Poverty of liquid assets and increasing income volatility are among eight trends in the US economy impinging on Americans' prospects for retirement, said John Kalamarides, head of Prudential Financial Full Service Solutions. He also identified the growth of educational debt and precarious employment in the 1099 economy as major factors,…
Three-fourths of small-business owners have retirement savings of less than $100,000, BMO Wealth Management says. Owners should look to remedy the situation by accumulating wealth outside their businesses, says Jason Miller of BMO. The Washington Post (tiered subscription model) (10/31)
About 80% of retirees won't benefit from a traditional pension in the future, according to an industry report. Financial advisers' assistance will be crucial to helping those Americans use annuities and Social Security to offset the absence of a pension, the report says. InsuranceNewsNet Magazine (11/2016)
Most Americans saving for retirement aren't familiar with the various types of individual retirement accounts or the companies that provide them, a TIAA survey found. Fifty-six percent of respondents said they don't know of any differences between IRAs. BenefitsPro.com (8/18)
Financial planner John Pak said that he wants clients to understand how important it is to maximize lifetime income sources such as income annuities, Social Security and pensions. "Another important step is to figure out how much income you'll need in retirement to satisfy expenses and what sources of income,…
Americans getting help from financial advisers are twice as likely as those who aren't to say they are "very confident" they won't outlive their retirement savings, a survey by Ramsey Solutions found. In the same survey, 56% said anxiety over retirement was interfering with their sleep. The Washington Post (tiered…
Eighty percent of older Americans are financially illiterate when it comes to retirement planning, a study by The American College showed. It is therefore critical for financial advisers to help their clients look out for common retirement blind spots, writes Philip Caminiti of New York Life. InvestmentNews (7/5)
Women and minorities are saving too little for retirement, according to a Financial Services Roundtable report. Lower-wage or part-time work often is why women and minorities face a shortfall in saving, while millennials are focused on paying off debt, the report says. BenefitsPro.com (7/5)
Half of America's workers aren't getting any help with saving for retirement under the current programs intended to assist employees, but if workers and their employers are willing to make some sacrifices, the problem can be solved, said James Lockhart, co-chair of the Bipartisan Policy Center's Commission on Retirement Security…
During the first quarter, assets of target-date mutual funds and 401(k) plans increased to record highs, the Investment Company Institute said. Overall retirement assets, including annuities, as well as government and private defined-benefit and defined-contribution plans, rose to $24.1 trillion in Q1 from $24 trillion in Q4. Pensions & Investments…
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