The vast majority of baby boomers haven't accumulated enough savings to fully retire at age 65 with their preretirement standard of living. That's the sobering conclusion of recent studies from both the Stanford Center on Longevity and HR consulting firm Aon. As a result, boomers will need to either work longer, reduce their standard of living in retirement or do some combination of the two. In addition, it's critical that they squeeze the most from their modest financial resources. That means baby boomers have to make some choices. Following are the top five retirement planning decisions that will have the biggest impact on most older workers' financial security. If you're in this category, you'll need to determine: When and how to retire (including whether to work part-time for a while) When to start taking Social Security benefits How to build your retirement income portfolio, including deploying retirement savings and, for the lucky few, any pension benefits What choices to … [Read more...] about 5 key retirement planning decisions for baby boomers
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Updated 10:34 am PDT, Monday, August 20, 2018 Photo: AP Image 1of/1 CaptionClose Image 1 of 1 FILE - This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File) FILE - This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File) Photo: AP How to reset retirement plans to weather a downturn 1 / 1 Back to Gallery The older the current bull market gets, the more stories you're likely to read about how this is an awful time to retire. Yes, we're due for a correction that trims 20 percent or more from stock values. That could be a big problem for people taking withdrawals from investment portfolios, since market losses early in … [Read more...] about How to reset retirement plans to weather a downturn
Consider these factors to bolster tour financial self-sufficiency. Pamela Yellen Published 1:00 pm, Friday, June 8, 2018 Photo: JGI | Jamie Gril | Getty Images Image 1of/1 CaptionClose Image 1 of 1 Photo: JGI | Jamie Gril | Getty Images Does Your Retirement Plan Pass the 3-Point Check-Up? 1 / 1 Back to Gallery Retirement plan fees, taxes and healthcare costs are among the biggest threats to Americans’ financial security. Many workers aren’t just financially unprepared for retirement -- they haven’t done the basic calculations to determine how much money they will need. Related: This Innocuous Sounding Phrase Is Actually a Mortal Threat to Your Retirement Planning That’s one of the findings of the 28th annual Retirement Confidence Survey just released by the nonprofit Employee … [Read more...] about Does Your Retirement Plan Pass the 3-Point Check-Up?
AUSTIN, Texas--(BUSINESS WIRE)--Apr 19, 2018--Kestra Financial, Inc. (Kestra Financial), an industry-leading independent advisor platform, today announced that it has hired Taylor Hammons, a financial services professional with extensive experience in retirement plan services, as its new Vice President and Head of Retirement Plans.Hammons’ experience in the retirement plan space ranges from sales and marketing, to product development and distribution, to rebuilding and launching 401k-related technology platforms. At Kestra Financial, he will be responsible for overseeing the company’s expanding retirement plan platform designed to provide the highest-quality support to financial advisors and clients in the independent space.“As our platform continues to grow, we have carved out a unique focus on retirement plans in an effort to support advisors within this specialization,” said Mark Schoenbeck, Executive Vice President and National Sales Director at Kestra … [Read more...] about Kestra Financial Hires Taylor Hammons as Head of Retirement Plans
Retirement planning is not the sexiest topic in the world, but we all have to think about it at some point. And it is a significant business. Depending on which research firm you quote, we’re talking about a $36 trillion to $50 trillion global market. The problem with retirement plans is that investments are primarily controlled by third parties with little to no transparency, and it is often unclear how you’ll benefit when it comes time to collect the payouts from your plan. Today Auctus — a smart contract-powered retirement planning platform — announced that it is looking to change all that by bringing blockchain technology to the industry. Auctus combines traditional and cryptocurrency assets, using smart contracts to eliminate intermediaries in the retirement planning process, thus reducing or even eradicating fees. “After having entered personal data (such as age, wage, personal circumstances, etc.), as well as having chosen a risk … [Read more...] about Auctus is bringing blockchain tech to the $36 trillion retirement plan market