Our daily roundup of retirement news your clients may be thinking about.
The House cleared resolutions aimed at reversing the regulations that were issued by the previous administration to push states to establish their own retirement savings plans for private employees with no access to a 401(k) plan, according to this article on The Wall Street Journal. ”Let’s be honest about what this regulation is really about. It’s part of an assault on small-business retirement plans that began under the Obama administration,” says Rep. Tim Walberg, R-Mich., one of the lawmakers who sponsored the resolutions.
A report from the Senate Special Committee on Aging shows that many Americans have lost substantial amount of money to fraudulent schemes, according to this article from USA Today. On top of the fraud list is the IRS impersonation scam, in which a fraudster posing as an IRS representative call seniors and threaten to arrest them unless they pay their tax bill immediately. Based on a report from the MetLife Mature Market Institute, older adults lost at least $2.9 billion to financial exploitation in 2010.
A report from Bank of America Merrill Lynch and Age Wave shows that many people want to get Warren Buffett as personal financial adviser, according to this article from Money. However, most respondents claimed that they don't know the amount of savings that they should have before retiring. While they want to live long in retirement, their nest egg is just enough for a short retirement horizon, the study also found.
When faced with market uncertainty, clients should continue contributing to their qualified retirement plan, according to this article on MarketWatch. Investing is about what their money can do in the future, not today, says an expert. “Successful investing is about the amount of time in the market, not timing the market.”
One lawmakers who sponsored the resolutions said the regulations were an “assault on small business retirement plans.”
