Anecdotal Evidence
Infrastructure renewal is long overdue in the US. We can come up with the money. But we don't currently have the institutions or the processes that will be needed...
Of Politics and the Pension-Saving ‘Butch Lewis Act’
If you empathize with retired truckers, coal miners and their unions, you'll love the American Rescue Act's $86 billion provision for patching up their underfunded pensions. Otherwise you might...
Stimulus Money and Mobius Strips
Our financial system doesn't crash because the banks accommodate the Treasury's liquidity needs and the Fed accommodates the banks' liquidity needs. It works kind of like a Mobius strip.
‘Bermuda Triangle’ Deal for Principal Financial?
Principal Financial Group, Elliott Investment Management, and Prosperity Life (majority owned by Elliott) may be headed for the same type of 'capital liberating' reinsurance deal that so many other...
The Southwest Book Trader Contemplates Retirement
George Hassan, owner of Southwest Book Trader in Durango, Colorado, told me about his confrontation with Hunter S. Thompson, and about his bouts of CRS and CSS.
Who Stormed the Capitol? Future Retirees
Everyone at the Capitol on Jan. 6 will be a retiree. To understand their anger, and its implications, I attended a Brookings Institution webcast this week on 'rage and...
Groundhog Day (Again) in D.C.
Last Tuesday was Groundhog Day. The event reminded me of the Bill Murray movie, which reminded me of Washington, D.C., where our legislators seem happy to take the same...
Why Sammons MYGA Sales Spiked in 2020
'No one predicted the pandemic, but when spreads gapped, we had an opportunity get some attractive yields. So we saw a monstrous increase in sales of fixed multi-year guaranteed...
Building a Bridge to Social Security
Middle-class people who retire before age 70 should spend 401(k) assets first and delay taking Social Security, says a leading retirement income expert. In a new research paper, she...
Making Peace with the Tax Man
I’ve adopted a few rationalizations that make it tolerable, if not exactly sweet, to send large checks to Uncle Sam each quarter.
Can Annuities Slow the Cash-Drain from 401(k)s?
The Defined Contribution Institutional Investors Association held its annual Academic Forum virtually this week. The ongoing dilemma for this organization of asset managers and others is: How to keep...
The AAA’s Panel on the SECURE Act
The American Academy of Actuaries hosted a webinar on the implications of the SECURE Act last week. As one of the panelists, I gave a presentation on the Act's...
Biden’s Retirement Policy
Biden has made strong promises about fixing Social Security, strengthening labor unions, and helping to finance a green economy. Will he be able to keep those promises? Does he...
Nationwide wants five pieces of the in-plan annuity market
Nationwide, the 10th-largest annuity issuer in the US and a provider of about 34,500 retirement plans, is launching a cluster of in-plan annuities. RIJ talks with Eric Stevenson, president...
Jim Otar’s Swan Song on Retirement Income
The famed Canadian adviser-of-advisers and author, now retired, has released his latest and last book, 'Advanced Retirement Income Planning.' It's a concise version of his magnum opus, 'Unveiling the...
Long Guns as Leading Indicators
In past election periods, when I’ve canvassed door-to-door, some people have told me they won’t bother to vote because politicians are all alike. But they aren’t.
Two Cheers for DOL’s Lifetime Income Disclosure
The Department of Labor's 'interim final rule' on disclosure of estimated lifetime income from 401(k) balances is welcome, but it lacks a critical feature. Public comments might improve it.
Is a P.E.P. Rally About to Start?
Willis Towers Watson and Aon both suggested in letters to the Labor Department that they may create defined contribution plans (Pooled Employer Plans, or PEPs) that many employers and...
‘Capital Arbitrage’ Helped PE-Led Insurers: Study
From 2009 to 2014, when private-equity firms bought life insurers, they exploited a capital-saving regulatory ruling to lucrative advantage.
How MMT Became Clear To Me
In colonial Virginia, the law required the burgesses to set the incoming tax receipts on fire. That taught me a key lesson about how our money works today. ...