Retirement Security SmartBrief

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December 14, 2012

Financial and wealth management news for the retirement community

Top News

Life insurance can have unconventional payoffs
Many people think of life insurance as a necessary investment for those with young children or new mortgages, but advisers suggest thinking of life insurance policies -- even term policies -- as a way to maximize pension or Social Security benefits or as part of estate planning. CNBC (12/13)

Industry Update

Survey finds young workers are motivated to save
Nearly three-quarters of young workers feel highly motivated to save for retirement, according to a survey from Prudential Retirement. The survey of workers between the ages 21 and 29 found that 58% talk with their friends about retirement, and 81% agree that "contributing to one's retirement is a must," even in a weak economy. National Underwriter Life & Health (12/13)

Professor makes case for mandatory retirement-savings program
The U.S. needs a mandatory, defined-contribution plan to force people to save for retirement, similar to programs in Australia and the U.K., says Santa Clara University professor Meir Statman. The proposal, which Statman calls "paternalistic," would target those who are failing to save money and "need a little extra kick." Statman says he hopes his proposal stirs debate. MarketWatch (12/13)

Lockheed Martin is latest to offer lump-sum pension benefit
Lockheed Martin is hoping to add stability to its pension plan and save money by giving about 33,000 former employees the option to take their pension benefits as a lump sum. With the move, the company is following the model of large employers such as Equifax and Ford. Business Insurance (tiered subscription model) (12/12)

Financial Literacy

Survey details Americans' spending, saving tendencies
Not saving any money and spending too much on unneeded things are the most common bad financial habits that Americans admit to, according to a survey from Allianz Life. Nearly a quarter of respondents said they had no bad financial habits. AdvisorOne (12/13)

Computer game will teach Ill. teens about finances
Chicago Tribune (tiered subscription model) (12/14)

On the Economy

Cars and electronics lead U.S. retail-spending rebound
Retail sales in the U.S. increased 0.3% in November compared with October, the Commerce Department said. Vehicle sales rose 1.4%, and electronics sales climbed 2.5%. Internet and mail-order sales gained 3%. Reuters (12/13), USA Today (12/14), The Washington Post/The Associated Press (12/13)

Building Your Practice

Regulators press advisers to plan for death
Financial advisers who fail to adopt a continuity plan to deal with clients' accounts in case the adviser dies or becomes disabled could be fined by regulators, compliance professionals say. Regulators often raise the issue in routine examination, they say. Reuters (12/12)

SmartQuote

Ours is the age which is proud of machines that think and suspicious of men who try to."

--Howard Mumford Jones,
American writer, critic and scholar

Retirement Security Coalition Advisory Board Members
American Council of Life Insurers Association for Financial Counseling and Planning Education Defined Contribution Institutional Investment Association National Endowment for Financial Education Women's Institute for a Secure Retirement	American Savings Education Council Certified Financial Planner Board of Standards Employee Benefit Research Institute ICI Education Foundation Jump$tart Coalition for Personal Financial Literacy Society for Financial Education and Professional Development	ASPIRA Consumer Federation of America Insured Retirement Institute FINRA Investor Education Foundation Financial Services Institute Leadership Education for Asian Pacifics, Inc. US Pan Asian American Chamber of Commerce

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	Recent Retirement Security SmartBrief Issues: Thursday, December 13, 2012 Wednesday, December 12, 2012 Tuesday, December 11, 2012 Monday, December 10, 2012 Friday, December 07, 2012			Lead Editor: Ashley Fletcher Frampton Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004