On May 23, the U.S. House of Representatives overwhelmingly passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, 417-3. The bipartisan landslide vote was not surprising. SECURE has attracted supporters from across the political spectrum because of all the good it will do for Americans’ financial security. What is disappointing is that in the nearly six months since the House vote, the Senate still hasn’t voted on SECURE. To that end, the American Council of Life Insurers led an initiative for SECURE supporters to sign a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck … Continue reading "91 Business & Community Leaders Call on Senate to Pass SECURE Act"
(A version of this article originally appeared in USA Today for Mediaplanet’s Financial Planning and Insurance Campaign.) Here’s something I’ll bet you didn’t know: The oldest millennials are celebrating their 20th anniversary in the workforce this year. Hard to believe, right? But it’s true. The millennial generation—widely defined as people born between 1981 and 1996—has grown up in a flash. An 18-year-old high school graduate in 1999 who didn’t go to college has been in the workforce for two decades. Indeed, millennials are already the largest generation in the U.S. labor force. As they face big questions over starting families, housing and career advancement, … Continue reading "Life Insurers Help Millennials Through Every Stage of Life"
As previously discussed, the United States is in a low interest rate environment. Low interest rates negatively impact people saving for retirement, including those who invest in fixed-return assets (assets that pay people a set interest rate). They can have a particularly severe impact on retirees and those nearing retirement. But how much do a few percentage points really matter? Consider two simple examples: 1) A 50-year-old invests $100,000 in a fixed-return asset that pays 2.5%, compounded annually. Putting aside taxes, 10 years later she’ll have $128,009. If the investment pays 5.0%, she would have about $162,889. If it pays … Continue reading "What’s the Difference of a Few Percentage Points for Retirement Savers?"
Tonight, millions of children across America will dress up and go trick-or-treating for Halloween. In the nation’s capital, plenty of excited kids will wear the uniforms of the newly crowned World Series champion Washington Nationals. And adults will throw open their doors and recognize the effort. Perhaps these canvassers have learned something from supporters of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Since May, we’ve gone “door-to-door” on Capitol Hill to ask members of the U.S. Senate to pass SECURE. With a broad coalition of SECURE advocates, we have representatives of many walks of life. We’ve got … Continue reading "Retirement Savers at the Door, Senate Should Pass the SECURE Act"
Fall is in the air in our nation’s capital, and the winds of change behind a bipartisan landmark retirement bill continue to gust up. Last week, a group of seven U.S. senators, led by Senator Tim Scott of South Carolina, sent a letter to Senate Majority Leader Mitch McConnell of Kentucky. The letter urged the Senate to immediately take up the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Senators Susan Collins of Maine, Joni Ernst of Iowa, Cory Gardner of Colorado, Martha McSally of Arizona, Rob Portman of Ohio, and Thom Tillis of North Carolina all co-signed the letter. Most of … Continue reading "Sen. Tim Scott Leads Effort for SECURE Act"
Our industry’s agents are there for American families when they need it most. They provide the reassurance to families that things are going to be okay financially in times of loss of a loved one. They help workers seeking comfort and security in retirement. They guide businesses so they can take care of their employees. They also have an ear towards the real challenges facing American families today. I was honored to sit down with Jill Judd, a State Farm agent and current President of the National Association of Insurance and Financial Advisors (NAIFA). Jill does remarkable work with families, … Continue reading "What I Learned from Jill Judd, Insurance Agent Empowering Women"
You might be surprised to know that 73% of working women are engaged in managing their long-term finances, according to research initiated by the American Council of Life Insurers. This is separate from things like budgeting for groceries or registering for kids’ sports teams, turning the outdated stereotype that women focus only on household budgets on its head. Women are active in making decisions about investments, insurance and other matters. This is great news! Women live longer than men and are likely to need more money in retirement. The more involved women can be in their long-term financial planning, the … Continue reading "Here’s a Question Every Woman Leader Should Be Asking…"