the costs and ensure that members are guided to the right medicare policy for them.
<ul>
<li>Prescription Drug Reforms: The restructuring of the Medicare Part D drug benefit is expected to lower drug costs for millions of Medicare recipients, and cap annual out-of-pocket costs at $2,000 per person in 2025 for those with Medicare Part D.</li>
<li>Medicare Marketing Reforms: Members are aggressively sold Medicare policies.&nbsp; Medicare has several proposals outstanding to reform Medicare marketing policies, including eliminating marketing subsidies from carriers to agents (which risk promoting policies that pay agents higher commissions).&nbsp; Increased transparency and clear commission schedules is essential for members to get unbiased advice.</li>
</ul>
What our data shows: Members are desperately seeking to be educated on Medicare. They want to be educated, not sold/. As one member recently shared with us:&nbsp; &ldquo;The Medicare component of retirement is even more confusing than Social Security.&nbsp;There are people willing to tell you their pitch on that, but they&rsquo;re all salespeople. I don&rsquo;t know that I&rsquo;ve found any independent analysis of what&rsquo;s best to look for."&nbsp; - Tom, 63 y.o. credit union member

2024 CUNA GAC Hill Hike Primer

2024-Cuna-Gac-Hill-Hike-Primer

We all agree that Social Security needs to be reformed to ensure long term solvency.&nbsp; The question is how to do this (eg who pays).&nbsp;
Some of the key proposals include:
<ul>
<li>Eliminating State/ Federal Taxation of SSA: Several proposals are on the Hill right now to eliminate both state and federal taxation of Social Security.&nbsp; Many retirees are surprised when they learn Social Security is taxed.&nbsp; If the tax is eliminated, SSA will have to make up these funds from other places...</li>
<li>Delaying Full Retirement Date:&nbsp; Over the years the definition of 'full retirement date', the age when you are eligible for 100% of your benefit, has been delayed.&nbsp; Currently age 67, one way for Social Security to increase solvency is to delay full retirement date.&nbsp; This may be viewed unfavorably by soon to be retirees, particularly those in labor related jobs.</li>
<li>Increasing Earnings Cap:&nbsp; Another way to increase solvency is to increase the amount of workers salaries that is subject to Social Security tax.&nbsp; Today earnings above $160,200 are not subject to the 6.2% (12.4% when including employer tax) but there are several proposals to increase the taxes on higher income earners.</li>
<li>Modernizing Benefit Calculations: Current Social Security calculations discourage part time work in retirement.&nbsp; They also provide inequitable outcomes when couples divorce and don't provide family caregivers with earnings credits.&nbsp;&nbsp;</li>
</ul>
This week Reps. Angie Craig, D-Minn., and Yadira Caraveo, D-Colo., introduced new legislation called the <a href="https://www.congress.gov/bill/118th-congress/house-bill/7084/text?s=2&amp;r=26&amp;q=%7B%22search%22%3A%22actionDateChamber%3A%5C%22118%7CH%7C2024-01-25%5C%22+AND+%28billIsReserved%3A%5C%22N%5C%22+OR+type%3A%5C%22AMENDMENT%5C%22%29%22%7D" rel="follow">You Earned It, You Keep It Act</a>.&nbsp; The Act proposes extending the Social Security lifeline by 20 years by increasing taxes on high earning workers and simultaneously removing the federal taxation of Social Security.
Why should credit unions care about Social Security?
99% of your members will enroll in Social Security and Medicare when they retire.&nbsp; Social Security is your members largest retirement asset, their only source of lifetime and inflation protected income.&nbsp; Its also a 25+ year direct deposit stream for the credit union.
What our data shows 
Your female members are disadvantaged by these 1920s policies.&nbsp; They have 20% lower Social Security benefits and 9 year lower retirement scores.. yet will live 5+ years longer than male partners.&nbsp; If your female members age into poverty we have a multi-generational problem.

You Earned It, You Keep It Act

You-earned-it-you-keep-it-act

Americans age 65+ rely on Medicare to provide them retirement healthcare.&nbsp; Even with an increased focus on cost to the consumer and improved clarity of cost/ benefits, Medicare remains one of the most complex aspects of navigating retirement.&nbsp; For many Americans the consequences of making the &lsquo;wrong&rsquo; election can live with them for the remainder of their retirement.
Last week CMS and the Biden administration announced&nbsp;<a href="https://www.cms.gov/newsroom/press-releases/biden-harris-administration-proposes-protect-people-medicare-advantage-and-prescription-drug#:~:text=Press%20release-,Biden%2DHarris%20Administration%20Proposes%20to%20Protect%20People%20with%20Medicare%20Advantage,in%20the%20Medicare%20Advantage%20Program">proposals</a> for major updates to Medicare.&nbsp; These proposals will be open for a comment period for 60 days and some of the proposals could be implemented as early as the 2024 enrollment period.
Some of the key proposals impacting retirees include
<ol>
<li>New guardrails for plan compensation to agents and brokers: CMS&rsquo;s marketing standards have been put in place to ensure that agents provide Americans access to the plan that meets their needs.&nbsp; CMS has flagged that financial incentives to agents and brokers, made more often by large plans, can result in beneficiaries being steered towards plans that offer better compensation to agents rather than being in the best interest of the prospective enrollee.&nbsp; The proposal seeks to expand the definition of compensation and proposes a national fixed compensation amount for Medicare Advantage of $642.</li>
<li>Mid Year enrollment notification for supplemental benefits: Supplemental benefits, such as rides to doctors offices and gym memberships, are often offered via Medicare Advantage as a means for improving preventative healthcare thereby reducing costs to Medicare. But many of these services go unused.&nbsp; The CMS plan proposes requiring Medicare Advantage plans to send a personalized notification to their enrollees mid-year of the unused supplemental benefits available to them to encourage higher utilization.</li>
<li>Improved access to behavioral care providers: CMS is taking steps to improve access to behavioral health care services for Medicare Advantage plan enrollees.&nbsp; Expansion of access would include services such as marriage and family therapists, mental health counselors, addiction medicine clinicians, opioid treatment providers, and others.</li>
<li>Increase competition/ reduces prices of prescription drugs :&nbsp;To support competition in the prescription drug marketplace, CMS is also proposing to provide more flexibility to substitute biosimilar biological products give people with Medicare more timely access to lower-cost biosimilar drugs.&nbsp;</li>
</ol>
What does this mean for financial institutions and your consumers in 2024?
Our research shows that Americans aging into retirement identify Medicare as one of the most complex retirement decisions they make.&nbsp; Financial institutions have an opportunity to double down on your mission for financial wellness and show consumers that you are here to ensure their hard earned retirement savings fund their retirement.
How Silvur can help you in 2024!
Silvur helps Americans age 50+ navigate key retirement decisions.&nbsp; We have learned that one of the most complex retirement decisions is medicare.&nbsp; Thats why we have over 100 retirement school lessons plus personalized tools and calculators just focused on helping soon to be retirees navigate Medicare.
<a href="https://share.hsforms.com/1yqu_FlW6ScWT0Hwgd8VV5Qnkiv2" rel="follow noopener" target="_blank">Schedule a demo</a>

Biden proposes major Medicare updates

medicare-rule-proposal

<h2>Special: In the News Election Edition</h2>
<h3>How 2024 Elections May Affect Retirement Plans&nbsp;</h3>
It&rsquo;s 2024, and the coming election cycle is going to play a pivotal role in American life this year. Retirement is no different, especially because elections and changes in leadership can have a major impact on critical federal programs such as Social Security and Medicare.
That&rsquo;s why Silvur is making things easier for you. We&rsquo;re cutting through the noise to find the key, unbiased election takeaways that matter to your retirement. Check back monthly to keep a pulse on the election news that could have an impact on your retirement plans.&nbsp;
Social Security
Social Security is in flux. As the retirement fund faces the potential of running out in the near future1, many candidates are discussing potential changes to the system, including everything from raising the retirement age2, to increasing taxable earning amounts, trimming benefits for younger Americans3 and more. These changes recently came up at the GOP Presidential debate, and may increase the amount of Social Security benefits that people receive in retirement.4 In particular, Republican candidate Nikki Haley &ldquo;has called for several changes to the nation&rsquo;s safety net programs, including increasing the age at which today&rsquo;s younger workers would become eligible for Social Security retirement benefits and limiting the growth of benefits the wealthy receive.&rdquo;5
The Democrats, for their part, are also looking to make changes to Social Security in order to preserve funds for the program and prevent future benefit cuts.6 President Biden has suggested adding a new payroll tax for those with incomes over $400,000, changing the way that Cost-of-Living Adjustments are calculated, increasing the Primary Insurance Amount for older retirees (when healthcare expenses are likely to be higher), and increasing the special minimum benefit for lower-wage workers to boost their monthly benefits.
At the same time, the Social Security Administration also recently announced a 3.2% benefit increase for 2024 in order to keep up with the cost of living. 7As a result the average monthly benefit is now up to $1,907 from $1,848 last year, with those who receive the maximum now seeing monthly checks of $4,873.
Medicare
Medicare is another hot button issue right now since politics and electoral shifts can affect Medicare even more than Social Security.&nbsp;
Among the 2024 candidates,8 President Joe Biden has taken steps to address "misleading" Medicare Advantage advertisements and wants to require insurers to be more transparent in communicating benefits to retirees. The White House also announced in August that &ldquo;10 prescription drugs that will be subject to the first-ever Medicare price negotiations,&rdquo; a landmark for the Medicare system.9 Former president Donald Trump has opposed Congressional efforts to his own party to make changes to Medicare. 10 Haley favors expanding add-on packages for Medicare Advantage plans in order to increase competition.&nbsp;&nbsp;&nbsp;&nbsp;
Amid all this, Medicare Part B, which relates mostly to preventative care, premiums and deductibles will be rising around 6% in 2024.11&nbsp;
Retirement Accounts
Further underscoring the importance of elections on retirement accounts, a recent poll found that nearly half of investors believe that the 2024 election will have a bigger impact on their portfolios than general market performance.12 However, wealth management experts are more pragmatic, suggesting that while the election may impact the stock market, &ldquo;economic growth, interest rates and inflation remain more critical factors than election results.&rdquo; 13
Whatever happens, your 401(k) will survive. 14
In the meantime, the IRS has boosted the annual individual contribution limits for 401(k), 403(b), most 457 plans and the government&rsquo;s Thrift Savings Plan by $500, to $23,000, citing the rising cost of living. 15

&nbsp;1<a style="text-decoration: none;" href="https://www.cnbc.com/2023/11/08/these-changes-may-fix-social-security-before-2034-benefit-shortfall.html">https://www.cnbc.com/2023/11/08/these-changes-may-fix-social-security-before-2034-benefit-shortfall.html</a>
2 <a style="text-decoration: none;" href="https://www.pbs.org/newshour/politics/at-3rd-debate-gop-candidates-support-raising-retirement-age">https://www.pbs.org/newshour/politics/at-3rd-debate-gop-candidates-support-raising-retirement-age</a>
3&nbsp;<a style="text-decoration: none;" href="https://finance.yahoo.com/news/these-gop-candidates-want-to-trim-social-security-for-younger-americans-they-disagree-how-130046915.html">https://finance.yahoo.com/news/these-gop-candidates-want-to-trim-social-security-for-younger-americans-they-disagree-how-130046915.html</a>
&nbsp;<a style="text-decoration: none;" href="https://www.cnbc.com/2023/12/07/these-changes-may-help-people-get-bigger-social-security-retirement-checks.html">4 https://www.cnbc.com/2023/12/07/these-changes-may-help-people-get-bigger-social-security-retirement-checks.html</a>
<a style="text-decoration: none;" href="https://www.cnn.com/2023/12/05/politics/nikki-haley-social-security-medicare-reform/index.html">5 https://www.cnn.com/2023/12/05/politics/nikki-haley-social-security-medicare-reform/index.html</a>
6 <a style="text-decoration: none;" href="https://finance.yahoo.com/news/4-social-security-shakeups-biden-185124733.html">https://finance.yahoo.com/news/4-social-security-shakeups-biden-185124733.html</a>
7 <a style="text-decoration: none;" href="https://www.ssa.gov/news/press/releases/2023/#10-2023-2">https://www.ssa.gov/news/press/releases/2023/#10-2023-2</a>
8 <a style="text-decoration: none;" href="https://www.beckersasc.com/asc-coding-billing-and-collections/where-5-presidential-candidates-stand-on-medicare-advantage.html">https://www.beckersasc.com/asc-coding-billing-and-collections/where-5-presidential-candidates-stand-on-medicare-advantage.html</a>
9 <a style="text-decoration: none;" href="https://www.cnbc.com/2023/08/29/medicare-pricing-deal-set-to-play-a-key-role-in-bidens-2024-campaign-pitch.html">https://www.cnbc.com/2023/08/29/medicare-pricing-deal-set-to-play-a-key-role-in-bidens-2024-campaign-pitch.html</a>
10 <a style="text-decoration: none;" href="https://www.reuters.com/world/us/trump-warns-us-house-republicans-not-touch-social-security-medicare-2023-01-20/">https://www.reuters.com/world/us/trump-warns-us-house-republicans-not-touch-social-security-medicare-2023-01-20/</a>
11 <a style="text-decoration: none;" href="https://www.forbes.com/health/medicare/medicare-changes-2024/">https://www.forbes.com/health/medicare/medicare-changes-2024/</a>
&nbsp;12<a style="text-decoration: none;" href="https://www.cnbc.com/2023/11/13/investors-fear-the-2024-elections-may-hurt-retirement-savings.html"> https://www.cnbc.com/2023/11/13/investors-fear-the-2024-elections-may-hurt-retirement-savings.html</a>
13 <a style="text-decoration: none;" href="https://www.usbank.com/investing/financial-perspectives/market-news/how-presidential-elections-affect-the-stock-market.html">https://www.usbank.com/investing/financial-perspectives/market-news/how-presidential-elections-affect-the-stock-market.html</a>
&nbsp;<a style="text-decoration: none;" href="https://www.washingtonpost.com/business/2020/11/02/election-401k-retirement-plan/">14 https://www.washingtonpost.com/business/2020/11/02/election-401k-retirement-plan/</a>
<a style="text-decoration: none;" href="https://thehill.com/homenews/nexstar_media_wire/4288041-irs-announces-changes-to-2024-retirement-contribution-limits/">15 https://thehill.com/homenews/nexstar_media_wire/4288041-irs-announces-changes-to-2024-retirement-contribution-limits/</a>

2024 Election New: Retirement Debrief #1

election-brief-1

At VentureTech 2023, our Silvur CEO Rhian Horgan sat down with Joshua Barclay and Jonathan Taylor to share how Silvur's data is helping credit unions navigate wealth transfer, defend direct deposits and grow their share of the retirement wallet.
Listen to the podcast here --&gt; <a href="https://cdn.buttercms.com/7ZrgIJZaS6qEMxiVUQm0">https://cdn.buttercms.com/7ZrgIJZaS6qEMxiVUQm0</a>
Rhian answered Joshua and Jonathan's question about how data could be used by credit unions to meet their goals in 2024.
<ul>
<li>Why does a credit union care when your members are electing Social Security?&nbsp; Social Security is your members largest retirement asset.&nbsp; When members elect Social Security they switch their Direct Deposit deposit.&nbsp; Credit unions can capture this 20+ year income stream by guiding members through their Social Security Election</li>
<li>Why does knowing a member's retirement date matter?&nbsp; Most credit unions don't hold this data in your core.&nbsp; But this data element is a better predictor of key retirement decisions (consolidating IRAs, switching direct deposit) than date of birth.&nbsp; Knowing this data point helps position the credit union as&nbsp; members consolidate their retirement savings accounts.</li>
<li>Are Boomers rate sensitive? Much less than a younger generation!&nbsp; They want to pursue their retirement dreams and won't wait 10 years. They are still buying boats, rvs and retirement homes.&nbsp; They just may have sized down their expectations to match the current rate environment.</li>
</ul>

VentureTech 15 Min Podcast!

venturetech-2023-podcast

Every year the IRS makes annual adjustments to account for inflation. &nbsp;These adjustments range from tax brackets to IRA contribution limits. &nbsp;This week the IRS announced the updates for 401K and IRA contribution limits and Roth phase outs.
The year 2024 will see an increase in both 401k and IRA contribution limits: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan will increase to $23,000, up from $22,500. The limit on IRA annual contributions increased to $7,000 from $6,500 in 2023.1
In addition to these increases, the catch-up contribution limit for 401(k), 403(b), most 457 plans, and the federal government&rsquo;s Thrift Savings Plan for employees aged 50 and over, remains at $7,500 for 2024. The catch-up contribution limit for individuals aged 50 and over remains unchanged at $1,000.2&nbsp;
<div align="left">
<table style="width: 350px; height: 237.969px; border-collapse: collapse;" border="1"><colgroup><col style="width: 208px;"><col style="width: 113px;"><col style="width: 302px;"></colgroup>
<tbody>
<tr style="height: 47.5938px;">
<td style="height: 47.5938px;"></td>
<td style="height: 47.5938px; text-align: center;">
2024
</td>
<td style="height: 47.5938px; text-align: center;">
2023
</td>
</tr>
<tr style="height: 47.5938px;">
<td style="height: 47.5938px;">
401(k) Contribution Limit
</td>
<td style="height: 47.5938px; text-align: center;">
$23,000
</td>
<td style="height: 47.5938px; text-align: center;">
$22,500
</td>
</tr>
<tr style="height: 47.5938px;">
<td style="height: 47.5938px;">
401(k) Catch-Up Limit
</td>
<td style="height: 47.5938px; text-align: center;">
$7,500
</td>
<td style="height: 47.5938px; text-align: center;">
$7,500
</td>
</tr>
<tr style="height: 47.5938px;">
<td style="height: 47.5938px;">
IRA Contribution Limit
</td>
<td style="height: 47.5938px; text-align: center;">
$7,000
</td>
<td style="height: 47.5938px; text-align: center;">
$6,500
</td>
</tr>
<tr style="height: 47.5938px;">
<td style="height: 47.5938px;">
IRA Catch-Up Limit
</td>
<td style="height: 47.5938px; text-align: center;">
$1,000
</td>
<td style="height: 47.5938px; text-align: center;">
$1,000
</td>
</tr>
</tbody>
</table>
</div>
Another key change this coming year is a relatively large increase to the Roth phase-out cap: The income phase-out range for taxpayers making contributions to a Roth IRA will increase to $146,000 and $161,000 for single filers and heads of households; up from $138,000 and $153,000. And for married couples filing jointly, the income phase-out range increases to between $230,000 and $240,000, up from $218,000 and $228,000. For married individuals filing separately, who is covered by a workplace plan, their income phase-out remains the same from last year at $0 and $10,000.3
<div align="left">
<table style="width: 375px; border-collapse: collapse; height: 296.75px;" border="1"><colgroup><col><col><col></colgroup>
<tbody>
<tr style="height: 47.5938px;">
<td colspan="3" style="height: 47.5938px;">
Roth IRA Income Phase-Out Range
</td>
</tr>
<tr style="height: 47.5938px;">
<td style="height: 47.5938px;"></td>
<td style="height: 47.5938px; text-align: center;">
2024
</td>
<td style="height: 47.5938px; text-align: center;">
2023
</td>
</tr>
<tr style="height: 67.1875px;">
<td style="height: 67.1875px;">
Singles and Heads of Households Filers
</td>
<td style="height: 67.1875px; text-align: center;">
$146,000 to $161,000
</td>
<td style="height: 67.1875px; text-align: center;">
$138,000 to $153,000
</td>
</tr>
<tr style="height: 67.1875px;">
<td style="height: 67.1875px;">
Married Couples Filing Jointly
</td>
<td style="height: 67.1875px; text-align: center;">
$230,000 to $240,000
</td>
<td style="height: 67.1875px; text-align: center;">
$218,000 to $228,000
</td>
</tr>
<tr style="height: 67.1875px;">
<td style="height: 67.1875px;">
Married Individual Filing Separately&nbsp;
</td>
<td style="height: 67.1875px; text-align: center;">
$0 to $10,000&nbsp;
</td>
<td style="height: 67.1875px; text-align: center;">
$0 to $10,000&nbsp;
</td>
</tr>
</tbody>
</table>
</div>
The Saver&rsquo;s Credit (Retirement Savings Contributions Credit) income limit was increased for all filing groups. Married couples filing jointly increased to $76,500, up from $73,000. Head of household went up from $54,750 in 2023 to $57,375 and married individuals filing separately went up to $38,250 from $36,500.4
What does this mean for retirement planning?
Soon to be retirees should be aware of these new limits for 2024 so they can plan to max out their retirement savings accounts where appropriate. &nbsp;Silvur will also update this data as part of our annual Retirement Score updates
How Silvur can help you in 2024!
Silvur's data platform helps your team identify consumers who are most likely to move assets in the next 3 years so you can grow your share of the retirement wallet. &nbsp;We also flag which consumers are getting ready to retire ensuring you don't lose direct deposit/ PFI status.
<a href="https://share.hsforms.com/1yqu_FlW6ScWT0Hwgd8VV5Qnkiv2" rel="follow noopener" target="_blank">Schedule a demo</a>

<h4>SOURCES</h4>
<ol>
<li>&ldquo;401(k) limit increases to $23,500 for 2024, IRA limit rises to $7,000.&rdquo; IRS.gov, 1 November 2023,&nbsp;<a href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000">https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000</a>. Accessed 1 November 2023.</li>
<li>Ibid.</li>
<li>Ibid.</li>
<li>Ibid.</li>
</ol>

2024 IRS Retirement Updates

2024-irs-retirementupdates

Yesterday the Biden administration and DOL <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/10/31/fact-sheet-president-biden-to-announce-new-actions-to-protect-retirement-security-by-cracking-down-on-junk-fees-in-retirement-investment-advice/?utm_medium=email&amp;_hsmi=2&amp;_hsenc=p2ANqtz--cxfgXKUGTZWqukg9X3rvgJT5dQeIgraTbME7-pVd4-h6ZsFP582G5I5zJxXoSD3Ts838MsjEQavXMfHObi-3w1HZUWQ&amp;utm_content=2&amp;utm_source=hs_email" rel="follow noopener" target="_blank">announced</a> the new 'fiduciary rule' proposal which widens both the types of investments and activities governed by the best interest guidelines. The overarching goal of the fiduciary rule is to ensure advisors aren't incentivized by fees when making investment recommendations on retirement accounts. The proposal updates the 1975 fiduciary language which was put in place before the mass adoption of IRAs and before the existence of 401Ks. The administration estimates that fixed annuities alone cost savers $5b in fees in 2023.
In summary the proposed rule changes
<ol>
<li>
Expand coverage of products that must be in savers 'best interest'
The rule proposes that commodities and insurance products (for example fixed annuities) be governed by the federal rules. The proposal would require that BOTH securities and insurance products be in the best interest of the saver.
</li>
<li>
Capture retirement account rollovers
Rollovers were historically exempt from best interest rules but would also be covered. The rollover/ consolidation of retirement accounts is perhaps one of the biggest decisions that consumers make.
</li>
<li>
Extend coverage to advice provided to plan sponsors
Advisors who make recommendations to plan sponsors would be captured by the best interest requirements.
</li>
</ol>
What does this mean for financial institutions and your consumers in 2024?
Our data shows that members using Silvur will move over 50% of their tracked retirement savings in the next 3 years. The most common 'move' is a 401k/ 403b rollover to the consumer's PFI for retirement. Financial institutions have an opportunity to double down on your mission for financial wellness and show consumers that you are here to ensure their hard earned retirement savings fund their retirement.
How Silvur can help you in 2024!
Silvur's data platform helps your team identify consumers who are most likely to move assets in the next 3 years so you can grow your share of the retirement wallet. &nbsp;We also flag which consumers are getting ready to retire ensuring you don't lose direct deposit/ PFI status.
<a href="https://share.hsforms.com/1yqu_FlW6ScWT0Hwgd8VV5Qnkiv2" rel="follow noopener" target="_blank">Schedule a demo</a>

Biden/DOL Announce Fiduciary Rule Proposal

fiduciary-rule-proposal

You're a champion! Announcing the winners of our 2023&nbsp;<a data-entity-type="MINI_COMPANY" data-attribute-index="0" href="https://www.linkedin.com/company/silvur/">Silvur</a>&nbsp;Pickle Baller Invitational. They came, they played... and they conquered!! 🏆 2023 Champion Pickle Baller:&nbsp;Michael Perrin&nbsp;and&nbsp;Rowan Hume&nbsp;of&nbsp;Curql 🏆 Most Athletic Credit Union:&nbsp;Logan Singhisen&nbsp;and&nbsp;Roy Mansch&nbsp;of&nbsp;Credit Union of America 🏆 Best Dressed Credit Union:&nbsp;Meredith Nicholoff&nbsp;and&nbsp;Benjamin Maxim&nbsp;of&nbsp;MSU Federal Credit Union 🏆 Best First Timer:&nbsp;Ron Araujo&nbsp;of&nbsp;Mission Fed Credit Union 🏆 Most In Need of Coaching:&nbsp;Jessica McNier and&nbsp;Brad Bergmooser&nbsp;of&nbsp;Financial Plus Credit Union - Michigan and a special thank you to our friends&nbsp;Edward F. Tierney&nbsp;and&nbsp;Michael Watson&nbsp;of&nbsp;Idaho Central Credit Union,&nbsp;Doug Wright&nbsp;and&nbsp;Ron Araujo&nbsp;of&nbsp;Mission Fed Credit Union,&nbsp;Tim McCoy&nbsp;and&nbsp;Robert McDonald&nbsp;of&nbsp;InTouch Credit Union&nbsp;and&nbsp;Benjamin Maxim&nbsp;and&nbsp;Meredith Nicholoff&nbsp;of&nbsp;MSU Federal Credit Union for your partnership on the court and every day!
<h2>Click Image to Watch Video&nbsp;</h2>
<h4>(or link&nbsp;<a href="https://cdn.buttercms.com/q04LxQgZTKWPhANdFMU7" rel="follow">here</a>)</h4>

<a href="https://cdn.buttercms.com/q04LxQgZTKWPhANdFMU7" title="Silvur Pickle Baller Awards" rel="follow"><img src="https://cdn.buttercms.com/arLkTIlGS128gnKubweg" alt="Pickleball Graphic - Full Color.png"></a>

Silvur Pickle Baller Invitational Awards

silvur-pickle-baller-awards

In appreciation of the spirit, passion, grit and style of everyone who participated in the Silvur Pickle Baller Invitational, we recognize a few folks with some superlatives. Looking forward to next year! 🏆 Best Push Up/Victory Plank: Nick Evans, CURQL
🏆 Best Ready Position: RuthAnn Riggs, Constant&nbsp;
🏆 Best Badminton Player on the Pickleball Court: Ashish Garg, Eltropy
🏆 Most Impressive Stretching Routine: Joseph Gracia, Nickels
🏆 Most Confused About Which Sport We Were Playing: Nick Evens and Jim Ryan, CURQL
🏆 Biggest Air: Kim Pearman-Gillman, Numerica
🏆 Most Athletic Grip (on his beer): Brian Lauer, Messick, Lauer &amp; Smith
🏆 Most Silvur-tongued Commentators: Jonathan Taylor &amp; Joshua Barclay, CU Sol
🏆 Fanciest Footwork: Rowan Hume, CURQL
🏆 Best Pickleball Form: Belinda Caillouet, Looking Glass
🏆 Best Last Minute Add: Chris Otey, CU 2.0
🏆 Best Custom Swag: Team Nymbus
🏆 Best At Keeping His Eye On The Ball: Ben Maxim, MSUFCU
<h2>Click Image to Watch Video&nbsp; (or link&nbsp;<a href="https://cdn.buttercms.com/u5ry0XyORpy9yWWLOil8" rel="follow">here</a>)</h2>
<a href="https://cdn.buttercms.com/u5ry0XyORpy9yWWLOil8" title="Silvur Pickle Baller Awards Part 2!" rel="follow"><img src="https://cdn.buttercms.com/arLkTIlGS128gnKubweg" alt="Pickleball Graphic - Full Color.png"></a>

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