A Fidelity Investments survey found that average 401(k) balances reached a record $95,500 in the first three months of 2017, compared with $74,900 five years ago. The growth was helped by stock market performance and an increased savings rate, which hit a record 12.9% in the first quarter, the survey…
A number of advisers offer their opinions on what it takes to be an outstanding retirement planner. Making the distinction between retirement planning and asset planning, accepting the responsibility it entails, starting the retirement discussion with clients early and staying in touch once a plan is in place are among…
Some in the retirement industry feared President Donald Trump's proposed overhaul of the US tax system would eliminate some or all tax advantages enjoyed by 401(k)s, individual retirement accounts and similar retirement-savings accounts, but that hasn't happened. Gary Cohn, director of the National Economic Council, said tax provisions relating to…
Increases in average life expectancy bring with them the risk of running out of funds late in life. Mark Miller writes that advisers can perform a valuable service by encouraging their clients to think carefully about the financial consequences of longevity, and he lists several topics that should be part…
Declining stock returns and bond yields combined with greater longevity will likely lead to costlier retirements, according to research published in the Journal of Financial Planning. Financial advisers need to take such factors into account and adjust client portfolios accordingly, the study authors write. BenefitsPro.com (3/10)
Before the financial crisis, 41% of middle-income baby boomers thought they were prepared for retirement, but that figure has since fallen to 31%, a survey from Bankers Life found. Scott Goldberg, president of Bankers Life, said this lack of confidence about retirement is an opportunity for advisers. ThinkAdvisor (2/27)
Retirement advisers think the Trump administration's expected income-tax cuts will provide an opportunity to talk to clients about a 401(k) featuring Roth deferrals. Chad Larsen, CEO of wealth advisors MRP, says the cuts will make pre-tax deductions less appealing and the Roth option more attractive. InvestmentNews (1/27)
The Federal Reserve's latest interest-rate boost and the prospect of further increases will cut both ways for retirement accounts. To begin, the value of currently held bonds will decline, but the rising value of 10-year Treasury yields should more than make up for this over time, writes Penelope Wang, who…
There are many factors to consider in deciding when to file for Social Security benefits, including health and life expectancy. Although income increases for those who wait to file, waiting isn't the right answer for everyone. Kiplinger.com (12/13)
Many baby boomers are not financially prepared for retirement, experts say, so they need help to improve their situations. The strategies experts recommend include having a financial plan, maximizing tax-advantaged savings, using alternative savings vehicles such as health savings accounts, and rethinking what retirement will look like. Employee Benefit News…
Main office
BROOKLYN OFFICE
Copyright © 2023 BrokersCentral. All Rights Reserved.
