| Social Security a Bigger Part of Boomers' Retirement Income Plans | Thirty-eight percent of middle-income Baby Boomers—those with a household income between $30,000 and $100,000 and less than $1 million in investable assets—expect Social Security will be their primary source of income in retirement, up from 30% before the financial crisis of 2008, according to a study by the Bankers Life Center for a Secure Retirement. Prior to the recession, 43% of middle-income Boomers planned on primarily relying on personal savings in retirement, compared to 34% now.Read more > | Older Workers Unable to Retire Cost $50,000 a Year | For each individual who cannot retire, the cost averages an extra $50,000 a year, representing the difference between the salary of an older worker and hiring a younger person, according to a Prudential analysis. The annual cost across a workforce is an additional 1.0% to 1.5% a year.Read more > | | Sponsored message from Natixis | Target Date. Sustainable Focus.
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Read more > | | Market Mirror | Tuesday, the Dow was down 6.72 points (0.03%) at 20,651.30, the NASDAQ decreased 14.15 points (0.24%) to 5,866.77, and the S&P 500 slipped 3.38 points (0.14%) to 2,353.78. The Russell 2000 increased 9.86 points (0.72%) to 1,376.94, and the Wilshire 5000 was virtually unchanged at 24,559.69.
On the NYSE, 3.1 billion shares traded with 1.6 advancing issues for every declining issue. On the NASDAQ, 3.0 billion shares changed hands, with a 1.3 to 1 ratio of advancers to decliners.
The price of the 10-year Treasury note increased 19/32, bringing its yield down to 2.300%. The price of the 30-year Treasury bond climbed 1 6/32, decreasing its yield to 2.935%.
| | Compliance | Court Asked to Compel Arbitration of Schwab Self-Dealing Suit | Attorneys have asked a court to compel arbitration of a class action Employee Retirement Income Security Act (ERISA) lawsuit filed against Charles Schwab Corporation and its retirement plan fiduciaries alleging fiduciary breaches and prohibited transactions. According to the motion, the fact that the plaintiff’s claims are brought pursuant to ERISA’s civil enforcement provisions does not in any way impede or limit the application of the arbitration provisions contained in the plan document.Read more > | | Ask the Experts | “We are a private tax-exempt health care organization
that sponsors a 403(b) plan. One of our new physicians used to work for the
state, and has a 457(b) plan balance. Can this physician roll her 457(b)
balance into the 403(b) plan?” Read more > | | Small Talk | If you have an old stash of vinyl records sitting around, it may be time to get their value assessed. A new study from MrGamez has found the most expensive record prices on the market today, judged on what they’ve sold for when auctioned off.Read more > | ON THIS DATE: In 1861, Fort Sumter was shelled by the Confederacy, starting America’s Civil War. In 1877, a catcher’s mask was used in a baseball game for the first time by James Alexander Tyng. In 1892, voters in Lockport, New York, became the first in the U.S. to use voting machines. In 1944, the U.S. Twentieth Air Force was activated to begin the strategic bombing of Japan. In 1945, U.S. President Franklin D. Roosevelt died in Warm Spring, Georgia. He died of a cerebral hemorrhage at the age of 63. Harry S. Truman became president. In 1955, the University of Michigan Polio Vaccine Evaluation Center announced that the polio vaccine of Dr. Jonas Salk was “safe, effective and potent.”
WEDNESDAY WISDOM: “Men, for the sake of getting a living, forget to live.”—Margaret Fuller, American journalist
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