Tag: financial planning

Financial Planners to Council Retirement Planners on How To Spend Wisely

"You’re prob­a­bly see­ing a lot of pic­tures of old peo­ple on social media as the lat­est craze over the 'FaceApp Chal­lenge' has chil­dren look­ing like seniors. This lat­est obses­sion of aging your­self may seem like a cool thing to do, but how do peo­ple real­ly feel about get­ting old­er, asks Ipsos?"

Manage Smarter 78: The Hard Working Woman's Guide to Money

You've worked hard and earned that pro­mo­tion to man­age­ment or even the C‑Suite — and with it, increased your income. KT Thomas is the founder of New Day Solu­tions, a finan­cial advi­so­ry firm and author of The Hard Work­ing Woman’s Guide to Mon­ey. In this episode, we dis­cuss: why women are more in need of finan­cial advis­ing assis­tance and over­all finan­cial edu­ca­tion; the #1 and first mis­take female lead­ers make when they come into wealth and mon­ey; and how to eval­u­ate finan­cial pack­ages when con­sid­er­ing career pro­gres­sion and earn­ings.

Financial Planners to Target Retirement-Planning Americans without 401(k)s

"Buoyed by a grow­ing econ­o­my and stock mar­ket gains, more Amer­i­cans are feel­ing con­fi­dent about their abil­i­ty to afford a com­fort­able retire­ment, accord­ing to a long-run­ning nation­al sur­vey released this week. Still, there are big gaps in con­fi­dence between work­ers who have a retire­ment plan, such as a 401(k), and those who don't, accord­ing to Con­sumer Reports."

Financial Planners to Target the 30% of Americans Who Worry about Debt

In a new sur­vey by GOB​ank​ingRates​.com, near­ly a third of Amer­i­cans expressed con­cern that they will not be able to pay off debt in their life­time. Forty-four per­cent of Amer­i­cans said that low income is the top rea­son for their ongo­ing strug­gle with debt. Respon­dents also report­ed that high costs of liv­ing and the cost of tuition con­tributed to their debt bur­den.

Financial Institutions Can Target College Tuition Payers With Loan Packages

Accord­ing to the 2018 Allianz Tuition Insur­ance Col­lege Con­fi­dence Index, rough­ly 40% of fam­i­lies find the Free Appli­ca­tion for Fed­er­al Stu­dent Aid (FAFSA) chal­leng­ing to com­plete; a trou­bling sta­tis­tic con­sid­er­ing the grow­ing num­ber of fam­i­lies sav­ing noth­ing for col­lege. The index reveals a grow­ing "col­lege sav­ings gap," as even par­ents who have saved have only about a third of what they think a four-year degree will cost. Both groups expect to tap out­side sources (includ­ing those acces­si­ble after fil­ing the FAFSA) to cov­er 40% of the bal­ance, a sig­nif­i­cant increase from 2017.

Older People Projected to Outnumber Children for First Time in U.S. History

The year 2030 marks an impor­tant demo­graph­ic turn­ing point in U.S. his­to­ry accord­ing to the U.S. Cen­sus Bureau’s 2017 Nation­al Pop­u­la­tion Pro­jec­tions. By 2030, all baby boomers will be old­er than age 65. This will expand the size of the old­er pop­u­la­tion so that 1 in every 5 res­i­dents will be retire­ment age.

Many Baby Boomers Postponing Retirement Due to Challenges at Home, Financial Issues

More than one-quar­ter (26%) of old­er U.S. baby boomers sup­port their adult chil­dren finan­cial­ly or have them liv­ing at their home. The pres­sure on some baby boomers to sup­port both adult chil­dren and aging par­ents, while also strug­gling to afford their own retire­ment, are fac­tors that can lead to a delayed retire­ment. More than two-in-five (42%) baby boomers said they have post­poned their retire­ment due to finan­cial issues.

Financial Services Professionals to Target Affluent Consumers

Con­sumers with house­hold incomes exceed­ing $250,000 spend more time and mon­ey man­ag­ing their wealth than the rest of us. They also pay atten­tion to adver­tis­ing and hire qual­i­fied pro­fes­sion­als to help them with their short and long-term finan­cial plans. In 2013, finan­cial ser­vices groups can improve their rev­enues and mar­ket share by pro­mot­ing their ser­vices to afflu­ent con­sumers who believe the econ­o­my has offi­cial­ly turned the cor­ner.

Retirement Planning Witnesses Market Change

The days of the defined ben­e­fit (DB) retire­ment plan are so over. In 1998, DB plans, a cor­ner­stone in union heavy indus­tries such as man­u­fac­tur­ing and ener­gy, com­prised 4.19% of employ­er pay­roll costs. Ten years lat­er, that amount dropped to 1.99%. In addi­tion to the rapid shrink­ing of DB retire­ment plans, employ­ers have made sig­nif­i­cant cuts to this ben­e­fit over­all. Between 1998 and 2008, retire­ment ben­e­fits dropped 19%.