Our expert faculty are frequent contributors to consumer-based media as well as to more scholarly academic publications. Keep current with recent developments in the retirement income planning field and check out the latest articles from the thought leaders who are part of the The American College New York Life Center for Retirement Income.
It’s not often that taking the easy way out can be a wise move. But the easiest way to save for retirement--a target date fund--is a plug-and-play strategy that’s actually smart. A target date fund (TDF) is a compilation of many other funds that invest in stocks, bonds, and maybe a smattering of more esoteric things like real estate and commodities.
When you're retired and the biggest source of your income is the savings you've spent decades building up, you need to understand at least the basics of investing. Sadly, many retirees lack the knowledge they need to keep their investments thriving and producing sufficient income.
According to RICP’s 2017 Retirement Literacy Survey, 70 percent of people age 65 and older will need long-term care (LTC) at some point in their lives. And the 82 percent of respondents that feel they will not need LTC may not understand the devastating impact a critical illness can have on both their financial future and their family.
Unlike their younger counterparts, individuals nearing or in retirement don’t have the luxury of long time horizons in which to grow their nest eggs. They are at a point where developing a strategy to sustain their assets and draw retirement income is critical. However, many lack the knowledge to do so effectively.
The American College of Financial Services conducted an online survey containing 38 questions to assess retirement literacy among those near or in retirement. Respondents were between ages 60 and 75 with at least $100,000 in household assets, not including their primary residence.
On June 9, 2017, the financial services world changed forever (maybe), as more financial advisors than ever are now acting under a fiduciary standard of care. This news should have been bigger, but it was not.
New guidelines on fiduciary rights and responsibilities went into effect Friday, but the U.S. Department of Labor will continue to review the policy. That may put to rest for now an extended debate on the meaning of the term “fiduciary,” the responsibilities of investment professionals and the rights of consumers.
When we think about life expectancy, we usually consider it from birth, not from our current age, and that could be a costly mistake, because life expectancy factors heavily into our decision of when to claim Social Security benefits.
Leaving your job soon and rolling over a 401(k) into an IRA? Thinking about buying an annuity? About to call your money manager and allocate this year's Roth contribution? All of these transactions and more may be different next week, after new guidance from the U.S. Department of Labor is implemented.
A recent survey of over 1,300 Americans finds that almost 3 out of 4 people aged 60 to 75 failed to pass a quiz measuring financial literacy, and only 5% managed a grade of 80% or better. The poor performance suggests many Americans aren't making the most of their money in retirement.