The Financial Industry Regulatory Authority will monitor disclosure from securities firms to determine whether advisers are giving retirement advice that's in clients' best interest. The Labor Department's fiduciary rule requires that, and while FINRA cannot enforce the rule, it can "look and see whether firms are dealing fairly with their…
The first wave of baby boomers is closing in on the IRS deadline for making required minimum distributions from qualified retirement accounts, writes Mary Beth Franklin, a certified financial planner. Boomers can cut the required distribution by putting 25% of a 401(k) or individual requirement account, up to $125,000, into…
The plaintiffs in three lawsuits filed in federal court in Texas agreed to a request by the Labor Department to consolidate the actions challenging the agency's fiduciary rule. NAIFA and the American Council of Life Insurers filed one of the suits. The House plans to vote Wednesday on a bill…
Women's longer average life spans and lower life-time earnings necessitate a unique investment advice strategy, a panel at the Morningstar Investment Conference in Chicago concluded. Advisors can better serve their female clients through financial education, including both spouses in retirement planning, exploring options beyond riskier investments and starting with Social…
Medicaid had 43% of its fiscal 2012 expenditures go toward long-term supports and services, while 6.2% of beneficiaries needed such services, according to a report from the Medicaid and CHIP Payment and Access Commission. The report says the disparity highlights the need for better collection of data on beneficiaries' needs….
Advisers at T. Rowe Price recommend 15% of earnings as a good benchmark for building a nest egg. A worker who puts away 15% starting at age 30 has potential to reach $1.7 million by 65. TheStreet.com (6/16)
First-quarter annuity sales increased to $56.7 billion, a 7.6% increase year-on-year, driven by a 47.2% increase in fixed annuity sales, a seven-year high, Beacon Research and Morningstar report. Industry groups, however, fear the Department of Labor's fiduciary rule will negatively affect annuity sales, and they have launched court challenges saying…
The IRS has published a notice in response to questions about whether money paid by a qualified defined-benefit plan to an employee participating in a phased retirement program counts as an annuity payment under Section 72 of the Internal Revenue Code. The new guidance explains when these payments are taxable….
A National Association of Insurance Commissioners report encourages shifts in the benefits and financing structure of long-term-care insurance policies to improve sales. The recommended changes include creating shorter-term and high-deductible policies, offering tax credits for long-term-care expenses, and waiving penalties for retirement-plan withdrawals to pay for long-term-care insurance. InsuranceNewsNet online…
The Federal Reserve's policymaking committee has decided against raising its key interest rate and says increases will be implemented more slowly than planned. The decision to delay an increase was backed by every member of the committee, including Esther George, who had voted at recent meetings for a rate hike….
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