Parents of young children tend to have numerous demands on their limited income, writes Kevin McKinley. He suggests advisors can offer a valuable service by helping them prioritize their expenditures, from covering the basics to saving for retirement.
Retirement planning was relatively simple when pensions were common, but now a strategy is required, and too few baby boomers have one, writes Mark Huffman. Planning should include identifying sources of income, including Social Security, retirement accounts and part-time work.
Document spending during work years as a basis for calculating the amount needed during retirement, says certified financial planner Marnie Aznar. Then, adjust for how expenditures are likely to change upon retirement.
Gold bullion for immediate delivery has fallen the most since March 2, declining as much as 1.5%, as focus returns to riskier investments because Emmanuel Macron is expected to win the French presidential runoff. Hedge funds' positions on gold reached the highest level since November in the week that ended Tuesday, according to data from the Commodity Futures Trading Commission.
Many market participants have not developed unified, centralized solutions to the revised Markets in Financial Instruments Directive's requirement for trades to be reported within 60 seconds of execution, writes Richard Bentley of Ullink.
Congress' efforts to revise the US tax system should preserve incentives and tax treatment that encourage Americans to prepare for retirement, according to Cathy Weatherford, president and CEO of the Insured Retirement Institute. "[T]he importance of protecting and enhancing retirement savings has never been greater," she wrote in a letter to federal officials.
The Lifetime Income Disclosure Act would promote increased saving through its requirement for employers to provide estimates of their retirement-plan participants' future monthly income, says Lee Covington, senior vice president and general counsel of the Insured Retirement Institute. An IRI survey found that three-fourths of respondents would raise the amount they were saving for retirement 4 to 7 percentage points if they received such estimates.
Bank holding companies' annuity-sales income reached $3.22 billion last year, an increase of 2.3% from 2015, according to the Michael White Bank Annuity Fee Income Research Report. Banks' annuity sales could be on an upward trajectory, but that likely will depend on the regulatory environment that emerges from the uncertainty over the Labor Department's fiduciary rule, Michael White says.
The House and the Senate would jointly receive an annual update from the Government Accountability Office under the Fiscal State of the Nation Resolution. The presentation would cover such issues as Social Security and Medicare funding and the GAO's work toward auditing the federal government, writes Sheila Weinberg of Truth in Accounting.
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