A study by Ameriprise Financial finds that 31% of couples argue about finances monthly or more but that most couples feel good about their personal-finance communication. Major purchases, children and spending habits are common areas of friction.
Berkshire Hathaway, General Motors and Alphabet are considered solid stock picks for investors in their 70s who want growth without too much risk.
The rule of thumb that calls for life insurance to pay seven to 10 times annual income could leave your family underinsured, experts say. "People undervalue themselves all the time," said Thomas O'Connell, president of International Financial Advisory Group.
Many wealthy clients want advisers who assist rather than take the lead on investment decisions, and a large segment wants to control their own investments, a recent survey found. Advisers can market to these groups by providing educational materials online and through partners, offering fee-based consulting on short-term projects and using a robo platform that incorporates professional advice.
Over the next four years, complying with the US Labor Department's fiduciary rule will cost brokerages about $11 billion in revenue, a study by A.T. Kearney found. Independent broker-dealers will be hit hardest, with $4 billion in lost revenue, according to the study.
A survey by TIAA found that 27% of individuals with incomes above $100,000 anticipate receiving income from annuities during retirement, compared to only 10% among those with incomes below $50,000.
A bill smoothing the path for 401(k) plan sponsors interested in offering annuity options won the unanimous approval of the Senate Finance Committee. The proposed legislation created a safe harbor that protects plan sponsors from lawsuits when they select annuity providers that are supervised by state regulators.
Now is the time to begin preparing for tax season. "People who itemize deductions should also make their fourth-quarter state and local quarterly tax payments in December rather than January to benefit from the deduction this year," says CPA Geri Bowman.
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