Advertisement
Retirement Income
Pension income stream products typically involve an up-front lump sum payment to a pension recipient in exchange for the rights to that recipient’s future pension income payments. The Financial Industry Regulatory Authority (FINRA) in a recent notice provides guidance on the responsibilities of...
READ MORE
The workforce is changing — and so is the way workers prepare for retirement. Today’s younger employees change jobs more frequently; many prefer several part-time jobs or freelance work. Among the many implications of this trend is that employers and employees may want to consider new approaches to...
READ MORE
Millennials have a much different relationship with their Boomer parents than Boomers did with theirs — and a new report says that could result in a different kind of retirement.The majority of Millennials view their parents as peers, mentors and friends, while more Boomers saw their parents as...
READ MORE
Pension plan professionals — whether they are third-party administrators, actuaries, investment professionals or attorneys — have an obligation to perform their duties concerning their retirement plan clients in an ethical and professional manner.In the upcoming ASPPA webcast “Ethics for Pension...
READ MORE
One of the most significant cost factors in retirement planning isn’t even on most participants’ radar screens — and it can vary widely depending on where you live.Information drawn from a new website by Lincoln Financial Group indicates that the current national averages for full-time long-term...
READ MORE
Legislation before the U.S. House would exclude Pension and Benefit Guaranty Corporation receipts and disbursements from the federal budget.H.R. 4955, the Pension and Budget Integrity Act of 2016, was introduced on April 15 by Rep. James Renacci (R-Ohio).The bill notes that ERISA did not include...
READ MORE
April is National Financial Literacy month, and those who work with retirement plan participants know it’s important to do the right thing(s) when it comes to retirement planning and savings. But for those you are trying to help encourage, here are five reasons to plan and save for retirement now,...
READ MORE
Grasping the importance of preparing for retirement does not necessarily translate to action to bring it about, says a recent study on Americans’ financial beliefs and behavior.There is good news, says the survey commissioned by Fifth Third Bank on those beliefs and whether Americans are acting on...
READ MORE
Millennials may be redefining retirement, and not in the way you might think.In a new survey, more than 4 out of 10 (41%) Millennials said they expect to retire when they hit a certain financial milestone or savings goal, rather than attaining a specific age (cited by 35% of Boomers and 29% of Gen...
READ MORE
Some retirees and IRA holders who turned age 70½ in 2015 had to take required minimum distributions (RMDs) by April 1. Other retirees and IRA holders must take them by New Year’s Eve, as the IRS recently reminded. The Financial Industry Regulatory Authority (FINRA) has taken the opportunity to...
READ MORE
A new report claims that while portability is frequently cited as an obstacle to offering a lifetime income product, portability solutions and options are available today but are not well recognized.“In-Plan Guaranteed Lifetime Income: Debunking Portability Myths,” published by the Institutional...
READ MORE
A new survey says that 77% of Americans over the age of 40 don’t know how much they can withdraw without running out of money, though it’s hard not to see that as a conservative figure.The survey, conducted by Ipsos Public Affairs on behalf of New York Life, says that 23% of respondents realize...
READ MORE
“Act your age!” An admonishment usually reserved for young people, but not exclusively. T. Rowe Price recently developed a way for individuals to find determine if they act their retirement savings age. And interestingly, they found that the most retirement-savvy generation may be — of all things...
READ MORE
The good news for low income workers is that they may not have the big retirement savings challenge they’ve been worried about. There is bad news, however.In “Retirement Security: Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower Earners,” a new report by the Government...
READ MORE
A new study suggests that if we could overcome certain behavioral tendencies, we could increase retirement savings by at least 12% — and perhaps quite a bit more.In “The Role of Time Preferences and Exponential-Growth Bias in Retirement Savings,” a team of academics examined two specific behavioral...
READ MORE
It was 10 years ago last week — a Saturday morning as I recall. I had just wrapped up my weekly column when I got a call from my sister. My father, at the age of 76, suffered a series of heart attacks. We scrambled to make preparations for the trip home to Chicago, but by the end of the day, he had...
READ MORE
A survey as sweeping and long-standing (26 years) as the Retirement Confidence Survey has plenty of insights to draw on — but, boiled down to its essence, these are what I think are the key points.Those with a plan are in much better shape from a savings standpoint than those without one.While this...
READ MORE
In Illinois, if you are an employer that likes your retirement plan, you can keep it.Despite some persistent rumors and underhanded marketing to the contrary, the Illinois Secure Choice Savings Program Act — enacted in early 2015 — provides that if an employer covered under the law already has a...
READ MORE
No fooling — some retirees and IRA holders must take required minimum distributions (RMDs) by April 1. The IRS in IR-2016-48 on March 28 issued a reminder that IRA holders who turned age 70½ in 2015 must take RMDs; similarly, retirees who reached that age last year must take RMDs from workplace...
READ MORE
Having written about the Retirement Confidence Survey for more than half of its 26-year existence, and having had an opportunity to be involved “behind the scenes” of its preparation for three of those, I can pretty well assure you that the resilience in confidence won’t be the focus of most of the...
READ MORE