Products July 17, 2017

DCIIA Paper Discusses Importance of Offering Financial Wellness to Employees

"A Financial Wellness Primer" points out the cost of a workforce that is not financially healthy and the productivity gains and return on investment of offering a financial wellness program.
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The Defined Contribution Institutional Investment Association (DCIIA) has published “A Financial Wellness Primer.”

DCIIA says it defines financial wellness from an employee’s perspective as: The ability to meet ongoing financial responsibilities while following a plan to create a secure financial future.                  

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The guide discusses why employers are well-suited to play a role in promoting financial literacy and wellness; the cost of a workforce that is not financially healthy; productivity gains and return on investment; and the value of retirement readiness. It also includes a section specifically about women and financial wellness.

“Ultimately, adopting a robust financial wellness program has the potential to help millions of DC [defined contribution] plan participants improve their financial security in retirement, a goal that is well worth the time and effort,” the guide concludes. DCIIA says it is considering further work on this subject focused on the more detailed challenges of implementation, communications and program success measurement.
Products July 14, 2017

Franklin Templeton Expands Social Security Optimizer Tool

New additions would allow advisers to help clients calculate the amount of income from assets needed to delay benefits past full retirement age, as well as assets needed to replace income lost after the passing of a spouse.

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Franklin Templeton Investments has enhanced its Social Security Optimizer tool with Benefit Delay and Benefit Replacement calculators.

These tools gauge and display the amount of income from assets needed to delay benefits past full retirement age, as well as assets needed to replace income lost after the passing of a spouse.

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The optimizer comes with a step-by-step guide that considers certain assumptions in order to help advisers customize a benefits-filing strategy based on data inputs outlining clients’ specific situations. This data can then be compared with a framework seeking to maximize benefits paid. This can be presented in a hypothetical illustration report indicating how and when to consider filing for benefits according to the chosen strategy.

A reference guide to the Social Security Optimizer can be FranklinTempleton.com. More information about the tool can be accessed here. 

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