“The banks shouldn’t be running casinos on the side,” said former Fed chairman Paul Volcker at the Hyman P. Minsky Conference in New York last week.
Most of the annuities now on the Charles Schwab and TD Ameritrade platforms are offered by mutual or foreign-owned life insurers. Lincoln Financial is the sole exception.
In MassMutual's new all-digital deferred income annuity, an adult child is the owner, and receives income when a parent (the annuitant) reaches age 91.
Should US retirees delay claiming Social Security until age 70, even if they have to spend savings until then? The Center for Retirement Research at Boston College proposes that strategy as a default option in retirement plans.
"It should be noncontroversial that we can’t afford any more innovation on Wall Street," says the author of several books on the financial system.
Depending on the rate one uses to discount future obligations, state and local government pension plans face a funding shortfall in the wide range from $1 trillion to $3 trillion.
In the Offering Circular for the CDO at the heart of the SEC lawsuit against Goldman Sachs, the investment bank disclaims any fiduciary responsibility toward other parties in the transaction.
Operating revenue reached a new high and the firm expanded its surplus by $2 billion, to $15 billion.
The new tool gives financial professionals access to a comprehensive library of education plans and materials, the company said.
Almost three out of four affluent baby boomers ages 51-64 are concerned about whether their assets will last throughout their lifetime.
Lifetime income options should be offered by all defined contribution plans, but they shouldn't be mandated elections for all participants, RIIA says.