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November 19, 2012
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Financial and wealth management news for the retirement community

  Top News 
  • Report cites $34 billion deficit at pension guarantor
    The Pension Benefit Guaranty Corp., which is charged with protecting the pensions of others, is running $34 billion in the red, the agency's annual report shows. The PBGC wants to set its own premiums, which lawmakers have so far resisted because they warn that companies could endanger their pensions if forced to pay more. The Washington Post (11/16) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Auto-enrolled 401(k)s aren't without problems
    While automatically enrolling workers in 401(k) plans might seem like a good idea, many workers don't increase their contribution levels past the minimum and don't qualify for a company match, Karen Blumenthal writes. Even auto-escalation features can produce savings levels that fall short of a match or of recommended savings rates, Blumenthal writes. Experts say employees should aim to save at least 10% of their pay and check to be sure their automatic investments aren't too costly. The Wall Street Journal (11/16) LinkedInFacebookTwitterEmail this Story
  • Advisers warn against tax-driven decisions
    Attention given to the "fiscal cliff" might tempt wealthy investors to make rash decisions that could end up costing more than the tax increases they fear, financial advisers say. Appreciated stock that is performing well could continue to produce returns greater than tax savings from a hasty sale to avoid higher capital-gains tax, advisers say. The New York Times (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  • Labor Department enforcement is expected to ramp up
    President Barack Obama's re-election means Assistant Labor Secretary Phyllis Borzi will remain in charge of the Employee Benefits Security Administration, and she is expected to enforce new disclosure rules for plan sponsors and plan participants, Darla Mercado writes. Industry experts also expect the Labor Department to continue scrutiny of improper or undisclosed pay by plan consultants and investment advisers. InvestmentNews (free registration) (11/18) LinkedInFacebookTwitterEmail this Story
  • Americans are pessimistic on retirement, still aren't planning
    Research indicates that Americans are expecting less out of retirement and are pushing back the time when they expect to leave the workforce, but that even with lowered expectations, few are planning far enough ahead. More than one-third of Americans surveyed by BlackRock said they aren't confident they'll have the income they need once they retire. About half said they know how much they need to save. AdvisorOne (11/15) LinkedInFacebookTwitterEmail this Story
  Financial Literacy 
  • Program gives students get a taste of financial reality
    Florida high-school seniors are learning how to navigate adult financial decisions in a program called "Big Bank Theory." The program, run by Manatee Community Federal Credit Union and local businesses, is a two-day workshop that puts students in fictional financial hardships to teach them real-life skills. Bradenton Herald (Fla.) (11/19) LinkedInFacebookTwitterEmail this Story
  On the Economy 
  • Bernanke: Tight lending standards threaten housing market
    Recovery of the U.S. housing market is being held back by lending standards that are too tight to make sense in this economy, Federal Reserve Chairman Ben Bernanke said. He said tighter standards were previously justified. "However, it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery," Bernanke said. Reuters (11/15), The Hill/On The Money blog (11/15) LinkedInFacebookTwitterEmail this Story
  Building Your Practice 
  • Advisers must tailor communication methods
    Financial advisers need to consider clients' age and prospects to successfully communicate with them, said Cam Marston, a generational-characteristics expert at Generational Insight. Baby boomers, Generation X and millennials have distinct preferences on how they want to be approached and given information, he said. Financial-Planning.com (11/15) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Nature never said to me: Do not be poor. Still less did she say: Be rich. Her cry to me was always: Be independent."
--Nicolas Chamfort,
French writer


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