People who were 40 or younger before the end of the tax year can deduct up to $390 for long-term-care insurance premiums, while people who were older than 70 can deduct up to $4,870, according to newly issued IRS instructions. Premiums for qualified LTC plans are deductible by the taxpayer,…
A bill to repeal the Affordable Care Act’s individual mandate for health insurance could reduce federal deficits by $130 billion in a decade, but it also would increase the number of uninsured people from about 26 million to as high as 43 million, the Congressional Budget Office says. National Underwriter…
Many Americans “work part time, switch jobs frequently or earn their livings at small companies,” and they are the most vulnerable to a retirement “crisis,” Carol Hymowitz writes. About half of US workers lacked a company-sponsored retirement plan as of 2013, compared with 39% in 1999, the New School for…
Nearly two-thirds of advisers said income-distribution planning is the top goal of people in their 50s and 60s, and 27% said they commonly recommend annuities, a Saybrus Partners survey says. High costs and the proposed Labor Department fiduciary rule could be among the reasons why, Marlene Satter writes. BenefitsPro.com (10/21)…
Health care planning is a notoriously difficult issue to raise with clients. Carolyn McClanahan of Life Planning Partners offers four questions that can help financial advisers initiate this discussion, starting with, “Have you seen a doctor in the last two years?” WealthManagement.com (U.S.) (10/20)
A flat consumer price index means limits for defined-contribution plans will not increase in 2016. The 2015 contribution limit of $18,000, or $24,000 for people 50 and older, will remain in place. BenefitsPro.com (10/16)
A full match for workers’ 401(k) contributions is among the steps companies are taking to encourage increased savings for retirement, an Aon Hewitt survey says. CNNMoney (10/20)
Insurers are facing a time of change and must adapt to offer value and stay profitable, write Matthew O’Mara, Frank Memmo Jr. and Karan Mishra of Ernst & Young. Steps toward that goal include using real-time quoting and underwriting, harnessing predictive analytics and catering to millennials, they write. National Underwriter…
Many Americans are avoiding financial advice because they believe they don’t have enough money to get help from an adviser. A survey by TIAA-CREF found that 63% of Americans who have never received professional guidance on financial matters don’t use advisers because they “don’t have enough money to invest.” Financial…
Most advisers and investors overlook annuities with long-term-care riders and other hybrid policies in addressing clients’ long-term care needs, according to a survey for Lincoln Financial. It also found that less than 10% of advisers have set up LTC plans for clients. ThinkAdvisor (10/20), InvestmentNews (10/20), PlanAdviser.com
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