Health care is expected to cost couples hundreds of thousands of dollars during retirement, making it one of the most difficult expenses to manage. Most Americans neglect long-term-care coverage, even though this service can cost tens of thousands of dollars annually.
Forty-eight percent of people with a 401(k) or similar retirement plan were "not confident" or only "slightly confident" that they could make proper investment choices, according to a report from the Federal Reserve.
Balancing retirement planning with other financial objectives can be a challenge. Making the most of employer matches and paying down high-interest debt are important, writes Abby Hayes. In general, saving for retirement must be prioritized over saving for children's college tuition, she writes.
Financial advisers should encourage prospects to share their stories, which are likely to include the reason they're looking for financial advice, writes Daniel Finley, president of Advisor Solutions. This is one of five strategies he recommends for establishing a quick connection with potential clients.
FPA PlannerSearch, the search site that helps consumers find certified financial planners, now has a design that highlights FPA members' blog posts and social media activity, among other new features. "It's going to allow the consumer to have a more interactive relationship and raise the profile of the planner," FPA President Pamela Sandy said.
Slowing down and giving full attention to a conversation or situation -- a practice known as mindfulness -- can improve client relationships, writes Claudio Pannunzio, president of i-Impact Group. He offers several resources for and approaches to practicing mindfulness.
Officials working on the fiduciary rule in recent years found support where they did not expect it, Assistant Labor Secretary Phyllis Borzi says. "Wherever I would go, people would come up to me, wearing name tags of companies that were wildly opposed to what we were doing, and they would say, 'You go, girl,' " Borzi said. "And that kept us going."
A Pentegra Retirement Services survey of retirees without pensions found that 63% think young workers should start saving earlier, while 57% encouraged young people to increase their savings during their working years.
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