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February 21, 2013
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Financial and wealth management news for the retirement community

  Top News 
  • Older Americans struggle with credit card debt, study finds
    Credit card balances average $8,278 for some low- and middle-income baby boomers, according to a study by Demos. The study found that those under 50 with the same income and debt characteristics owed an average of $6,258 on credit cards. Boomers surveyed said they use their credit cards for groceries, utilities, medical costs and helping other family members. Reuters (2/19), MarketWatch/Encore blog (2/20) LinkedInFacebookTwitterEmail this Story
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  Industry Update 
  • Insurer raises price tag for women's long-term-care policies
    Genworth says it will charge higher rates for women for long-term-care insurance. The industry leader is likely to lead other insurers to do likewise, says Michael Kitces, a financial blogger. "[T]he new cost structure may be an industry standard by the end of the year," Kitces wrote in a blog post. Genworth says its gender-based pricing reflects its claims experience and is meant to help stabilize pricing. AdvisorOne (2/20) LinkedInFacebookTwitterEmail this Story
  • Other News
  Financial Literacy 
  • Advisers strive to improve financial literacy
    Financial advisers have a major opportunity to educate their clients during regular interactions, Gil Weinreich writes. "When I work with clients, I think it's important to be on the same side of the table in terms of my clients having a basic knowledge around how stocks work, how bonds and fixed income work," says Aubrey Lee Jr. of Merrill Lynch. AdvisorOne (2/20) LinkedInFacebookTwitterEmail this Story
  On the Economy 
  Building Your Practice 
  • Ultra-wealthy tend to use multiple advisers, survey finds
    The wealthiest investors rely on multiple advisers for their financial planning, an SEI survey says. In addition to financial advisers, they look to accountants and lawyers. Michael Farrell of SEI Private Wealth Management says advisers should try to take the lead among clients' advisers, making sense of the pieces of advice from other sources. SEI's survey also found that wealthy investors feel that their current assets are not sufficient. Financial-Planning.com (2/19) LinkedInFacebookTwitterEmail this Story
  • Experts: Older divorcing couples need help with a complex process
    Divorcing after age 50 has significant financial implications that require the guidance of a financial adviser, experts say. Budgeting is a challenge in such a scenario, and early withdrawals from a retirement account or annuity may be penalized, leaving the account holder with insufficient retirement savings and few working years left to rebuild, experts warn. Dependent spouses also may lose health or disability insurance, which can be expensive to replace. Financial Advisor online (2/20) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
The psychic task which a person can and must set for himself is not to feel secure, but to be able to tolerate insecurity."
--Erich Fromm,
German psychologist


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