Wealth management

“Over the past few years it’s [been] closing the plan, freezing the plan -- now, we’re actually seeing them trying to shed the liability,” Fidelity’s Laurie E. Vance said in Washington.

“Those with an income shortfall are far more likely to be low-income, low-asset households, and they spend down their liquid assets at a far faster rate than households that do not have an income shortfall,” says one researcher with the Employee Benefit Research Institute.

Even companies who have no interest in getting involved with a public health care exchange for active employees might help steer their pre-65 retirees toward the marketplace, experts with Fidelity Investments said Thursday.

The average U.S. balance rose 12% from 2011 to $77,300 as of Dec. 31, 2012, according to a report this month.

Those between the ages of 40 and 50 were the most likely (25%) to say they were “not confident” or “completely doubtful” in their ability to retire and maintain their current lifestyle.

More than half of U.S. Gen X and Gen Y consumers admit having little or no knowledge about investments and financial products, according to a recent LIMRA study.

The Financial Fitness Challenge is an event-driven program that provides unbiased, online, interactive instruction in personal finance and investing fundamentals. It is designed for all employees, regardless of age, education or income.

Most (91%) are confident in their ability to manage their personal finances, according to a recent survey by Allstate, even as more than 40% are living paycheck-to-paycheck.

Organizations including Berkshire Hathaway, BP Capital and Viacom all have leaders near the age of the man who decided he’s aging too rapidly to lead the Catholic Church. “It’s probably a good idea to reassess one’s ability to be in positions of power at that time,” says one expert.

More than eight in 10 married baby boomers (81.9%) report having retirement savings and 55.7% have gone through the process of calculating a retirement savings goal, compared with only 66.6% and 40.8%, respectively, for singles.

A new study finds that financial advisers struggle to engage investors who are retired or almost retired, and they are divided on how to generate sustainable income.

How many Gen X and Gen Y consumers are saving for retirement? Not nearly enough, according to LIMRA, an industry-funded research group.

Investors under the age of 45 account for one-third of all Americans with more than $100,000 in investable assets, up from 20% in 2010, according to Cogent Research.

“Being able to afford health care and the support I need in my old age,” had 26% of respondents “highly worried,” the most common response in a new survey from UBS Wealth Management Americas.

As Congress pushes the debt ceiling debate farther down the road, Americans’ personal finances are worse than ever. According to a new survey by the Personal Finance Employee Education Foundation, only 24% of respondents say they have “little financial stress.” That leaves 76% who would likely benefit from a financial education plan at work. According to PFEEF, a workplace financial fitness program can not only improve productivity, but also boost morale and company loyalty.

‘Financial planning’ and ‘retirement income’ are both snooze-inducing phrases for potential investors, according to Russell Investments. The firm recommends talking instead about sustainable ‘lifestyle design.’

According to HelloWallet, more than $70 billion a year is withdrawn from 401(k)-style retirement plans, most of it used to cover basic financial needs and money management.

George Castineiras, senior vice president of total retirement solutions at Prudential, says with 10,000 baby boomers turning 65 for every day for the next 16 years, it’s an exciting time to watch the “money in motion.”

“The consumer demand for income annuities has grown steadily during the past two years as consumers seek to generate a guaranteed stream of retirement income,” says Cathy Weatherford, IRI president and CEO.

The Employee Benefit Research Institute and the Investment Company Institute say more and more 401(k) plans are offering target date funds, and more participants are using them — but the adoption rate has moved at a slower pace.