Nearly two years ago, the Fifth Circuit Court of Appeals struck down the Department of Labor’s misguided fiduciary regulation. That momentous decision triggered a series of thoughtful, well-reasoned measures by lawmakers and regulators in Washington, D.C., and across the country. These ongoing actions are part of a nationwide movement to provide American consumers the protections they deserve … Continue reading "Best Interest Advances Will Protect America’s Consumers"
[A version of this article appeared on LinkedIn] It’s not surprising that we in the life insurance industry think a lot about financial security. But this week, as I gear up to speak at two events regarding women and financial security, I’ve been reviewing some surprising numbers about women, money, and confidence. Women have made … Continue reading "Women Are Controlling the Purse Strings—So Why Aren’t They Confident?"
What is your savings worth? Saving for retirement may seem simple: put money aside for later. Yet, how do you know you are on track? 401(k) benefit statements provide plan participants with their current account balance. According to Fidelity Investments, the average 401(k) balance at the end of 2019 was $112,300. For many, that may … Continue reading "SECURE Act Will Give Retirement Savers a Better Way to Gauge Their 401(k) Accounts"
According to the U.S. Department of Health and Human Services, 7 out of 10 people turning age 65 will need some type of long-term care service. Unfortunately, most people underestimate the likelihood of this need, and its potential cost. With an average length of care of three years, and an average annual cost between $50,000 … Continue reading "Hybrid Long-Term Care Policies: Meeting Consumers’ Needs Today and in the Future"
[Life Insurance 101 Series: This series features IMPACT posts that detail the breadth of the industry’s reach and benefits provided to consumers.] Americans are living longer and financial security through retirement is a big challenge for many. One proven way to face that challenge is by purchasing an annuity. The certainty this tool brings is … Continue reading "Annuities: Guaranteed Lifetime Income and More"
Today marks a big step toward making sure that consumers nationwide receive strong, harmonized protections when they receive financial guidance. The National Association of Insurance Commissioners (NAIC)—made up of each state’s head insurance regulator—virtually unanimously adopted a model regulation that puts consumers’ interests first. The NAIC’s Suitability in Annuity Transactions Model Regulation makes sure that … Continue reading "A Big Win for Retirement Savers at the NAIC"
Every day, 10,000 Americans turn 65 years old. For much of the 20th century, the 65th birthday meant retirement. But not in 2020, according to two recent articles. A CNBC.com story noted that a majority of workers (54%) said they expect to continue working after age 65, including 14% who never plan to retire. And a Wall Street Journal … Continue reading "Could The SECURE Act Enable Fewer People To Work Past Age 65?"