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| Retirees Have Lessons for Planning for Retirement Income |
| One question employees should ask before deciding to retire is “How will I pay for my living expenses after I stop receiving a paycheck?” Research from Ameriprise Financial finds retirees have addressed this question more so than pre-retirees. The Pay Yourself in Retirement study found that the overwhelming majority of retirees (85%) say they have a plan in place to pay themselves in retirement, which may include calculating expenses, identifying investments that generate income, and determining which assets to draw down first. Pre-retirees can learn from retirees’ actions.Read more > |
| When Selecting TDFs, Sponsors Overlook Allocation |
| Retirement plan sponsors and advisers are too focused on short-term performance when it comes to selecting target-date funds (TDFs). This is according to the MFS Defined Contribution Investment Trends Study, based on a survey of 606 plan sponsors and 313 advisers. Nearly 60% of sponsors say they consider a track record of three years or less when selecting managers and will put a fund on watch if it begins to underperform even after one year.Read more > |
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| Products, Deals and People |
| Empower Realigns Recordkeeping Business |
| FASCore, the private-label recordkeeping service delivered by Empower Retirement, has been “renamed and realigned” as Empower Institutional. Edmund Murphy, president of Empower Retirement and the Empower Institutional business unit, says the firm will strive to deliver the “skills, expertise and technology to provide a state-of-the-art retirement experience which allows [clients] the freedom to focus on their customers and core business.”Read more > |
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| Market Mirror |
U.S. stocks closed modestly higher Wednesday, led by gains in energy companies, the Associated Press reports. The Dow was up 34.24 points (0.20%) at 16,899.32, the NASDAQ increased 13.83 points (0.29%) to 4,703.42, and the S&P 500 closed 7.87 points (0.40%) higher at 1,986.22. The Russell 2000 gained 11.18 points (1.06%) to finish at 1,065.67, and the Wilshire 5000 climbed 104.26 points (0.52%) to 20,321.16.
On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ 2.6 billion shares traded, with advancing issues outnumbering declining issues 2 to 1 on both exchanges.
The price of the 10-year Treasury note decreased 10/32, bringing its yield up to 1.859%. The price of the 30-year Treasury bond was down 5/32, increasing its yield to 2.705%. |
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| Compliance |
| The U.S. Supreme Court has denied a request to review a case about whether New Jersey Governor Chris Christie violated the law by making pension contributions in an amount less than what was agreed upon in 2011 pension reform. This leaves in place a New Jersey Supreme Court decision that contributions agreed upon in 2011 pension reform are not enforceable.Read more > |
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| Barry’s Pickings Online |
| Barry’s Pickings Online: Retirement Savings Tax Policy |
| Every presidential candidate has offered up a tax proposal—and every one of those proposals will have significant consequences for 401(k) and 403(b) savings.Read more > |
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| Small Talk |
| ON THIS DATE: In 1791, the U.S. Congress passed a resolution that created the U.S. Mint. In 1845, Florida became the 27th U.S. state. In 1845, an Act of Congress established uniform postal rates throughout the nation. In 1849, the U.S. Department of the Interior was established. In 1849, Congress created the territory of Minnesota. In 1885, the American Telephone and Telegraph (AT&T) was incorporated in New York as a subsidiary of the American Bell Telephone Company. In 1910, John D. Rockefeller Jr. announced his withdrawal from business to administer his father’s fortune for an “uplift in humanity.” He also appealed to the U.S. Congress for the creation of the Rockefeller Foundation. In 1923, the first issue of Time magazine was published. In 1959, the San Francisco Giants had their new stadium officially named Candlestick Park. In 1991, Rodney King was severely beaten by Los Angeles police officers. The scene was captured on amateur video and sparked riots. In 1999, Bertrand Piccard and Brian Jones began their attempt to circumnavigate the Earth in a hot air balloon non-stop. |
| SURVEY SAYS: A familiar saying is “Don’t burn any bridges,” but sometimes emotions get in the way and make it hard. This week, I’d like to know have you quit or been fired from a job, and was it amicable, or did you “burn bridges.” You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > |
| Share the good news with a friend! Pass the NewsDash along – and tell your friends/associates they can sign up for their own copy.Read more > |
