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December 10, 2012
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Financial and wealth management news for the retirement community

  Top News 
  • Lawmakers offer resolution to maintain retirement-plan incentives
    A group of senators is supporting a resolution that aims to protect the benefits of retirement-plan products amid the "fiscal cliff" discussions. "A reformed and simplified tax code should include properly structured tax incentives to maintain and contribute to such plans and strengthen retirement security for all Americans," according to the resolution, sponsored by Sens. Richard Blumenthal, D-Conn., and Johnny Isakson, R-Ga. National Underwriter Life & Health (12/7) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • The benefits of refinancing just before retirement
    People nearing retirement may be looking to pay off all debt, including their mortgages, but experts say refinancing a few years before retirement can sense if homeowners invest the money saved in vehicles that pay more than the added interest they'll incur. MarketWatch (12/10) LinkedInFacebookTwitterEmail this Story
  • Downsizing in retirement might not bring savings
    Lower property values mean that baby boomers who downsize their homes may not experience much of a financial win, experts warn. Even when the housing market was booming, seniors who downsized walked away with an average of $26,000 after purchasing a new home, one study found. In addition, some retirees find that their new homes come with costs similar to their old ones, or that they continue spending on leisure activities. The Wall Street Journal (12/7) LinkedInFacebookTwitterEmail this Story
  • Fiduciary-definition proposal is coming soon, Borzi says
    The U.S. Labor Department will rekindle its effort to redefine "fiduciary" under ERISA sometime in the next few months, according to Phyllis Borzi, assistant labor secretary. The proposal will take account of industry feedback and will address various concerns about the previous iteration, Borzi said. "The reproposal will be better, clearer, more targeted and more reasonably balanced," she said. AdvisorOne (12/7) LinkedInFacebookTwitterEmail this Story
  Financial Literacy 
  • Other News
  On the Economy 
  • Consumer borrowing accelerates in U.S. for third straight month
    Economists were caught off guard by the sharp increase in U.S. consumer borrowing in October. The Federal Reserve said consumer credit jumped $14.2 billion in October, marking the third consecutive monthly expansion. Economists surveyed by Reuters and Bloomberg expected the October figure to rise by $10 billion. Reuters (12/7), Bloomberg (12/7) LinkedInFacebookTwitterEmail this Story
  Building Your Practice 
  • Poll: Many younger investors favor video meetings with advisers
    About 62% of high-net-worth investors younger than 55 would like to meet with their financial advisers via video at least some of the time, according to a survey by Cisco Internet Business Solutions Group. Among younger investors, about 57% said they would contemplate moving some assets to a firm that offered video meetings, compared with 19% of older investors. "Anything that saves this group time is important," says Ted Jenkin of oXYGen Financial. InvestmentNews (free registration) (12/7) LinkedInFacebookTwitterEmail this Story
While conscience is our friend, all is at peace; however, once it is offended, farewell to a tranquil mind."
--Lady Mary Wortley Montagu,
British writer and aristocrat

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