Wealth management

The Insured Retirement Institute Friday responded to the Federal Insurance Office’s request for comment on how to modernize insurance regulation in the U.S., saying that the nation’s insurance regulatory system needs to be modernized — and insurance products, most notably annuities and other insured retirement income products, need to be made available to underserved populations.

The 11th quarterly Allstate-National Journal Heartland Monitor Poll found that near-retiree baby boomers have pushed back initial plans to retire at age 60, to 66. Additionally, 68% of baby boomers expect to work in some form after retirement, the survey of 1,200 Americans found. Only 11% of current retirees currently work.

Against the backdrop of public policy debates on the gap between rich and poor, a new survey of affluent Americans from Wells Fargo & Company shows that many of the affluent are feeling some of the same deep insecurity felt by middle-income Americans about their ability to retire in comfort.

Americans' trademark optimism is intact, at least in regard to retirement, despite the economic turbulence that is reportedly forcing many people to work longer and make do with less. In fact, many retirees found only one downside.

Not only are older American workers (age 50 and over) expecting to work longer, but many now say they expect to never retire, according to the nonpartisan Employee Benefit Research Institute. Data suggest the trend may be tied to the recent economic recession.

As the effects of the recent financial crisis continue to spread across the globe, financial stress is an issue for both women and men.

Traditionally, 401(k) investment menus have consisted of core asset classes such as U.S. stocks and investment-grade bonds. However, defined benefit plans have relied on a much broader range of asset classes and have historically outperformed defined contribution plans, says Bill McDermott, head of defined contribution services at Goldman Sachs Asset Management.

Retirement planning almost always starts with one number: A guesstimate of the percentage of pre-retirement income you're expected to need after you retire. That's called the "replacement rate" and is often pegged by industry experts at around 80% of a household's earnings.

We all talk about it. We all mean to do it. But redesigning your retirement plan with the needs of women and minorities as a priority is something that takes things most of us just do not have in our quiver of resources - time, money for the match or employer contribution, staff and the data to know what the issue really is for your population so you can make a difference.

Retirement plans collectively - but unwillingly - hold billions of dollars that plan sponsors have unsuccessfully tried to distribute to former participants.

Just under 50% of Americans surveyed by Fidelity Investments, regardless of age, say they are conservative when it comes to retirement savings, the company found in a study.

Two Rhode Island men were charged last week with conspiring to steal the identities of elderly and terminally-ill people to set up investments that reaped more than $25 million in death benefits from insurance companies and bond issuers.

Living more frugally and paying off debt has paid off for one in five retirees — but fewer are looking out to the future to estimate how long their assets will last in retirement.

When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement because of worries over money, according to a new survey.

While the number of Americans who claim to be preparing financially for retirement has remained relatively steady during the past 12 months, employees in many of the nation's largest metropolitan areas report feeling significantly less confident than they did a year ago, according to a retirement readiness index released today by Ameriprise Financial. In its second year, they examine the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement, and also track national and local retirement trends over time.

American workers are more worried about keeping up with monthly expenses than saving for retirement, reveals a recent survey. Keeping up with monthly expenses was the biggest financial worry, cited by 21% of those surveyed, followed by saving enough for retirement, which was cited by 18% of employees as their biggest financial concern.

Advisers take note: It’s not a company’s size but rather the demographic makeup of its workforce that influences whether or not it sponsors a retirement plan.

Like many middle-class American baby boomers, Linda Carmona-Sanchez is anxious about slipping into poverty and says whatever dreams she once had about retirement in her "golden years" have turned into nightmares.

Seventy-five percent of Americans have never had a conversation about long-term care with loved ones. In the shadow of the possible demise of the CLASS program, this is even more pertinent to employees who may have retirement accounts, but not a backup for immediate long-term care assistance.

Be they young or be they old, people across America are worried about their financial prospects in retirement and the economic direction of the nation, a survey of Gen X, Gen Y and baby boomers by The Guardian Life Insurance found.