As we head into the season of twinkly lights, ill-advised sweaters, and the annual rediscovery of schnapps, it’s worth noting something rather curious: many people haven’t taken advantage of the Defined Benefit Plan’s Roth feature. And that’s perfectly fine—choice, after all, is a wondrous thing. But one can’t help but wonder why. Tax-free growth is one of the rare gifts that actually gets better with age.
And yes, the extra taxes you will pay because you did not take advantage of this feature will help offset the deficit—so thank you for your patriotic act of festive financial self-sabotage. It’s like you’re the Governments secret Santa and you’re giving them a Christmas present they didn’t even put on their list.
What’s genuinely worrying is how many participants are going to wander into the new year blissfully unbothered by the opportunities they’re ignoring. Which just proves that the whole ‘if you build it, they will come’ thing is complete nonsense. If that were true, half the population would already be retired on a beach wearing Santa hats. Clearly, that’s not happening.
Now, onto Mo. If you haven’t met him—or think he’s a background character in a Hallmark holiday movie—it’s time to get acquainted. He’s an actual resource, not a magical elf, and he can help you map your financial future or confirm that you are still on track.
But here’s the final point—and it’s as gentle as I get: when people don’t use something valuable, it sends a message. And if it continues, the Board may decide to let this free feature of meeting with Mo, a registered investment analyst, go. Not out of malice, but practicality. Because ultimately, your financial future has to matter more to you than it does to us.
So, here’s to a new year where we all pay just a bit more attention to the gifts that actually compound. No more hesitation—just get on with the things that make tomorrow better.