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| Is Census Bureau Data Shorting Retirement Wealth? | |
| A recent issue brief from the Center for Retirement Research at Boston College (CRR) asks if retirement income flow data captured by the Census Bureau’s Current Population Survey (CPS) understates retirees’ actual wealth. The analysis compares income figures in the CPS with those reported to the Internal Revenue Service and the U.S. Federal Reserve, looking closely at households with retired heads age 65 to 84. According to CRR researchers, all the comparisons confirm that the CPS dramatically underreports total retirement wealth, especially when it comes to expected income from 401(k)s and individual retirement accounts (IRAs) for those at higher income levels.Read more > | |
| From the Magazine | |
| Summaries of the latest from Washington and the courts—what’s coming, what’s contemplated and what’s critical to plan sponsors.Read more > | |
| Products, Deals & People | |
| Legal & General Investment Management America (LGIMA), a Chicago-based investment adviser, introduced the new U.S. index fund management business to build on capabilities and management strategies provided to U.S. pension and institutional market clients. The firm has also expanded its core fixed-income and liability-driven investing offerings as part of the move.Read more > | |
| Economic Events | |
| The U.S. Census Bureau of the Department of Commerce announced that construction spending during October was estimated at a seasonally adjusted annual rate of $971.0 billion, 1.1% above the revised September estimate of $960.3 billion. The October figure is 3.3% above the October 2013 estimate of $939.9 billion. | |
| Market Mirror | |
Tuesday, the Dow was up 102.75 points (0.58%) at 17,879.55, the NASDAQ increased 28.46 points (0.60%) to 4,755.81, and the S&P 500 closed 13.11 points (0.64%) higher at 2,066.55. The Russell 2000 climbed 14.40 points (1.25%) to 1,168.45, and the Wilshire 5000 gained 142.22 points (0.66%) to finish at 21,665.19. On the NYSE, 3.2 billion shares traded, with a near 2 to 1 lead for advancers. On the NASDAQ, 2.8 billion shares changed hands, with advancing issues outnumbering declining issue more than 2 to 1. The price of the 10-year Treasury note was down 16/32, with its yield up to 2.292%. The price of the 30-year Treasury bond decreased 31/32, increasing its yield to 3.013%. | |
| Compliance | |
| IRS Updates Information About Plan Examinations | |
| Two updated publications from the Internal Revenue Service (IRS) discuss the employee plans examination process and appeal procedures. The IRS has updated Publication 1-EP, “Understanding the Employee Plans Examination Process,” and Publication 1020, “Appeal Procedures Employee Plans Examinations.” In “Understanding the Employee Plans Examination Process,” the agency discusses how retirement plans may be selected for examination and what areas may be reviewed.Read more > | |
| Ask the Experts | |
| Ask the Experts – Deferring 100% of Paycheck | |
| “I work at a museum, and one of our C-Suite employees realized she had not made salary deferrals to either our 403(b) plan or our 457(b) plan. Thus, she wishes to defer all of her pay to both plans so she will reach the annual limit for each plan. After mandatory deductions, she does earn enough to reach the deferral limits in both plans. Can she indeed defer 100% of pay less mandatory deductions as she desires to do?”Read more > | |
| Small Talk | |
| Thirty-four percent of individuals older than 50 polled by the deVere Group cited not putting enough aside for retirement as their biggest financial mistake. In the survey, which asked, “What is the most impactful financial mistake that you have made?” the second most-frequent response (cited by 27%), was believing they could successfully manage their financial affairs without professional advice.Read more > | |
ON THIS DATE: In 1818, Illinois became the 21st state. In 1828, Andrew Jackson was elected president of the United States. In 1931, Alka Seltzer was sold for the first time. In 1947, “A Streetcar Named Desire” opened on Broadway. In 1950, Paul Harvey began his national radio broadcast. In 1967, 53-year-old Lewis Washkansky received the first human heart transplant at Groote Schuur Hospital in Cape Town, South Africa. In 1979, the last Pacer rolled off the assembly line at the American Motors Corporation (AMC) factory in Kenosha, Wisconsin. In 1997, Pierce Brosnan received a star on the Hollywood Walk of Fame.
WEDNESDAY WISDOM: “Not admitting a mistake is a bigger mistake.”—Robert Half, founder of employment agency Robert Half International | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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