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 Center for Retirement Income.
The scary part of retirement is not knowing whether your savings will last throughout your golden years. In fact, for many seniors, the fear of running out of money trumps that of actual death. That's why it pays to consider an annuity in the course of your financial planning for retirement.
Almost 75% of Americans in retirement age failed a retirement literacy quiz, according to the American College of Financial Services, which interviewed 1,200 Americans between 60 and 75 who had at least $100,000 in household assets. Less than 1% earned an A and only 5% scored a B.
While traditional IRAs were first introduced in the mid-1970s, the Roth IRA made its debut in 1998, courtesy of the Taxpayer Relief Act of 1997. In those days, the contribution limit for both types of IRAs was a modest $2,000 a year, though it gradually increased over the past 20 years.
Despite wanting and needing more guaranteed income in retirement, many Americans are hesitant to purchase an annuity to provide that income. Some of this hesitancy is due to misconceptions around the products and how they can best be used to support a secure retirement.
Many Americans who are contemplating retirement look back to the days when their parents or grandparents received lifetime incomes from their employers. For them, employer pensions continued for the lives of both husband and wife, and the monthly check was often adjusted upward to reflect the cost of living.
Don’t want to be a pauper in your old age? Consider opening a Roth IRA. While you don’t get immediate tax gratification as you do in other types of retirement accounts, you end up with tax-free growth and will never have to pay any taxes if you follow the rules.
While many financial experts see the value of lifetime income in retirement planning, annuities remain a misunderstood financial product among consumers who are looking for greater security.
Access to a 401(k) plan is a boon for employees because this retirement vehicle affords the opportunity to make substantial annual contributions toward retirement. For 2019, the 401(k) limit for employee salary deferrals is $19,000, up from $18,500 in 2018.
Stressing the importance of retirement income education to today's financial advisers, Mr. Nichols said the college is "doubling down" on the RICP designation despite the departure of its two biggest champions.
The New York Life Center for Retirement Income has a change in leadership. The new Director of the Center is Steve Parrish, JD, RICP®, ChFC®, CLU®, RHU®, AEP®. Steve brings over 40 years of experience in financial services.
