Retirees lost a couple of effective but underutilized Social Security claiming strategies in this week’s Bipartisan Budget Act. The changes, which have people scrambling for answers, could mean some opportunity for retirement plan advisers to bring their expertise to plan sponsors. See Editor’s Choice for related stories.
Experts from Fidelity and Nationwide Retirement Institute weigh in on the changes in Social Security claiming strategies, and outline some resources for advisers, as well as ways to support their plan sponsor clients and participants.
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Challenged by lower account balances and longevity, women crave advice on Social Security—and those who work with an adviser say their payment is as they expected, or even higher.
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About two-thirds surveyed believe they will need less than $1 million in today’s dollars in order to retire, or aren’t sure how much they will need.
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The number of Department of Labor investigations of financial advisers has steadily increased over the years; here is a primer on the DOL’s sources of authority, and what to expect when examiners come knocking.
ERISA attorneys and plan design consultants say they are hearing more questions from sponsors about using managed accounts as a plan’s default investment, but the most common use case remains opt-in managed accounts.
New rules established by Congress and the IRS simplify the process for participants to request a hardship withdrawal of DC plan assets; some experts say this could increase “leakage,” while others anticipate more positive effects, such as lower debt among cash-strapped participants.
