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February 20, 2020

Ask the Wizard: Can I Retire?

By Kerry Pechter

We tested online retirement readiness calculators at Vanguard, Fidelity, Schwab, New York Life, Pacific Life and the Alliance for Lifetime Income to look for best practices that might inform the creation of a standard "lifetime income disclosure" for 401(k) plans.  

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Annuity sales reach 12-year high in 2019

Total fixed sales in 2019 were $139.8 billion, up 5% from 2018. That broke the previous record of $133.5 billion despite a weak fourth quarter when sales dropped 18% to $30.8 billion.

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Mike Bloomberg’s Retirement Security Plans

Bloomberg favors a public-option national workplace savings program, modeled on the federal Thrift Savings Plan. Its government match would be paid for with 'a reduction in the tax break for high-income retirement plan contributions.'

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Once scorned, FIAs are now embraced: Cerulli

'FIAs should not be harmed greatly by Fed rate cuts, and if markets become volatile and or bearish, fixed annuities will once again serve as safe havens for risk-averse investors,' a Cerulli report says.

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NAIC approves revised “best interest” rule for annuities

The revisions clarify that all recommendations by agents and insurers must be in the best interest of the consumer.

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