The Emmys weren't wrong. Many dream of having a boss like Ted Lasso.  Jason Sudeikis won an Emmy on Sept. 19 for his lead role on "Ted Lasso." | To hide my tears after encounters with one particular editor during my internship years, I would retreat to the restroom at the back of the newsroom. Whenever I would see this editor approaching my desk, my stomach would knot up as I prepared for a discussion that would inevitably make me want to scream or swear. She was mean. She was harsh. Most importantly, her style of management didn't inspire me to do better. It made me want to quit. I hated every single interaction with this manager. I was miserable under her tutelage. She was the opposite in every way of the fictional character Ted Lasso, played by Jason Sudeikis in the Apple TV Plus television show that won an Emmy for outstanding comedy series. The show also landed Sudeikis an Emmy for outstanding lead actor. The series received 20 Emmy nominations, all well deserved. But the show stands out not just for its acting and directing but also for what it depicts — a manager who strives to create an emotionally safe workplace. Ted Lasso is an American football coach hired to run an English soccer team. Lasso's charming coaching style and endless optimism win over the mediocre team and fans. Sudeikis's Lasso had me at his handwritten, slightly crooked "Believe" sign posted over his office door. His corny expressions and pep talks to the soccer players — even after a brutal loss — make you wish you had a boss like him. "When it comes to locker rooms, I like 'em just like my mother's bathing suits. I only wanna see 'em in one piece," Lasso says in one episode as he tries to end a feud between two players. Lasso's personality is so sunny you need a pair of sunglasses in his presence. So, what's this got to do with personal finance, you might ask? Well, many people resign — sometimes without another job — because they just can't take the abuse from their boss. Others retire too early and without the financial security they should have, concluding that staying is not worth the cost to their mental health. Every year, U.S. businesses lose $1 trillion to voluntary turnover, according to a 2019 Gallup report. "And the most astounding part is that most of this damage is self-inflicted," the report said. Conservatively, the cost of replacing a departing employee can range from one-half to two times the staffer's annual salary. "A 100-person organization that provides an average salary of $50,000 could have turnover and replacement costs of approximately $660,000 to $2.6 million per year," Gallup estimated. Over half of exiting employees who quit say their manager or organization could have done something to prevent them from leaving job, Gallup found. And these folks said that in the three months leading up to their departure, no one spoke to them about their job satisfaction or discussed their future with the organization. If you don't feel wanted, why stay? The pandemic has made things even worse. Quit rates are high. Realizing how short life is, lots of employees are opting to leave their job rather than endure the low pay or a tyrannical supervisor — or both. In a July report titled "The 'Great Resignation' Is Really the 'Great Discontent,'" Gallup found that 48 percent of American workers are actively job-searching or watching for other employment opportunities. The dissatisfaction — not with pay but with workplace conditions — cuts across all categories, from customer service employees to highly professional positions. Here's an interesting factoid from Gallup's resignation report: "It takes more than a 20% pay raise to lure most employees away from a manager who engages them, and next to nothing to poach most disengaged workers." Think about that. Companies are losing people to competitors who don't have to offer a pay raise, just the prospect of a better working environment. People are rightly reassessing how and for whom they want to work. Workers aren't expecting the perfection you get when a room full of writers can craft the characteristics of the best boss. Employees understand conflicts will occur. "You don't need to be best friends to be great teammates. Heck, even Woody and Buzz got under each other's plastic," Lasso says, gently trying to get the feuding players to find something to respect about each other. If you want to fix the "Great Resignation" trend, get your managers to address why people are so discontent. It's likely that the reason people want to resign is that they have a bad boss. Workers want to be respected. They want to know they are valued. They shouldn't be yelled at, belittled or taken for granted. And certainly not sent running to the bathroom in tears. If your management style deflates an employee, you are doing your job poorly. Instead, be like Ted Lasso. Reader Question of the Week If you have a personal finance or retirement question, send it to colorofmoney@washpost.com. In the subject line, put "Question of the Week." Please note that questions may be edited for clarity. Q: I'm over 50 and still working. Can I contribute the maximum allowed to my 401(k) and make "catch up" contributions? At the same time, can I max out my traditional IRA contribution and do a 'catch up' contribution to that account? A: Let's start with the basics. The maximum annual contribution to a 401(k) for 2021 is $19,500. If you are 50 or older, you can make what's called a "catch up" contribution of up to an additional $6,500, for a total of $26,000. The maximum annual contribution for a traditional or Roth IRA is $6,000. If you're 50 and older you can contribute an additional $1,000, for a total annual maximum of $7,000. And, yes, you can contribute to a 401(k) and an IRA at the same time. "You may find that the amount you need to save is more than what you're allowed to put into your employer-sponsored retirement plan," according to online investment firm Betterment. "Contributing to an additional retirement account can help you make sure you're saving enough, as well as provide the tax benefits that come with accounts that are specifically used for retirement purposes." As the financial website Investopedia points out, participating in a 401(k) plan doesn't mean you are shut out of contributing to a Roth IRA and/or traditional IRA, as long as you meet the IRA's eligibility requirements. However, be aware that there are income limits for contributing to an IRA if you have a workplace retirement plan. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels, according to the IRS. "Contributions to a traditional IRA are often tax-deductible," Investopedia says. "But if you are covered by a 401(k) or any other employer-sponsored plan, your modified adjusted gross income (MAGI) will determine how much of your contribution you can deduct - if any." You lose the tax deduction for a 2021 IRA contribution if your income exceeds $76,000 as an individual or $125,000 as a married couple filing jointly. Check out the tables in the following article, which breaks down the deductibility of IRA contributions if you have an employer plan: 401(k) and IRA Contributions: You Can Do Both: The rules you need to know—plus a pitfall you''ll want to avoid. "Even if you don't qualify for a deductible contribution, you can still benefit from the tax-deferred investment growth in an IRA by making a nondeductible contribution," Investopedia says. Here are some additional articles that will be helpful on this issue: Can You Have a 401(K) and an IRA? What to Do After Maxing out Your 401(k) Plan You can contribute to both a 401(k) and an IRA, but check the rules to see if you can deduct your IRA contribution. In Retirement News Part of planning for retirement and then living on the money you've saved or invested is keeping up with the issues that you need to know. In this section, I feature blogs, news stories, new research, surveys, and government policy changes that could affect your retirement. If you see a news story or issue you think would help folks, let me know and I'll check it out and share it with newsletter subscribers. If you've been watching the daily gyrations of the stock market, you may be worried if your investment portfolio has seen some losses - at least on paper if you didn't sell. Here's what's been rattling the market: China Evergrande's debt crisis is rattling global markets. Here's why. China Evergrande veers toward default — and a $300 billion global shock But, today there was this: U.S. stocks rally as Evergrande worries ease and investors wait on the Fed And this is why you need to follow the advice in this column: Stock market sell-off shouldn't change your retirement strategy Retirement Rants and Raves What are your thoughts about saving for retirement? If you're retired, how is it going? What advice would you have for others about retirement? This is your space to rant or rave about anything related to retirement. Send your comments to colorofmoney@washpost.com. Please include your name, city, and state. In the subject line put "Retirement Rants and Raves." Responses may be edited for clarity. One retiree wanted to comment on what it's like being retired during the pandemic. "The pandemic has made retirement boring," he wrote. "We're both vaccinated but have still been very cautious. Of late, we are carefully venturing out, eating at outdoor restaurants as well as inside, but only in well ventilated places. We have been wandering around less crowded outdoor venues with a mask handy in the event we find ourselves in a more crowded environment than expected." Many retirees had grand plans of seeing the world. Then came covid. "Travel has been near zero as a result of the pandemic," he said. "We anticipated an annual European trip but wouldn't go now even if we could." Getting vaccinated has resulted in some seniors hitting the road. Read: After a year at home, vaccinated seniors find joy in planning travel again If you're thinking of traveling the following articles will be helpful: Is driving still safer than flying if you're vaccinated? This is what 6 experts say. More flights and higher prices: The travel ban lifting may affect your vacation, too Travelers continue to struggle with masking rules — and rule-breakers Cheap flights are back — but they won't last. Here's how to find them. Still looking for IRA, 401(k), or TSP Millionaires There are a growing number of workers who have reached the millionaire's club – at least before taxes. Despite the economic upheaval of the pandemic, 401(k) balances hit record levels in the second quarter, creating a record number of millionaires, according to Fidelity Investments. If you've joined this club, I would like to hear from you for a future project. I'm hoping to show workers starting out how it's possible to become a millionaire in their workplace retirement plan. If you've responded already, I'll be contacting you soon. If you have not responded and would like to share your story, email me at colorofmoney@washpost.com. In the subject line, put "401k or TSP millionaire." | 
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