Carolyn Stewart

You may be traveling, at work, or just too busy when you receive an email that appears to be from your bank. The logo, content, links, and messaging all look familiar. It might be an alert for your account being compromised, or a text message asking you to call or click a link in an email.

You click on the link, and it asks you to log in and verify your credentials. Within seconds, your banking account information is compromised. The social engineering experiment was a success!

The use of AI (Artificial Intelligence) social engineering emails, calls, and texts is increasing the frequency of attacks. Since 2022, phishing attempts are up 1200%. What are the types of AI crimes, and what can you do to protect yourself?

How are cybercriminals using AI?

• Voice cloning
• Deep fake images and videos
• Phishing attempts with increased frequency and accuracy 
• Automated password cracking

How can I enhance the protection of my information?

• Be skeptical of any email, voicemail, call, or text from unknown/known sources
• Pay close attention to the content: typically, you will find inconsistencies
• Strengthen your passwords and don’t repeat them (use a password generator like LastPass or RoboForm)
• Always have multi-factor authentication enabled for logins 
• Minimize sharing personal information through social media 
• Be aware of seasonal threats, e.g., tax season, holidays, and Social Security scams
• Verify websites, avoid general internet searches. Pick up the phone and call your provider with a validated number you have on your card or statement

Be diligent about your cybersecurity footprint. Don’t leave your technology front door open! 

AI continues to grow exponentially. Protect yourself every day by raising your awareness, strengthening your security tools/passwords, and staying on top of the latest cybercrime trends that could impact you and your family!

Phishing email example

1. Fraudulent domain, but looks very similar
2. Wrong logo
3. Brand is not capitalized
4. Generic Greeting (your bank knows your name)
5. Fake link that will take you to a scam site

Marc E. McQueen

Estate planning is probably not anyone’s favorite thing to do, but for most people, it is a good idea. One way to approach this is an estate planning “fire drill.”

Mike Switzer interviews Abacus financial advisor Jon Robertson.

This interview was originally published on South Carolina Public Radio.

Jonathan J. Robertson

For many people, a 401(k) is the cornerstone of retirement savings. You contribute a portion of your paycheck, your employer might match part of it, and, over time, the account grows for your future. Simple enough, right? But what many savers don’t realize is that a 401(k) can do much more than just grow your money until you stop working.

While every plan is different, most offer features and opportunities that go underused simply because participants don’t know they exist. The following are several lesser-known ways your 401(k) could be working harder for you.

Maximizing Contributions and Matches

Most employees are familiar with the company match. Contributing at least enough to get the full match is like accepting free money—one of the most important steps you can take. But the details matter.

Vesting: Do you know your plan’s vesting schedule? Vesting determines how much of the employer’s contributions you actually keep if you leave the company. Reviewing this vesting schedule can help you make more informed career and savings decisions.

Catch-Up Contributions: If you’re age 50 or older, you’re allowed to contribute extra beyond the standard limit, a powerful way to accelerate savings in the final years leading up to retirement.

Simplification

Rollovers: If you had a qualified retirement plan at your previous employer, your current employer may allow for this plan to be transferred (or rolled) into your current plan—a benefit if you want to simplify and consolidate multiple old plans (think one log in, not four), depending on the fees associated with the plan, may save you money!

Auto-escalation: Many plans offer the ability to automatically raise your contribution rate each year—often by 1%—until you reach a target level. This “set it and forget it” tool, also known as an auto-escalation, helps you build toward higher savings rates gradually and painlessly, without having to remember to make the change yourself.

Target-date funds: Another option to explore is whether your plan offers target-date funds, providing a “set it and forget it” approach by automatically adjusting your mix of stocks and bonds as you near retirement. For investors who prefer simplicity, these funds can be a valuable tool to ensure their portfolio stays aligned with long-term goals.

Using Tax Strategies to Your Advantage

Your 401(k) can also serve as a tax-planning tool, giving you more flexibility in how and when you pay taxes. Many plans now offer a Roth 401(k) option, allowing you to contribute after-tax dollars. While this reduces your tax break today, withdrawals in retirement can be tax-free. Having both traditional and Roth dollars can provide valuable tax diversification, giving you flexibility in managing income and taxes in retirement.

Some plans allow in-plan Roth conversions, letting you convert pre-tax dollars to Roth dollars while the money stays in the 401(k). This strategy can make sense in years when your tax bracket is lower.

Flexibility Before Retirement

While a 401(k) is designed for retirement, it can offer access to funds if life throws you a curveball.

Loans: Many plans let you borrow from your 401(k). While borrowing against your retirement savings should be a last resort, a loan may be a better option than high-interest debt.

Hardship Withdrawals: These withdrawals are available under strict circumstances, such as covering medical expenses or avoiding foreclosure. Keep in mind, a hardship withdrawal reduces your retirement savings and may create tax consequences.

The Rule of 55: If you leave your job at age 55 or older, you may be able to take penalty-free withdrawals directly from your 401(k), unlike an IRA, which generally requires you to wait until 59½.

In-Service Withdrawals: Some plans allow participants over 59½ to move money out of the 401(k) into an IRA without leaving the employer, giving you more control and investment choice.

Don’t just think of your 401(k) as a retirement account—think of it as a financial planning tool with many levers to pull. Because each employer’s plan is unique, review your Summary Plan Description (SPD) or talk with HR to understand exactly what’s available to you. Don’t let valuable opportunities sit unnoticed. Ask yourself: Does my 401(k) allow me to…? The answer may surprise you.

Anne Marie E. Ashworth

GRIEF: The word makes most people uncomfortable. No one likes to experience grief, and no one likes to watch a friend go through pain. When we see a friend suffer the anguish of losing a loved one, we instinctively want to make the situation better. We say things that we think will ease the pain, but our words can have unintended consequences. Have you ever said any of the following, thinking that your words would help?

“I understand exactly how you feel.”

No matter what kind of loss you have personally suffered, even if the circumstances seem identical, grief is a unique experience. Honor the distinctiveness of your friend’s feelings. Consider saying, “I can’t imagine what you are going through, but I am here to support you.”

“They’re in a better place now.”

While this may be true, you don’t want to minimize the loss your friend is feeling in the moment. Even if your friend has belief in an afterlife, losing a loved one’s bodily presence here on earth is significant, and the absence can feel profound.  Instead, you might say, “I know that life will never be the same without him here.”

“Let me know how I can help.”

Grief can be all-consuming, and even the simplest tasks can feel overwhelming.  Don’t put the burden on your friend to figure out what he or she needs. Instead, think of simple ways you can provide support for everyday tasks and tell your friend how you plan to help. For instance, “I’ll come over on Tuesday afternoon to wash and fold laundry.”

“At least he lived a long life.”

Regardless of how long someone lived, or how full life was, respect the gut-wrenching nature of losing a loved one. “At least” tends to minimize what your friend is feeling. Acknowledge the loss and instead say something like, “My favorite memory of him is…”

“Things will get back to normal eventually.”

After the death of a loved one, the reality is that life will never be the same again. The feelings of intense sorrow will subside, but your friend will have to adapt to a new way of life. Do not insinuate that once your friend’s current feelings change, everything will be okay. Instead, consider saying, “I’m here to help you adapt to life without him.”

When talking to a friend who is experiencing grief and loss, remember that your role is not to “fix” your friend’s feelings. By acknowledging the weight and life-altering nature of the loss, you will honor the human experience of grief and allow your friend to heal in his/her own time.

Ann J. Beckwith

The week before my mother hosts a big family holiday dinner, she begins preparing.  She finds all the recipes, takes an inventory of her kitchen, makes her grocery list.  She even practices setting the table using her favorite decorations and dishes.  I always tease her relentlessly for all the preparation; however, on the day of the meal, she is cool, calm, and collected.  On the other hand, when I host a family get-together, chaos reigns supreme.  Do you know the same can be true for your estate plan? 

You can have top-notch estate documents written by the best attorneys, but the documents are worthless if no one can find them.  Also, locating account information, usernames and passwords, and other important documents can become unnecessarily complicated.  But there is good news: you can get in front of these challenges with a little thoughtful planning. 

Your Estate Planning Fire Drill

Periodically conduct an “estate planning fire drill” to make sure execution of your plan goes as smoothly as possible. Some points to consider: 

1. Double check the key players (personal representative, power of attorney, health care power of attorney, trustee) to confirm they are still the correct people to implement your plan.  Confirm that the key players: 
   • Know how to (and who can) access your documents.  Do they know the combination to your safe?  Do they have authority to access the lock box at your bank? 
   • Understand your wishes. 
   • Know how to contact your insurance, tax, financial, and legal advisors as well as your doctors. 
   • Have access to your health, life, disability, and long-term care insurance information. 
   • Have access to your key documents such as marriage or birth certificates, passport, and driver’s license. 
   • Know or have access to the details of your finances.  A power of attorney or personal representative will need to know about all of your bank accounts, investment accounts, credit cards, outstanding debt, and insurance information.  Consider creating a financial statement detailing all your accounts and regular cash flows.
2. Review beneficiary designations on retirement accounts and insurance policies to ensure payments go to the correct people. 
3. Examine the titling of accounts.  If you have a revocable trust, you may want to retitle assets to your trust in order to avoid probate.  If you have joint accounts or accounts that are payable on death, double-check the details to ensure things are correct. 
4. Make sure the appropriate people have access to your passwords, email, cell phone, social media, and online accounts.  
5. If you have funeral or burial wishes, be sure the correct people have access to these documents. 

Frequently, the fire drill reveals a gap in communication or a way to make things simpler. You may want to have a conversation with your advisors so that they can be prepared to help your loved ones implement the plan in the event something were to happen to you. 

Jonathan J. Robertson

When we think about end-of-life care, the focus is usually on medical need: hospice services, pain management, and final wishes that need to be honored. While these needs are essential, there is another meaningful aspect to consider: legacy planning.

At Abacus, we guide clients through decisions involving estate planning and wealth transfer, to ensure financial legacies are secure. But a legacy isn’t just about assets—it’s also about preserving memories, sharing stories, and passing down wisdom. This is when a death doula can play a vital role.

What is a death doula?

A death doula is much like a birth doula but for life’s final transition. While they do not provide medical care, death doulas work alongside healthcare teams to offer emotional, spiritual, and practical support before, during, and after death. Their focus is on presence, comfort, and helping individuals and families navigate the deeply human side of dying.

How can a death doula support legacy building?

Legacy work is about more than documents—it’s about capturing the essence of who you are and ensuring that future generations have a connection to your values and stories. A death doula can help by:

• Recording your stories and memories through letters, scrapbooks, videos, or even family recipe collections.
• Facilitating conversations with loved ones about death, life, and the impact you’ve had on others.
• Helping craft an ethical will, a non-legal document that conveys your values, experiences, and life lessons to those you leave behind.

By working with a death doula, you create space to reflect on your life and decide how you want to be remembered. This process can bring comfort, healing, and a sense of meaning both for you and for your loved ones. You can find a trained practitioner to comfort and guide you through the process on the National End-of-Life Alliance’s Find a Doula Directory.

In the same way that estate planning ensures financial clarity, a death doula helps ensure emotional and spiritual clarity. Together, these practices create a holistic legacy that combines your wealth, your wisdom, and your stories.

Brittany M. Midgette