A listener’s nightmare 401(k) story sparks a deep dive into how small employers can delay, misuse, or even lose employee retirement contributions before they ever reach the plan custodian. Don and Tom explain the Department of Labor’s weak enforcement, why small plans are most vulnerable, and what workers must do to protect themselves. Then the show tackles backdoor Roth timing rules, Social Security “worst-case” planning, the appeal (or lack of) of mid-cap ETFs, and how to unwind a hodgepodge portfolio without triggering massive tax bills.

:04 When employers steal 401(k) contributions before depositing them

1:42 The WSJ case: three-year hunt for missing contributions

3:02 Why small employers are the highest-risk group

5:02 DOL enforcement loopholes and the “administratively feasible” dodge

7:04 What to do if your contributions never show up

8:09 Fidelity bonds, audits, and how recovery really works

9:39 Big-company plans vs. small plans

10:36 Inside the Amazon layoff notice fiasco

11:54 Listener question: timing a backdoor Roth in 2026 for the 2025 tax year

13:40 The Form 8606 trap and pro-rata consequences

15:03 Listener question: Should you assume Social Security cuts in your plan?

16:41 Why benefits probably won’t be cut—even though the system needs fixing

18:04 Listener question: Should anyone buy a mid-cap ETF?

18:46 Why good portfolios already own plenty of mid-caps

19:36 Listener question: Fixing 20 years of hodgepodge-itis at age 72

21:22 Taxes, capital gains, and the slow cleanup strategy

23:52 Why Wellington and Wellesley don’t fit a modern portfolio

25:20 Personal banter: vacations, spending guilt, and sci-fi

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