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Retirement expectations vary by age and income — but not as much as you might think.Lower-income workers plan to retire a bit later, on average, than those earning $75,000 or more annually. Specifically, those making less than $30,000 annually anticipate retiring at age 70, while those earning...
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By the end of last year, 403(b) plans contained nearly $1 trillion in assets. They are a significant part of the U.S. retirement landscape, and a recent paper takes a closer look at 403(b)s.In “The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans, 2013”...
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The IRS has updated the comprehensive page on its website that provides information about, and links to, information about retirement plan documents.The IRS organizes that information in subject matter categories. Each category includes: an explanation that provides guidance in the law and legal...
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A recent blog post provides tips and ideas for ensuring that plan and participant information is secure and protected from cyberattack. “Addressing Cybersecurity in Your Retirement Plan TPA Contract,” by the law firm von Briesen & Roper, offers ideas on how to incorporate cybersecurity...
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Increasingly, a plan’s digital platform — both website and mobile — is becoming participants’ main point of contact with the plan, upping the ante on the quality and efficiency of the user experience. What can consumer research tell us about doing a better job of fulfilling users’ digital...
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That’s the claim of a blog post titled, “How a 1% Fee Could Cost Millennials $590,000 in Retirement Savings.” It notes that for Millennials, “time is on their side in almost every way related to building wealth.”But “almost” is a key caveat — because the report by personal finance site NerdWallet...
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The tax incentives currently extended to workplace retirement plans are a potential casualty of a tax reform proposal that was the subject of a Senate Finance Committee hearing that included testimony from American Retirement Association Director of Retirement Policy Judy Miller.Under the unlikely...
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Can a church establish a SIMPLE IRA as more pastors are added as long as there are no 403(b) contributions in the same plan year? Ellie Lowder tell us in Tech Talk.
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Increasingly, a plan’s digital platform — both website and mobile — is becoming participants’ main point of contact with the plan, upping the ante on the quality and efficiency of the user experience. What can consumer research tell us about doing a better job of fulfilling users’ digital...
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Recent research about the development of annuity products and certain life insurance products used for retirement purposes provided food for thought at a May 6 session of LIMRA’s 2016 Retirement Industry conference. Elaine Tumicki, Corporate Vice President, Insurance Research – Product, LIMRA, and...
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EGTRRA created the designated Roth contribution, an alternative to Roth IRA contributions for participants whose income exceeds the threshold limits. In MarketBeat, Barbara Webb writes that offering such a program is not without strings, and offers a list of elements to consider before implementing...
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Suppose you have a client who is age 55 and is retiring but has an agreement to return to work with the same employer to do a special project for them. Can he make withdrawals between retiring and starting the project without the 10% IRS premature distribution penalty tax being imposed? In Tech...
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Most Americans believe they pay nothing for their financial products — or have no idea what they pay — according to a new study.About one-third (31%) say don’t know what they pay for their financial products — and that’s an increase of four percentage points in a single year, according to the study...
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Millennials have a much different relationship with their Boomer parents than Boomers did with theirs — and a new report says that could result in a different kind of retirement.The majority of Millennials view their parents as peers, mentors and friends, while more Boomers saw their parents as...
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You have a client who is preparing to declare bankruptcy. Are his 403(b) assets protected? In Tech Talk, Ellie Lowder tells us.
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Advisors aren’t the only ones sifting their way through the new fiduciary regulation, though just 60% of providers in a recent survey say they want to understand the impact on the advisors with whom they work. A new survey of 117 retirement plan service providers by the SPARK Institute found that...
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Millennials may be redefining retirement, and not in the way you might think.In a new survey, more than 4 out of 10 (41%) Millennials said they expect to retire when they hit a certain financial milestone or savings goal, rather than attaining a specific age (cited by 35% of Boomers and 29% of Gen...
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Grasping the importance of preparing for retirement does not necessarily translate to action to bring it about, says a recent study on Americans’ financial beliefs and behavior.There is good news, says the survey commissioned by Fifth Third Bank on those beliefs and whether Americans are acting on...
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Some retirees and IRA holders who turned age 70½ in 2015 had to take required minimum distributions (RMDs) by April 1. Other retirees and IRA holders must take them by New Year’s Eve, as the IRS recently reminded. The Financial Industry Regulatory Authority (FINRA) has taken the opportunity to...
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It was a lengthy odyssey, to say the least, but on April 6 the Department of Labor (DOL) issued the final version of the much-discussed fiduciary regulation. It will have a big impact — and 403(b) advisors are among those who have much to digest regarding its implementation and import. Accordingly...
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