Women planning for retirement should consider the possibility that they won’t be able to work indefinitely past age 65, writes Rebecca Lake. Annuities, long-term care insurance and life insurance are products to consider, she writes. U.S. News & World Report
The majority of workers surveyed by the Employee Benefit Research Institute expressed interest in guaranteed monthly income for life, whether through an in-plan option or pulling money out of their plan upon retirement to purchase a guaranteed income product. Only 17% of respondents said they feel very confident about their…
While 401(k) and IRA plans were designed for saving, not income, they can be transformed into guaranteed lifetime income, like a traditional pension, by rolling them into annuities, according to financial advisor Ken Moraif. This would be "income that would go as long as you live," he says. U.S. News…
Baby boomers who obtain advice from a financial professional are closer to being financially ready for retirement than those who go it alone, according to a report from the Insured Retirement Institute. ThinkAdvisor (free registration)
More than 7 in 10 working Americans age 50 or older plan to postpone retirement, finds a survey by The NHP Foundation, an affordable-housing group. Among those who have tried to estimate a retirement budget, 62% expect Social Security to provide at least half their income in retirement. PlanAdviser online
Rather than focusing on their account balances, people preparing for retirement should take a hard look at how to make the most of various income streams, including annuities, pensions, Social Security and returns from savings and investments, according to investment advisor Shane Brosnan. "The goal should be to provide what…
Twenty-eight percent of investors planning for retirement said the most useful information advisors can provide them with is an estimate of how much they will have to spend a year, according to a survey from survey from Dimensional Fund Advisors. The same percentage said the most valuable information an advisor…
Younger workers could enhance their retirement readiness not just through saving more and working longer, but also with the help of policy changes, say researchers with State Street Global Advisors. Such updates could include changes to Social Security to allow partial withdrawals and longer deferral of benefits, as well as…
Brendan McCarthy of investment management firm Nuveen urges advisers to review any target-date funds they have in place in light of the Department of Labor's fiduciary rule. He points out that funds that were added to retirement plans a decade ago may now be inappropriate. Financial Advisor online
Research from the International Longevity Centre-UK shows Americans must now save between 11% and 18% of their annual income to secure a comfortable retirement, making sound financial advice increasingly crucial. "With increasing emphasis on personal responsibility for retirement planning, people will need to be able to understand the benefits of…
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