Illustrations to Offer a Meaningful Picture of Retirement Savings

Wouldn’t it be great if, in the future, 401(k) plan statements included an estimate of how much monthly income the account balance could produce in retirement? Good news – soon, all 401(k) statements will include this type of illustration. That’s due to a provision in the Setting Every Community Up for Retirement Enhancement (SECURE) Act, … Continue reading "Illustrations to Offer a Meaningful Picture of Retirement Savings"

Department of Labor Should Retain Access, Choices for Retirement Savers

Retirement savers have different needs when it comes to advice and guidance. So, it’s important that consumers have access and choice. Some people practice a buy-and-hold strategy, engaging financial professionals who earn  transaction-based commissions. Others seek and pay for ongoing advice and management services from fiduciary advisers. Retirement savers also seek to be treated fairly. … Continue reading "Department of Labor Should Retain Access, Choices for Retirement Savers"

Life Insurers: There For America

As the COVID-19 crisis in the United States stretches into its fifth month, many Americans are understandably concerned about their families’ health and financial well-being. From the earliest days of the COVID-19 pandemic, life insurers have been there #MeetingTheMoment for consumers, their employees and their communities. Life insurers pay out $2.1 billion every day, reinforcing … Continue reading "Life Insurers: There For America"

Fiduciary-Only Shuts Out Some Americans Saving for Retirement

The “fiduciary-only” voices are at it again – this time attacking the Labor Department for attempting to follow the law, and by doing so safeguard access for lower- and middle-income savers. With its 2016 fiduciary rule vacated by the Fifth Circuit Court of Appeals, Labor recently restored its original investment advice rule.  The Department’s goal … Continue reading "Fiduciary-Only Shuts Out Some Americans Saving for Retirement"

Automatic Enrollment 2.0

When employers began automatically enrolling employees into retirement plans, it was a retirement savings game changer. Plans that automatically enroll have seen upwards of 90% employee participation, compared with only 50% participation for plans with voluntary enrollment. Given automatic enrollment’s success in boosting retirement accounts, how can this effective tool be improved? Enter S.1431 – … Continue reading "Automatic Enrollment 2.0"