Most boomers have no Social Security strategy, survey finds | Report: Retirement savings critically low | Survey: Many boomers would cut retirement savings if taxes rise
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March 19, 2013
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Most boomers have no Social Security strategy, survey finds
Less than 20% of baby boomers have made decisions about claiming their Social Security benefits, according to a Securian Financial Group survey. Among the 82% of boomers who said they are not planning for Social Security, more than half expect the benefits to represent at least 40% of their income in retirement. (3/18)
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Industry Update
Report: Retirement savings critically low
According to recent data from the Employee Benefit Research Institute, 28% of Americans say they don't think they'll ever be able to retire comfortably. And 57% reported they have less than $25,000 in savings. With life spans increasing and the number of companies offering traditional pensions dwindling, retirement is reaching crisis level for many workers. The Wall Street Journal (3/19), InvestmentNews (free registration) (3/19)
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Survey: Many boomers would cut retirement savings if taxes rise
Tax deferral is a key consideration for about 75% of baby boomers in selecting a retirement-savings vehicle, and reductions of that incentive would make about 25% of boomers less likely to save, according to a survey by the Insured Retirement Institute. Higher income taxes would prompt more than half of middle-income baby boomers to cut back on their retirement savings, while 40% said they would do so if the Social Security payroll tax rises, the survey found. AdvisorOne (3/18)
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SEC provides new guidance on advisers' social media use
The Securities and Exchange Commission has offered new guidelines for financial advisers using social media that suggest compliance may not be as heavy a burden as many in the financial-services industry thought. Some interactive posts on social media platforms don't fall within the definitions of marketing or advertising and don't have to be filed with regulators, the SEC says. (3/18)
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Other News
Financial Literacy
How to get a handle on your financial profile
Knowing key financial data about yourself is one of the most empowering ways to ensure your financial stability. The five most important numbers to know, according to Mike Anderson of NerdWallet, are your credit score, tax bracket, rate of personal savings, student-loan debt and total net worth. U.S. News & World Report/My Money blog (3/18)
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Building Your Practice
Most advisers lack succession plans
About two-thirds of financial advisers have not developed a succession plan for their retirement, a survey by SEI indicates. Another 39% of those with a succession plan have not yet identified the person to whom their business will transfer. "Unless they have a dedicated effort to making sure they have the right clients and the right infrastructure, they are not going to have anything to sell," says John Anderson of SEI. InvestmentNews (free registration) (3/17)
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A guide to writing effective e-mails
Your e-mails will be more effective if you start by explaining what you want the recipients to do instead of including lengthy introductions, Geoffrey James writes. Provide brief supporting arguments and evidence for your viewpoints, and write subject lines that will grab your readers' attention. Inc. online (free registration)/Sales Source blog (3/15)
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The devil loves nothing better than the intolerance of reformers."
-- James Russell Lowell,
American poet
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