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.
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.
A few years back a client unexpectedly stated during a meeting, “I can’t plan. Things keep changing.” Almost instinctively I answered, “Because things keep changing you must plan.” This idea has inspired me ever since. If we think about it, if nothing changed there would be little or no need for a plan.
Consumer studies continue to identify health care and long-term care costs as top concerns. Advisors helping clients prepare for retirement need to be able to help clients address these issues. In these videos, Jamie Hopkins and Kishon Pinckney interview Peter Stahl, one of the leading speakers on this subject.
People who work with an advisor can build a more solid financial plan, but it doesn’t necessarily mean that they know more about retirement. Few Americans know the basics of retirement, according to The American College of Financial Services, displaying a “worrying” understanding of one of the most important financial events of their lives.