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November 20, 2012
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Financial and wealth management news for the retirement community

  Top News 
  • Poll: 25% of Americans include life insurance in retirement planning
    A quarter of Americans purchase life insurance as part of their retirement planning, according to a Northwestern Mutual survey. The same amount of respondents said the greatest peace of mind results from having adequate resources for retirement. Among those 55 and older, 31% said retirement purposes were their main driver for purchasing life insurance, compared with 25% of the 45-to-54 age group and 19% of those younger than 45. BenefitsPro.com (11/19) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • Q3 sales of variable annuities dropped by 8% from 2011, data show
    Third-quarter sales of variable annuities declined by 8% to $36.6 billion from the same period a year earlier as carriers moved to limit their exposure in response to continued low interest rates, LIMRA reports. The decline was the biggest in 12 quarters. "The sustained uncertain economic environment has many companies implementing conservative risk management strategies," LIMRA's Joe Montminy said in a statement. Bloomberg Businessweek (11/19) LinkedInFacebookTwitterEmail this Story
  • IRS: Sandy victims can tap retirement savings
    The Internal Revenue Service says people who were affected by Hurricane Sandy can use retirement funds for emergency food and shelter money. Typically, hardship withdrawals are only for needs such as medical expenses, but in this case, those who apply by Feb. 1 can get withdrawals for storm-related emergency help. BenefitsPro.com (11/19) LinkedInFacebookTwitterEmail this Story
  • Study: Ending public pensions would hurt worker loyalty
    Public employers who switch from pensions to defined-contribution retirement plans would likely attract workers who aren't as committed to the employer and who are less willing to learn skills that they can't transfer to another job, a study says. The National Institute on Retirement Security study also found that switching from a pension to another retirement plan would boost worker turnover. BenefitsPro.com (11/19) LinkedInFacebookTwitterEmail this Story
  • Other News
  Financial Literacy 
  On the Economy 
  • Housing gains continue, giving boost to overall economy
    Positive movement in multiple housing-related markers, including October home sales, indicates continued recovery in the housing market, reports say. Deutsche Bank economist Joseph LaVorgna says housing improvement will boost jobs, including in construction, as well as consumer spending. He predicts that the housing recovery could fuel U.S. economic growth by a percentage point in 2013. Bloomberg Businessweek/The Associated Press (11/19) LinkedInFacebookTwitterEmail this Story
  Building Your Practice 
  • Tips for helping nervous clients make proper withdrawals
    Financial adviser Ron Lecours says he seeks to ease retirees' anxiety by starting with a review of their income and withdrawals. Clients who are withdrawing too much sometimes can "get by on a little bit less" and consider part-time work, Lecours says. He also advises minimizing or eliminating IRA withholding by making tax payments from another source. "The whole concept of the traditional retirement where you leave employment at age 62 and you sail off into the sunset and never look back is essentially gone now," he says. Financial Advisor online (11/19) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
Don't walk behind me; I may not lead. Don't walk in front of me; I may not follow. Just walk beside me and be my friend."
--Albert Camus,
French author, journalist and philosopher


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