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| More than half (52%) of Americans have doubts about their ability to afford the life they want during retirement, according to an August survey by GfK of more than 23,000 people in 19 countries. In the U.S., nearly six in 10 of those in their 40s (55%) and those in their 50s (58%) are not fully confident they will have the funds they need.Read more > | |
| Employees Don’t Want to Research Health Plan Options | |
| In spite of reporting their medical co-pays and other out-of-pocket costs are more than they can afford at times, many employees responding to the 2015 Aflac Open Enrollment Survey said they would rather clean their toilets than research their benefits. They also reported some disappointment with high-deductible health plans (HDHPs).Read more > | |
| Sixty-seven percent of Generation X and Baby Boomers say they still feel the impact of the market crash of 2008 in how they live, work, save and spend, according to Allianz Life Insurance Company of North America. Those who experienced six or more major effects of the crash are what Allianz is calling “post-crash skeptics,” and among this group, 93% say the crash still haunts them today. In addition, 93% of these skeptics think retirement is now a “romantic fantasy of the past,” compared with 84% of total respondents.Read more > | |
| Advisers Shore Up Confidence in Retirement | |
| Americans who work with a financial adviser are much likelier to be saving for retirement (93% versus 54%), according to Franklin Templeton’s 2015 Retirement Income Strategies and Expectations survey. In addition, nearly one-quarter of preretirees who have never worked with an adviser never expect to retire.Read more > | |
| Products, Deals & People | |
| Zenefits, a human resources (HR) automation software company, is now offering ACA Compliance Automation to its benefits customers to help them comply with the Patient Protection and Affordable Care Act (ACA)’s new coverage and reporting requirements.Read more > | |
| NextCapital Offers More Personalization in 401(k) Advice | |
| NextCapital has upgraded its 401(k) Digital Advice Platform to offer participants more personalization and simplicity. The new platform, which now includes portfolio tracking, account aggregation and a simplified user interface, allows plan participants to centralize and manage their entire financial picture.Read more > | |
| Market Mirror | |
Major U.S. stock indices closed sharply lower as materials companies sink along with the prices of oil and copper, according to the Associated Press. The Dow decreased 179.72 points (1.09%) to 16,330.47, the NASDAQ lost 72.23 points (1.50%) to finish at 4,756.72, and the S&P 500 was down 22.51 points (1.14%) at 1,944.46. The Russell 2000 fell 17.87 points (1.55%) to 1,143.14, and the Wilshire 5000 closed 270.68 points (1.30%) lower at 20,487.30.
On the NYSE, 3.2 billion shares traded, with declining issues outnumbering advancing issues nearly 3 to 1. On the NASDAQ, 2.7 billion shares changed hands, with a more than 3 to 1 lead for decliners.
The price of the 10-year Treasury note increased 18/32, bringing its yield down to 2.138%. The price of the 30-year Treasury bond climbed 1 18/32, decreasing its yield to 2.944%. | |
| Ask the Experts | |
| Must a Frozen 401(a) Plan Be Terminated? | |
| “We are a large 501(c)(3) health care organization that froze its Employee Retirement Income Security Act (ERISA) 401(a) defined contribution (DC) plan several years ago, essentially replacing the plan with employer contributions to our 403(b) plan. However, we have not terminated the plan; the plan has remained frozen since the initial amendment to freeze. Can the plan remain frozen indefinitely, or must we terminate the plan at some point?”Read more > | |
| Investing | |
| According to Charles Schwab data, mutual funds continued to be the top asset allocation of participant balances in its Personal Choice Retirement Account self-directed brokerage account (SDBA) option, at 39% of all portfolios, a decrease of 2% from last year. Allocations to equities remained the same at 28% and cash (17%), exchange-traded funds (ETFs) (14%) and fixed income (2%) rounded out participants’ portfolios. Charles Schwab’s institutional SDBA Indicators Report reveals balance information, participant demographics and specific sector holdings within SDBAs.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1642, the first commencement at Harvard College, in Cambridge, Massachusetts, was held. In 1806, the Corps of Discovery, the Lewis and Clark expedition, reached St. Louis, Missouri, and ended the trip to the Pacific Northwest. In 1962, “The Jetsons” premiered on ABC-TV. It was the first program on the network to be broadcast in color. In 1998, Jamie Lee Curtis received a star on the Hollywood Walk of Fame. In 1999, Siegfried & Roy received a star on the Hollywood Walk of Fame. | |
| WEDNESDAY WISDOM: “Life is 10% what you make it, and 90% how you take it.” — Irving Berlin, composer | |
| 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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Copyright © Asset International, Inc., 2015. All rights reserved. No reproduction without prior authorization. |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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