PLANADVISER Weekend Newsdash
Week ending August 24th, 2018

Happy Friday, readers! This weekend’s mailing focuses on the complex and formidable task of planning for health care expenses in retirement. Even the median healthy couple retiring today at age 65 faces a massive projected lifetime health care bill just shy of $300,000. It is clear that retirement advisers are in a good position to help individuals identify and address this incredible challenge.

Health Care and Other Benefits
Health Care Unknowns Have Always Vexed Retirement Planners
A new “Cost of Long-Term Care” analysis published by Moll Law Group underscores the fundamental difficulty of planning for the health care unknowns faced by all retirement savers. Read more >
Longer Student Loan Terms and Greater Monthly Payments Reported
Overwhelmingly, employees surveyed by IonTuition agree with the statement, “I would like my company to offer a voluntary student loan assistance benefit.” Read more >
A Couple Retiring This Year Will Need $280K for Health Care
This is up 2% from last year—and 75% from 2002, when Fidelity began estimating health care costs in retirement.  Read more >
Health Factors Can Derail Plans to Retire Later
While Prudential found pre-retirees seem well-aware of risk factors that could force them to retire earlier, study results show they could benefit from a financial plan. Read more >
Health Care Costs Negatively Affecting Workers’ Financial Picture
Of the 48% who say their health care costs have increased, more than one-quarter have decreased their retirement plan contributions. Read more >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Coronavirus Hardship Withdrawals, Taxes and Your Retirement Plan Clients
Coronavirus-related withdrawals made in 2020 were a financial lifeline for some, but they could also turn into a major tax headache for others.
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Many Near-Retirees Don't Understand Social Security Benefits

More than one-third failed a basic Social Security quiz administered by MassMutual.

Once They Catch On, PEPs Could Grow Exponentially
The current hesitancy over how they will take shape will be overcome by appreciation among advisers and sponsors alike at the prospect of expanding retirement coverage, sources say.
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