October 22, 2021
IRI Retirement Income SmartBrief
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The largest cost-of-living adjustment to Social Security benefits since 1982 should help offset inflation in basic expenses, but it will not keep pace with rising health care costs, says Frank O'Connor, the Insured Retirement Institute's vice president of research and outreach. "Careful retirement planning that includes additional protected lifetime income is vital to ensure retirees can manage these costs," O'Connor says.
Full Story: Financial Regulation News (10/19) 
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Retirement Income Roundup
BlackRock has created annuities designed to be held within retirement plans, and savers can expect to see more 401(k) plans offer annuity options next year, said Paul Richman, chief government and political affairs officer at the Insured Retirement Institute. "As plans include more annuities as options, and participants get educated, they'll see the benefits of it," said Richman.
Full Story: CNBC (10/15) 
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Nationwide Insurance and Capital Group have incorporated a fixed-indexed annuity with a guaranteed lifetime withdrawal benefit in a new target-date fund series that will be available in defined-contribution plans. The NCIT American Funds Lifetime Income Builder Target Date Series "is financially engineered to deliver a total income of 6% at the projected retirement start date," Nationwide said.
Full Story: InvestmentNews (tiered subscription model) (10/20) 
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The tax implications of annuities can be confusing, even to seasoned professionals. This article answers 14 important annuity tax and financial planning questions.
Full Story: ThinkAdvisor (free registration) (10/18) 
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Financial advisors can play a key role in helping clients maximize Social Security benefits. Advisors should become well-versed in Social Security rules, help clients through the claiming process and coordinate the benefits with clients' other sources of retirement income, experts say.
Full Story: Financial Advisor (10/11) 
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Surveys show inflation has become a top concern for retirees, as they are particularly sensitive to rising prices. Advisors can ease clients' concerns by offering a long-term perspective and may want to recommend they begin with a conservative withdrawal strategy.
Full Story: WealthManagement (10/13) 
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Washington Update
The Securities and Exchange Commission is focused on enforcing Regulation Best Interest as written rather than trying to overhaul it, SEC Chair Gary Gensler said during a panel discussion at the New York University School of Law. "We're going to do what we can to basically get the best out of best interest," Gensler said, while also pointing out regulations may need to be updated to handle digital engagement practices.
Full Story: Financial Planning (10/19) 
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Proposals in Congress take aim at large IRAs with provisions that would bar additional contributions or implement required minimum distributions for savers who exceed certain thresholds. Advisors should communicate with clients ahead of time about planning ideas.
Full Story: InvestmentNews (tiered subscription model) (10/12) 
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    Your Practice
    Wealth-management firms must go further than a written cybersecurity plan to meet regulatory requirements, writes Sid Yenamandra, founder and CEO of Entreda. Yenamandra lays out a three-step process for firms that entails a comprehensive risk audit and a holistic risk mitigation plan.
    Full Story: WealthManagement (10/14) 
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    Financial advisors should focus on adding the right clients rather than adding as many clients as possible, say two Carson Group executives. They avoid people who refuse to delegate financial decisions or who treat advisors' employees poorly, they note.
    Full Story: ThinkAdvisor (free registration) (10/15) 
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    IRI Updates
    This report provides important statistics regarding the retirement savings behaviors, retirement preparation steps, retirement expectations and retirement investment preferences of older American workers age 40-73. Read it here.
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    The Insured Retirement Institute's latest edition of "The Long View" features American Equity Investment Life Holding Company CEO and President Anant Bhalla, who focuses on keeping promises made to customers, advancing their interests and fostering positive societal change. Read it here.
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