- The Big Financial Planning Opportunities for A Knowledgeable Women’s Market
Advancing retirement literacy... and a desire to build a financially secure future
According to the latest Women’s Retirement Literacy Report from The American College of Financial Services, four out of five (82%) older American women report having a plan for retirement income. Yet the results reveal a staggering gap between women with an idea about retirement income options and the ones who have a formal, written retirement…
read more - Why Do People Spend the Way They Do in Retirement?
While largely happy, there’s a clear and potentially growing divide between haves and have nots
The Employee Benefit Research Institute (EBRI)’s Spending in Retirement Survey finds that most people are happy in retirement despite wishing they saved more, but there is a clear and growing divide between retirement haves and have nots.
read more - The Way We Save
How advisors can ‘win on the saver spectrum’
The ways Americans save – from “Big Savers” to “Aspirational Savers” – provide insights that can lead to better financial outcomes and help financial services firms to engage with different saver segments, according to a new report by Hearts & Wallets, the research and benchmarking firm that specializes in how consumers save, invest and seek…
read more - Closing The Savings Access Gap
How 40 million more Americans could save for retirement by 2040 with national universal access to retirement savings options
National universal access policies could dramatically close the retirement savings access gap for millions of employees and provide larger annual incomes for retirees, according to new research from the Georgetown University Center for Retirement Initiatives (CRI) in collaboration with Econsult Solutions, Inc. (ESI) and supported by a grant from the Berggruen Institute’s Future of Capitalism…
read more - When Health Suffers, Finances Go On Life Support
As COVID-19 concerns continue to mount, Americans face greater risk of suffering from high medical debt
Even adults who do not contract COVID-19 are facing a healthcare crisis. A Debt.com survey of more than 1,000 American adults reveals 56 percent of respondents had medical debt sent to collections and nearly two-thirds owed under $5,000, while 5 percent owed over $50,000.
read more - Americans Struggle To Cover Living Expenses During The Pandemic
Forced to withdraw significant amounts from retirement accounts
Nearly 60% of Americans withdrew or borrowed money from an IRA or 401(k) during the pandemic, and nearly two-thirds (63%) used those retirement savings to cover basic living expenses, according to a new poll released today by Kiplinger's Personal Finance magazine and industry-leading digital wealth management company, Personal Capital, an Empower Company.
read more - Poor Performance of Long-Term Care Product Persists
Keeping pressure on U.S. life insurers
Loss ratios in the beleaguered U.S. long-term care (LTC) insurance market continue to climb for individual and group business, according to a new AM Best report.
read more - Empower Retirement Closes Acquisition of MassMutual Retirement Plan Business
Acquisition increases Empower’s participant base to more than 12 million
Empower Retirement today announced the completion of the previously announced acquisition of Massachusetts Mutual Life Insurance Company’s (MassMutual) retirement plan business, following the receipt of regulatory approval required by the agreement.
read more - For Private And Public Sector Pensions: Substantial Economic Gains
Pension spending supports $1.3 trillion in output, 6.9 Million Jobs, $192 billion in tax revenue across the U.S. economy
A new report finds that economic gains attributable to private and public sector defined benefit (DB) pensions in the U.S. are substantial. Retiree spending of pension benefits in 2018 generated $1.3 trillion in total economic output, supporting nearly seven million jobs across the nation. Pension spending also added nearly $192 billion to government coffers at…
read more - Long Term Care Product Continues Poor Performance
Keeps pressure on U.S. life insurers
Loss ratios in the beleaguered U.S. long-term care (LTC) insurance market continue to climb for individual and group business, according to a new AM Best report.
read more - Older Americans’ Spending Profiles: One Size Does Not Fit All
Far from typical, four types of spending emerge
Understanding the spending patterns of the elderly and forming an educated estimate of households’ budgets throughout households’ old age is a key element of retirement planning. In this Issue Brief, the Employee Benefit Research Institute (EBRI) explores variations in spending of older households using the Health and Retirement Study (HRS) and the Consumption and Activities…
read more - Medicaid’s Critical Role in Providing Long-Term Care Coverage for Older Americans
Measuring the unpredictable and potentially catastrophic costs for retirees
With healthcare and long-term care costs rising at much higher rates than wages or salaries, it is becoming more difficult for Americans to afford the costs of long- term care. These unpredictable costs, combined with low levels of savings, mean many older American families find themselves forced to spend down their assets so they are…
read more - Recent Impact on Workers’ Finances Has Long-Term Repercussions for Retirement Security
One in five U.S. workers indicate their confidence in their ability to retire comfortably has declined
One in five U.S. workers (21 percent) indicate their confidence in their ability to retire comfortably has declined in light of the coronavirus pandemic – and only 27 percent are very confident that they will be able to fully retire with a comfortable lifestyle, according to Retirement Security: A Compendium of Findings About U.S. Workers…
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