New York City construction spending is predicted to hit a record $43.1 billion this year, up more than 25% compared with last year. The main driver is apartment and office construction, according to an industry group.
A bidder that lost out on a nearly $40 million contract to design and build a baggage system for Hartsfield-Jackson Atlanta International Airport because it didn't meet minority requirements is appealing the decision. The bidder says it tried to find qualified minority subcontractors but couldn't; city officials say it didn't try hard enough.
Most employer-sponsored retirement plans fail to meet savings needs over the long term, according to research by Voya Financial. Lack of participant engagement is a significant factor, with most people keeping the same allocation for a decade or more.
Independent advisers face a changing financial landscape, and their biggest problem is explaining to clients what they do and how their advice is better than that from other sources, experts say. Developing a pitch and clearly articulating value are key to attracting business.
Many baby boomers want to continue working after retirement but in a job that is personally rewarding beyond a paycheck. Choosing a retirement job early and networking to find the right opportunity are important.
The arguments in favor of including annuities in 401(k) plans are sound, but before that can happen, employers and workers will have to be educated about the benefits of annuities, writes John Rekenthaler, vice president of research at Morningstar. "[I]t will take a great deal more public discussion," he writes.
The US Labor Department is close to releasing the first round of answers to FAQ about compliance with its fiduciary rule, said Assistant Labor Secretary Phyllis Borzi. The rule is set to go into effect in April, but it continues to face a number of hurdles, including lawsuits.
Dividend-paying stocks can be a good long-term investment for retirement, but experts say you must understand what you are investing in, not focus solely on the dividend yield and not expect quick results.
The transfer of pension liabilities to annuities is playing a major part in the expansion of retail sales by major insurance companies, according to a report from Cerulli Associates. Plan sponsors are embracing the option because lengthening life spans and low investment returns are making it difficult for them to meet pension liabilities, the report said.
The best way advisors can differentiate themselves from competitors is by offering services that go beyond investment management, experts say. Those services could include estate planning, career and family planning, tax advice and legal services since "nothing is off the table," said Bernie Clark, executive vice president and head of Schwab Advisor Services.
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