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Let’s Discuss Financial Wellness

40180751_l.jpgAdvisers focus more on financial education as concern grows over retirement savings.

Although within the past year there has been an increase in awareness, it still remains that most people are not saving enough money for retirement.   Much of this is due from higher consumer debt to addressing college tuition.  

According to a Plan Sponsor Council of America Survey - only 1 in 5 employers (sponsors) have adopted a formal financial wellness program to help employees save effectively for retirement - outside of the standard DC education savings plan.   This information, along with a change in demographics has increased a desperate need for more comprehensive financial education.

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Using Retirement Money to Pay for the Kids’ College

March 19, 2015

retirement

admin

homework_help_mom_girl_asian_220x110.jpgThe parents of college students are paying for skyrocketing tuitions with money that would otherwise go to their own retirements.

That’s according to T. Rowe Price’s “Family Financial Trade-offs Survey,” which polled 2,000 parents nationwide with a retirement account and children ages 15 or younger.

Fifty-two percent of the parents polled said that it was more important to save for their children’s college than it was for their own personal retirements.

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How to Make Your Retirement Last

March 13, 2015

retirement

admin

40521340_s.jpgPicture this: You've worked hard your entire life, saving diligently for retirement. At age 65, you were living the dream. At age 75, you enjoyed a comfortable, if not luxurious, lifestyle. But at age 85, you inexplicably have run out of money.

How did the ship sink so quickly? There was an iceberg, barely visible above the water but monstrous beneath the surface – the result of mismanaged distributions and ill-conceived budgeting. It probably doesn't make you feel better, but you’re probably not alone in having hit that iceberg.

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10 Best Places for the Wealthiest Retirees

March 06, 2015

retirement

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KG_Vaca.jpegA growing body of research has pointed out the large wealth gap between the richest Americans and everyone else. The top 1 percent of Americans will be able to retire without worrying about outliving their savings and how to pay for out-of-pocket medical expenses. They can simply pick a town with the best housing, health care, and amenities.

To find retirement spots that might appeal to the wealthiest among us, U.S. News used our Best Places to Retire search tool, powered by data from Onboard Informatics. We looked for places with the highest median housing prices, annual expenses, and cost-of-living. These are retirement spots that most Americans will simply be priced out of.

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How Social Security Can Help You Catch-Up On Retirement

March 03, 2015

retirement

admin

14309969_m.jpgMore Americans over 55 are finally getting back to work after the long recession. The strong national employment report for January released last week confirmed that. The unemployment rate for those over 55 was just 4.1 percent in January, down from 4.5 percent a year ago and well below the national jobless rate. The 55-plus labor force participation rate inched up to 40 percent from 39.9 percent.

That is good news for patching up household balance sheets damaged by years of lost employment and savings, and also for boosting future Social Security benefits.

Social Security is a benefit you earn through work and payroll tax contributions. One widely known way to boost your monthly benefit amount is to work longer and delay your claiming date. But simply getting back into the job market can help.

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Financial Security Worries Retirement Hopes

40521340_s.jpgDespite an improving economy, Americans just aren’t feeling confident about their finances.

Their confidence is so lacking, in fact, that a scant 26 percent say they've been able to sustain a traditional view of retirement — and 21 percent don’t plan to retire at all.

Those are some of the findings from a new brief from the Pew Charitable Trusts titled “Americans’ Financial Security: Perception and Reality.” The brief, based on both a survey and focus group meetings, revealed that Americans are still feeling very vulnerable, and that vulnerability is carrying over into retirement plans (or the lack thereof) as well as into other areas of their lives.

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8 Reasons You Should Never Borrow From Your 401(k)

40521340_s.jpgNearly 20% of 401(k) plan participants who are eligible to take loans against their retirement savings exercise this option, according to 2008 data from the Employee Benefit Research Institute. This number has remained stable since the early 2000s.

The average outstanding loan balance was 16% of assets. For plan participants in their 20s, the number is much higher, coming in at 29% of their savings, a percentage that drops as participants age, falling to 25% for those in their 30s, 18% for those in their 40s and 13% for those in their 50s. The figure is just 11% for those in their 60s. While it's great that older workers tend to borrow less, dipping into your 401(k) plan at all is a bad idea. In this article, we'll go over eight major reasons why you should focus on keeping your 401(k) plan until retirement, rather than using it as a piggy bank.

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Hot Topics in Retirement for 2015

January 23, 2015

retirement

admin

Recently, retirement plan sponsors have had to navigate their way through challenging situations from Supreme Court decisions impacting employer stock to mortality improvements increasing pension liabilities. This year’s Hot Topics in Retirement report shows that 2015 has no signs of slowing down.

In the fall of 2014, Aon Hewitt surveyed roughly 250 large plan sponsors representing nearly 6 million employees to gauge current and future retirement perspectives. Their focus areas congregated around three themes:

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7 Ways to Jump-Start Your Retirement Savings in 2015

January 08, 2015

retirement

Emily Brandon

40521340_s.jpgSaving more for retirement is a common New Year’s resolution. But it takes more than tucking away a few dollars when you can to build retirement security. Here’s how to make a better retirement resolution you can stick to throughout the new year.

Make a specific plan. Aiming to save more this year isn’t enough. “Don’t just say this is the year that you’ll start to save,” says Hal Hershfield, an assistant professor of marketing at UCLA’s Anderson School of Management. “Rather, set up a specific plan. For example, when I get back to work on January 5, I’m going to make an appointment with my human resources manager and figure out how to start contributing or contribute more to my retirement account.”

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Employers Change Approaches to Retirement Due to Demographic Shifts

January 06, 2015

retirement, benefits

Nick Otto

employee-272x300.jpgDivorce among baby boomers and other generational differences are leading to a “fundamental” shift in how employers are planning retirement for specific segments of the U.S. population.

A clearer understanding of these changing demographics can help employers better support their workers in prioritizing savings and income security needs, said Robert A. Kerzner, president and CEO of LIMRA, speaking recently at LIMRA’s annual conference.

“How do we get through to them [employees] to make life insurance one of their priorities?” he asks. “How do we convince them to save more for retirement?”

Multigenerational households have risen by 50% since 1980, Kerzner said, adding that single-family households have more than doubled since 1970.

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