The Securities and Exchange Commission's proposed disclosure rule for dark pools that trade bonds should demand that investors get more information about their transactions, SEC Investor Advocate Rick Fleming said in a letter to the SEC. With more information on how their orders are handled, investors could better decide where to send them, he said.
Divorce is on the rise for those 50 and older, leaving many in financial straits if they were married to someone they relied on to be a breadwinner. "The vast majority of older couples who divorce, even if they've both worked or are still employed, see their standard of living decline substantially," said Joslin Davis, president of the American Academy of Matrimonial Lawyers.
A new program in California will provide retirement savings accounts to some 7 million workers. The state program is for those who do not have access to employer-sponsored plans.
Many are beginning retirement while still paying off a mortgage; for most, paying off this debt is the right choice, experts say. "I would say 90% of the families that we are working with on a retirement plan choose to have their mortgages paid off prior to retirement," said Reid Abedeen of Safeguard Investment Group.
Lewis Braham explains how immediate annuities and trusts can be used to help families bear the costs of having a member with Alzheimer's.
More than 40 GOP senators have written to Treasury Secretary Jack Lew asking for the withdrawal of proposed estate tax changes that they say would make it costlier for families to transfer their businesses. In a separate letter, thousands of businesses and groups made a similar argument.
Modern estate planning should include provisions for digital assets, including digital currencies such as bitcoin, credit card points, and even music and video collections. It is important to provide heirs with access to password-protected accounts that otherwise they would be locked out of.
A review of tax returns can be a useful tool for advisers and consumers looking to assess and improve overall financial health, including beefing up retirement accounts.
Research by NerdWallet finds that young workers will likely have to save around 22% of their annual income throughout their career to afford retirement. This more than doubles the savings rate that many have suggested in the past.
Advisers who are late to incorporate technology risk client loss and difficulty reaching a younger, tech-savvy generation. "The wealth-management sector is being left behind in a world that is increasingly digital and increasingly about providing a world-class client experience," said Michael Spellacy of PricewaterhouseCoopers.
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