As the retirement planning industry gathers to celebrate National 401(k) Day today, one firm is already one foot ahead.
Retirement plan advisors for Kansas City-based Qualified Plan Advisors are running 401 kilometers, or 250 miles, in an effort to celebrate 401(k) week and to raise money for Junior Achievement, a nonprofit that specializes in financial literacy and economic success. The firm’s team members, who began running on Sunday, are expected to complete their final mile by Friday afternoon.
Chuck Smith, Qualified Plan Advisors’ Nebraska practice leader and one of five team runners, relates retirement planning to marathoning, noting that both command immense preparation for the journey ahead.
Smith, a long-distance runner with multiple marathons and ultra-marathons under his belt, has served as an advisor with Qualified Plan Advisors since 2020 and has worked as an ERISA attorney for 20 years. He had convinced his colleagues to run a 401k in honor of the day, wanting to blend his love for running with his passion of working with 401(k) plans.
“Marathoning and saving for retirement have a lot in common. They’re not only long journeys, but also require planning. No one should wake up in the morning and decide to run a marathon, just like no one should wake up one morning and simply stop working,” he tells 401(k) Specialist. “However, good planning provides future flexibility for runners and employees alike. This week has been as much about our running efforts as it’s been about creating a clear plan for getting to our target.”
It’s a sentiment that’s felt greatly among the five, all who tie in the efforts of long-distance running to retirement planning—both of which take much training, discipline, and planning to reach the finish line. Similar to how allocating smaller amounts to financial planning will still ultimately yield savings, running miles—no matter what distance—will still improve training.
“It’s been a rewarding challenge,” adds Amy Johnston, a retirement plan consultant with Qualified Plan Advisors and a team runner. “What I noticed is that if we struggled to get in our miles for the day, we find time for an extra mile here and there, and every little bit adds up. This is so familiar to how we approach saving for retirement. Small amounts add up to make a big difference in the end.”
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