Wealth Management
Top stories summarized by our editors
8/14/2018

An analysis from the Federal Reserve Bank of New York says US exports could decline as tariffs increase US companies' costs and hinder their products' competitiveness.

8/14/2018

The number of college students age 35 and older was 2.2 million in 2015 and is projected to grow to 2.4 million by 2026, according to the National Center for Education Statistics. Going back to school later in life could mean a hit to retirement savings, and those doing so should avoid borrowing from a 401(k) to pay for it, says advisor Sean Moore of Smart College Funding.

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MarketWatch
8/14/2018

The pricing of qualified longevity annuity contracts is getting better as bond yields rise and insurers bring new products to the retirement market, writes former Treasury Department policy advisor Matt Carey. "If you're older than 45 but not too far into retirement, have average or above-average health and have between $250,000 and $5 million in retirement savings, a QLAC could be a good choice," he writes.

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Forbes
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Matt Carey, Treasury Department
8/14/2018

Allianz Life has made its annuity portfolio available on the digital Envestnet Insurance Exchange. Advisors can use the exchange to evaluate how an annuity product would affect a client's portfolio without having to load new software or enter client data manually, said Corey Walther of Allianz Life.

8/14/2018

Although professional athletes tend to make money faster than the average client, there are a number of similarities that can be drawn between them and other high-net-worth clients, writes Terry Sandvold. He discusses the need for budgeting, strategic spending and making disability part of the long-term-planning discussion.

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WealthManagement
8/14/2018

Guidance is needed on what qualifies as a hardship for casualty losses for the purpose of early 401(k) and 403(b) withdrawals, according to a letter written by AICPA Tax Executive Committee Chair Annette Nellen. Under the Tax Cuts and Jobs Act, these withdrawals only qualify if the individual lives in a federally declared disaster zone.

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AICPA, Annette Nellen
8/14/2018

Thirty-three percent of plan sponsors said getting plan participants ready financially for retirement was their top concern, according to a recent survey. Last year's version of the survey saw lowering plan costs as sponsors' No. 1 concern, cited by 32% of respondents.

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PlanAdviser online
8/14/2018

Retirees need to consider their health status and how it will affect longevity when choosing when to start drawing Social Security, writes Maurie Backman. She notes those with health troubles may do better to begin drawing benefits early, while those in excellent health could be comfortable holding off until age 70 to maximize their payout.

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The Motley Fool
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Maurie Backman
8/14/2018

A recent study based on data from the Consumer Bankruptcy Project showed the number of bankruptcies among Americans is on the rise, due in part to increased health costs, supporting adult children and reduced availability of pension funds. A number of advisors weigh in on how retirees can avoid bankruptcies.

8/14/2018

A coalition of state attorneys general from 16 states and the District of Columbia says the Securities and Exchange Commission's "best interest" rule does not require broker-dealers to abide by the same fiduciary standard as registered investment advisers, and the group could sue the federal government over it. "It's critical that this rule be strengthened to ensure that investors' wellbeing is the top priority," said a statement from New York Attorney General Barbara Underwood, who leads the coalition, which also includes attorneys general from California, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont, Washington and the District of Columbia.

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RIABiz