Trump proposal leaves tax breaks for retirement accounts untouched | Survey: More pre-retirees plan to delay claiming Social Security | Commentary: How Labor's fiduciary rule will affect IRA sales
April 27, 2017
IRI Retirement Income SmartBrief
News for the retirement income planning industry
Top News
Trump proposal leaves tax breaks for retirement accounts untouched
Some in the retirement industry feared President Donald Trump's proposed overhaul of the US tax system would eliminate some or all tax advantages enjoyed by 401(k)s, individual retirement accounts and similar retirement-savings accounts, but that hasn't happened. Gary Cohn, director of the National Economic Council, said tax provisions relating to retirement accounts "will be protected."
InvestmentNews (tiered subscription model) (4/26) 
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Retirement Income Roundup
Survey: More pre-retirees plan to delay claiming Social Security
A Fidelity Investments survey found that pre-retirees aged 55 to 61 said they're less likely to begin collecting Social Security benefits right when they become eligible. Just 28% said they expect to start claiming benefits at age 62, down from 45% of respondents who said the same in 2008.
InvestmentNews (tiered subscription model) (4/26) 
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Commentary: How Labor's fiduciary rule will affect IRA sales
Lawyer Fred Reish reviews new requirements for sales of individual retirement accounts that are poised to take effect under the Labor Department's proposed fiduciary rule on June 9.
Lexology/Drinker Biddle & Reath (4/26) 
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How to have a good retirement without being a millionaire
It is possible to have an enjoyable retirement even without $1 million in a 401(k) savings plan. Working part time in retirement, waiting to claim Social Security and paying off the mortgage can help.
U.S. News & World Report (4/24) 
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Washington Update
Senate moves forward on Acosta's confirmation as labor secretary
The Senate voted 61-39 on Wednesday to end debate on President Donald Trump's nomination of R. Alexander Acosta to be labor secretary. One more vote must be taken to complete his confirmation process.
ThinkAdvisor (free registration) (4/26) 
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Trump urges cut in personal, business tax
President Donald Trump has proposed slashing federal taxation. The highest personal tax rate would fall to 35% from 39.6%, while the standard deduction would double, and the rate for corporations and most small businesses would decline to 15%.
The Hill (4/26),  The New York Times (free-article access for SmartBrief readers) (4/26),  The Washington Post (tiered subscription model) (4/26) 
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Commentary: What will tax cuts mean for advisors?
Although there are still many details to be worked out, the Trump administration's plans to simplify the taxation structure and make drastic cuts to personal and corporate tax are bound to have consequences for advisors. Potential outcomes include more client resources to invest and an increased appetite for certain investments.
InvestmentNews (tiered subscription model)/Bloomberg (4/26) 
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Lawmaker wants regulators to create innovation offices
Lawmaker wants regulators to create innovation offices
McHenry (Saul Loeb/AFP/Getty Images)
Rep. Patrick McHenry, R-N.C., vice chairman of the House Financial Services Committee, said he will introduce a bill requiring financial regulators to launch innovation offices. The offices would exchange financial technology with one another and help fintech startups get in touch with the proper government authorities, he said.
Bloomberg BNA (free content) (4/26),  MLex (subscription required) (4/25) 
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Your Practice
Expert notes pitfalls in RMD calculations
Advisors frequently make mistakes when calculating clients' required minimum distributions from retirement accounts, despite the relatively simple process, lawyer Natalie Choate says. She pointed out three common errors during a keynote presentation at the Retirement Income Summit.
InvestmentNews (tiered subscription model) (4/24) 
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IRI Updates
IRI Insight examines boomers, client empowerment, QLACs, retirement milestones
The spring 2017 edition of IRI Insight looks at the retirement preparedness and confidence of baby boomers, finding that millions have limited savings and a poor understanding of the cost of retirement. More than ever, they need financial professionals to help them optimize their sources of income and ensure they do not outlive their financial resources. The spring edition also discusses empowering clients to make decisions in their best interest, the power of qualified longevity annuity contracts, and important retirement information and planning steps associated with age milestones.
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IRI issues State of the Insured Retirement Industry report
IRI recently released a new report forecasting that more advisors in the years ahead will embrace a holistic retirement planning approach -- one focused on developing retirement income for clients. In its annual State of the Insured Retirement Industry report, IRI finds strong demand for lifetime income based on demographics, increasing longevity and the demise of traditional pensions. The IRI report concludes that holistic retirement planning with a focus on income-generating strategies will help advisors address this demand while adding value to the client-advisor relationship. The report also explores public policy developments affecting the industry, product innovation trends across the market and macroeconomic factors affecting lifetime income providers.
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