Mr. Obama has ordered the creation (on a pilot basis) of a "myRA" program, bringing closer to fruition a multi-year effort by liberal policymakers to expand access to workplace retirement savings plans. The illustration is of myRA's cousin VERA.
'Many of the decisions presented here are beyond the skills of most pre-retirees and retirees,' writes the author, a research scholar at the Stanford Center on Longevity. 'They’re going to need help.'
Bond mavens, check this out. A new SEC report describes how most of the $54-trillion dollar U.S. credit market survived last spring's financial crisis. It covers securitized 'leveraged loans,' which provide high-octane fuel for fixed indexed annuity issuers.
'Insurers can't remain wedded to product sales, which are becoming commoditized in a future that trends toward financial advice,' says industry veteran Michelle Richter, who just launched Fiduciary Insurance Services, LLC.
The shortcomings of the voluntary retirement savings system in the U.S. should no longer be ignored, writes our guest columnist, the co-founder, president and CEO of Convergent Retirement Plan Solutions LLC, a participant training provider.
"After more than five years, QE has arguably entrenched expectations for continued low or even negative real interest rates – acting more like addictive painkillers than powerful antibiotics," writes this columnist, the former chairman of Morgan Stanley Asia.
In two surveys, Cogent Reports (formerly Cogent Research), a unit of Market Strategies International since last May, asked plan advisors and investors to name the most familiar DC providers and rollover destinations, respectively.
Protesters have argued that people should be able to decide what happens to their salaries, and that any supplementary pension payment should be voluntary, IPE.com reported.
Brief or late-breaking items from: T. Rowe Price, MassMutual and TD Ameritrade.
It's reassuring to know that airline pilots like to think ahead, rather than wait for accidents (financial or flight-related) to happen.
"We are undoubtedly living with many delusions that we do not even realize"--Nate Silver, in The Signal and the Noise (2012).