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November 13, 2012

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Financial and wealth management news for the retirement community

Top News

You can boost Social Security benefits after claiming them early
Social Security recipients who claim benefits early have only one year to change their minds, repay the benefits and hold out for larger payments later. But early claimers can still boost future benefits by suspending them once they turn 66, Mary Beth Franklin writes. InvestmentNews/Retirement 2.0 blog (free registration) (11/12)

Industry Update

Advisers adapt investment strategies amid uncertainty
Financial advisers are working to devise investment strategies that will manage the risks associated with the looming "fiscal cliff," high domestic and foreign debt, and other challenges. Retiring baby boomers should look beyond bonds and consider higher-yielding investments such as infrastructure and emerging-market debt, says Michael Abelson of Genworth Financial Wealth Management. The Wall Street Journal (11/12)

Wealthy U.S. investors accelerate asset sales
Many high-net-worth individuals are selling assets amid fears of a substantial increase in the capital-gains tax on Jan. 1, wealth advisers say. Their selling is expected to have a disproportionate effect on U.S. financial markets because America's richest 1% control more than half of U.S. stocks. CNBC (11/12)

Measuring the impact of financial planning on retirement income
A Morningstar research paper concludes that retirees can boost their income by 29% if they employ effective financial-planning strategies, Michael Kitces writes. The paper examines the income impact of five strategies, including "total wealth asset allocation" and "dynamic withdrawal." The paper also found that advisers charging a 1% annual management fee "have a huge net positive effect on generating retirement income," Kitces writes. Nerd's Eye View blog (11/12)

Commentary: Investing early is key for retirement
Most Americans start worrying too late about retirement, when they should be accumulating money starting in their 20s through a simple system of saving more and avoiding frequent trades, writes Mitch Tuchman of MarketRiders. Online investing could help more young people save, he writes. MarketWatch/The Trading Deck blog (11/12)

Other News

Survey: Boomers are counting on Social Security, but have doubts
OnWallStreet.com (11/12)

Q-and-A: The problem of corporate pension debt
The Wall Street Journal (11/12)

Financial Literacy

Opinion: Make banks pay for financial education
Banks have been mired in scandals that include excessive fees, tax evasion and manipulation of the London Interbank Offered Rate. John Pelletier of the Center for Financial Literacy at Champlain College offers an idea he takes from the massive tobacco settlement of the 1990s: Make banks convicted of wrongdoing pay to set up financial-literacy training for the public. MarketWatch (11/12)

On the Economy

Low-spending boomers dampen effects of Fed policies
The Federal Reserve's efforts to spur the economy are being thwarted by baby boomers, who are spending conservatively as they face lower home values and the prospect of a leaner retirement, Fed officials say. Bloomberg Businessweek (11/12)

Building Your Practice

Forgoing a succession plan can drain a firm's value
Advisory-firm owners who don't have a succession plan in place -- and that is two-thirds of them -- may see their practices lose value as they near retirement. The Alliance for RIAs calls the situation an "annuity trap." Financial-Planning.com (11/12)

SmartQuote

The one permanent emotion of the inferior man is fear -- fear of the unknown, the complex, the inexplicable. What he wants above everything else is safety."

--H.L. Mencken,
American journalist and essayist

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 Benefits Research Institute ICI Education Foundation Jump$tart Coalition for Personal Financial Literacy Society for Financial Education and Professional Development	ASPIRA Consumer Federation of America 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: Monday, November 12, 2012 Friday, November 09, 2012 Thursday, November 08, 2012 Wednesday, November 07, 2012 Tuesday, November 06, 2012			Lead Editor: Ashley Fletcher Frampton Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004