A new report shows so-called Peak 65 women are more than twice as likely than Peak 65 men to purchase an annuity if recommended by their financial advisor. Excuse us for asking, but why isn’t this substantial deviation piquing more advisors’ interest? According to a study out Tuesday from the Alliance...
A review of 401(k)s shows account balances that are emblematic of widening wealth inequality among older Americans, the Government Accountability Office said in a report Thursday to Congress. The account type, which is often championed as an important savings tool for the middle class, is utilized far more by those...
Martin Smith is nothing if not patient in his approach to building out a financial planning niche that focuses on capturing retirement plan business from companies that hold a Minority Business Enterprise certification. Smith, president of Wealthcare Financial Group in Peachtree City, Georgia, applies an old-school strategy that involves a...
Morgan Stanley is selling Gradifi Solutions, a student loan benefits provider, to workplace savings fintech Vestwell. ETrade Financial acquired Gradifi from First Republic Bank for $30 million in 2019, less than three months before Morgan Stanley bought ETrade for $13 billion. Terms of the transaction to Vestwell were not disclosed,...
Employers competing to fill empty positions with the most talented candidates at a time of historically low unemployment are turning to a once overlooked benefit: the 401(k) match. Workers value that perk more than cash, so much so that a dollar in 401(k) contributions is twice as effective at luring...
Retirement reality is really starting to bite Gen X. A recent survey from Prudential Financial revealed that America’s 65 million Generation Xers — those Americans born between 1965 and 1980 — are facing a slew of financial challenges just as they enter their final working years. Most notably, more than...
With Congress seeking to tamp down on ESG and the first 401(k) lawsuit over ESG having been filed, some employers are scared about the idea of including sustainable investment options in their retirement plans. More than 70% of retirement plan consultants and aggregators say that political uncertainty is a leading...
InvestmentNews columnist Ed Slott got a lot of people thinking about Roth IRA and Roth 401(k) strategies this week — and whether traditional tax-deferred saving should be anyone’s go-to in the current tax environment. In his column Monday, Slott urged advisors to be “sounding the alarm” about growing pretax balances...
President Joe Biden has nominated former Maryland Gov. Martin O’Malley as the next commissioner of the Social Security Administration. The agency is responsible for distributing Social Security to more than 70 million beneficiaries and commands a $1 trillion budget, according to Reuters, which reported O’Malley’s selection Wednesday. It has been...
A recent study conducted by BlackRock, the global money manager with $9.4 trillion in assets, has revealed a concerning trend among participants in U.S. retirement plans. Over the past two years, there has been a significant increase in pessimism regarding their ability to save for retirement. Economic anxiety is...