Despite years of trying to improve the 401(k) system, American retirement policy has not managed to address the scary problems we have heard time and again: almost half of Americans do not have access to a retirement plan at work. And among those who do, millions have saved far too little for a secure retirement. In fact, the U.S. Government Accountability Office recently called for a comprehensive evaluation of the U.S. retirement system, and U.S. Sens. Todd Young (R-Ind.) a

2018 can be your year of financial serenity or continued financial horror. If your 2017 and previous years were full of financial despair and angst, I challenge you to try a new approach. It will not happen by accident; you must act with INTENTION. Engage a professional today or as soon as possible. Education is your best option for changing your financial position and I don't mean education in the sense of a formal education, rather educate yourself about how money works. Th

Help your clients use this tool strategically. Four in 10 Americans do not own a life insurance policy, according to LIMRA, even though this important tool can provide liquidity and help the policy owner’s heirs cover future expenses. Life insurance not only can supply necessary funds for a surviving spouse and children, but it also can help survivors pay estate taxes, or allow a surviving business partner or farm heir to buy out the business. “People most often think of lif

It’s tossed around routinely by financial professionals—but what does it really mean? I’ve certainly used the term “plan failure” more than a few times, which is why a recent blog post by retirement researcher Dirk Cotton caught my eye. In Three Degrees of Bad, Cotton separates out what he calls “three progressive levels of failure.” Those are: (1) loss of "market-funded" standard of living; (2) loss of standard of living below the household's "floor" income; and (3) bankrupt

Financial planning experts recommend the amount of money you’ll need to have accumulated is equivalent to 70 percent of your annual salary at the time you retire, for each year of living in retirement. For example, if you’re making $75,000 per year at age 65, and expect to live another 20 years past that in retirement, you’ll need: $75,000 x .7 x 20 = $1,050,000. Saving for retirement must become a priority for all Americans, lest they are comfortable burdening their offsprin

Retirement benefits—including employer contributions to pensions, 401(k)s and retiree health-care benefits—fell from 9.1 percent of worker pay in 2001 to 6.8 percent in 2015. Jul 19, 2017 (Bloomberg) --Americans are more worried about retirement, and they're getting less help saving for it. Employers cut their contributions to workers' retirements by a quarter from 2001 to 2015, according to a new report by the consulting firm Willis Towers Watson. The biggest driver: the dec

Annuities initially were developed by insurance companies to help protect people from outliving their money in retirement. As annuities have evolved, however, they’ve also been proven to be useful in addressing a number of other retirement and financial planning issues. “Insurance companies have done a great job responding to the changing needs of today’s consumers, allowing advisors to help their clients find the right tool for the job,” said Eric Henderson, senior vice pres