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Could this Simple Social Security Strategy Solve the Retirement Crisis?

The key to implementing this suggested strategy is establishing auto-IRA plans to workers who lack a 401(k) option with a preset percentage of wages to be contributed to the plan.  This would create a retirement nest egg that would not be linked to any one employer, but rather would stay with the worker throughout a career. To read the full article in FinancialPlanning, click: Could this Simple Social Secur ...

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Debt Causing Financial Vulnerability for Pre-Retirees

According to a National Bureau of Economic Research (NBER) working paper, older persons today appear more likely to enter retirement in debt than in past decades.  Researchers examined older individuals’ debt patterns using the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS).  With the HRS, they compared cohorts of people on the verge of retirement (ages 56 to 61) as wel ...

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Rosier Client Confidence Drives Heavy Inflows into Stocks

Client confidence has climbed and that rosier outlook for the economy and the stock market is propelling robust flows into equities and retirement accounts, advisors say.  Allocations to stocks strengthened sharply, according to the latest Retirement Advisor Confidence Index—Financial Planning’s monthly survey of wealth managers—and helped to support further improvement in business conditions for the invest ...

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Is Your Client Ready for Retirement

Many Americans have not saved a sufficient amount to retire comfortably.  Financial advisors can help their clients determine not only when to retire, but also if they should consider working at least part time in their early years in retirement.  Here are a few questions to ask to jumpstart the retirement planning process with clients. To read the full article in FinancialPlanning, click: Is Your Client Re ...

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Get a Tax-Smart Plan for In-Retirement Withdrawals: Retirement Scan

Retirees with multiple retirement accounts are advised to have a tax-efficient way of tapping into these accounts to minimize the tax bite, writes Morningstar's Christine Benz.  Retirees who have reached the age of 70 1/2 should take required minimum distributions from tax-deferred accounts, while those who are younger should draw from their taxable accounts, selling assets with the highest cost basis first ...

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Seven Ways the New Tax Fight Could Hit Annuities

What Tax Reform Could Mean for Annuities Republican lawmakers have said a tax overhaul framework would retain incentives meant to encourage retirement security, but uncertainty remains about the direction that reform will take.  This article summarizes several ways changes in federal tax laws could affect annuities, charitable giving, and other aspects of retirement planning. To read the full article in Thi ...

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This is Your Brain on Retirement

Preparing for Clients’ Cognitive Decline Older clients may experience cognitive decline and memory problems that can lead to loneliness and other negative emotions.  Understanding the ways in which clients' cognition may change—and helping them plan for intellectually stimulating activities—can lead to better outcomes in retirement. To read the full article in the Financial Advisor, click: This is Your Brai ...

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Tips for Giving While Living

Help Clients Kick-Start Their Charitable Efforts Here is a look at questions to ask and tactics to consider while working with clients who want to engage in charitable giving.  Among other strategies, clients may want to consider making multiyear gifts or donating to international causes.  The Adviser's Guide to Financial and Estate Planning, Volume 1, has an entire chapter dedicated to helping you learn ab ...

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Retirement: 10 Questions to Ask

Questions for a Retirement-Preparedness Gut Check Pre-retirees should examine whether they direct too much money to goals other than retirement savings, take advantage of employer matching, and structure savings so enough pretax income is set aside.  Jonathan Clements states that other important considerations include how retirees will spend time once they stop working and whether there is a danger of outli ...

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How to Maximize Social Security Benefits Under New Rules

Navigating the New Social Security Rules Changes to Social Security rules have eliminated the file-and-suspend strategy for younger couples.  However, couples should still coordinate their claiming strategies, and there are various rules about disability benefits and divorced spouses to keep in mind.  PFP/PFS section members can listen to this podcast on the latest Social Security developments by Ted Sarens ...

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An Alternative to the 4% Rule

Ditch the 4 Percent Rule.  Here's How to Handle Your Retirement Withdrawals It might be time to scrap the 4% retirement rule, as it could be unsafe if there are large portfolio losses in the early years of retirement.  Here are three factors to weigh when developing a financial plan. To read the full article in CNBC, click: An Alternative to the 4% Rule. ...

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Six Ways to Fraud-Proof your Retirement Savings

Fraudsters target people of all ages, but older adults with retirement savings are particularly lucrative targets.  And the consequences of fraud and exploitation can have a devastating impact on older adults who depend on their retirement savings after they leave the workforce.  Steve Vernon provides some very helpful tips towards preventing this despicable crime. To read the full article in CBS Money Watc ...

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Kitces: A New Hierarchy of Retirement Needs

We mentally deposit money in buckets of current income, current assets, and future income.  This instinctive categorization explains the popularity of so-called bucketing strategies for retirement income, whether segmented by time or type of spending.  Michael Kitces, contributing writer for Financial Planning, explains how advisers can help overcome their irrational expectations. To read the full article i ...

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Older Workers Feel on Track for Retirement. Are They?

Older Americans Upbeat about Retirement, but Savings are Lacking for Some Fifty-nine percent of Americans between the ages of 45 and 65 said they were at least somewhat ready for retirement, according to a survey conducted in the middle of last month.  However, 22% of those surveyed said they had saved less than $100,000, and 27% said they had saved nothing for retirement. To read the full article in USA To ...

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How to Address Common Concerns About Retirement

Some American workers are worried about their financial security in retirement, according to a Transamerica survey.  In this article, Todd Campbell looks at five common fears involving retirement and how they can be addressed. To read the full article in The Motley Fool, click: How to Address Common Concerns About Retirement. ...

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7 Retirement Planning Steps Late Starters Must Make

How to Make up for Lost Time with Retirement Savings People who are behind schedule on retirement savings can take several steps to make up the difference.  These include making use of catch-up contributions, selecting funds with low investment fees, and postponing required minimum distributions, if possible.  Damian Davila offers some useful tips. To read the full article in Wise Bread, click: 7 Retirement ...

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Big IRAs and 401(k)s are at Risk: Where Else to Save?

Looking Beyond the 401(k) to Save for Retirement If proposals to curb the size of individual retirement accounts and 401(k)s take effect, clients with large IRAs and 401(k)s will need to consider alternate methods of saving for retirement.  Darla Mercado, Personal Finance Writer, discusses a few options including, deferred compensation plans, health savings accounts, and after-tax contributions to 401(k)s. ...

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The 13 Biggest Financial Fears of Americans

Many Americans Suffer From Financial Anxiety Americans are becoming steadily more worried about their finances, and 85% of those participating in a recent Northwestern Mutual study said they are experiencing some kind of financial anxiety, explains Sean Williams.  About two-thirds of those surveyed said the problem has reached the point that anxiety is hurting their health. To read the full article in The M ...

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