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Retirement Planning

Survey Results: Almost 9 out of 10 Have Little to No Awareness of Retirement Products from Insurers

Survey Results: Almost 9 out of 10 Have Little to No Awareness of Retirement Products from Insurers

Survey Results: Almost 9 out of 10 Have Little to No Awareness of Retirement Products from Insurers | August 1, 2012 | ,

According to a recent survey, nearly 9 out of 10 consumers worldwide are not informed about retirement products offered by insurance companies. This survey was conducted by Accenture from a survey of more than 8,000 consumers across 15 different countries. They found that 62% of consumers have little awareness of the retirement products offered by life insurers and 24% had no awareness. These staggering rates compare to just 14% who say they have a good awareness of retirement products offered by insurance companies. This lack...

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7 Ways to Retire with $1 Million

7 Ways to Retire with $1 Million

7 Ways to Retire with $1 Million | July 31, 2012 | ,

Having a nest egg of $1 million at retirement is unfortunately not as common as it should be in America. Although consistently saving starting at a young age, investing prudently, and avoiding early withdrawals significantly increases the odds of achieving retirement goals, many individuals still make many poor financial decisions which often take a large toll on savings over the years. Fortunately, Emily Brandon posted a great article which highlights 7 strategies to embrace for ensuring an optimal accumulation of assets for a comfortable retirement....

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Survey Results: Annuities Play Integral Role in Defined Contribution Plan Assets

Survey Results: Annuities Play Integral Role in Defined Contribution Plan Assets

Survey Results: Annuities Play Integral Role in Defined Contribution Plan Assets | July 30, 2012 | ,

According to a recent survey, individual and group annuities accounted for 46% of the assets in defined contribution plans. This research was conducted by Conning Research & Consulting from a study called “The Big Payout: Growing Individual Retirement Income Opportunities”. Given that annuities allow defined contribution account owners to convert a portion of their assets to ensure guaranteed lifetime income, it is no surprise that they are a popular choice. Before making a decision on how to best utilize your defined contribution plan for ensuring...

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Survey Results: 33% Percent of Baby Boomers Are Not Adequately Prepared for Retirement

Survey Results: 33% Percent of Baby Boomers Are Not Adequately Prepared for Retirement

Survey Results: 33% Percent of Baby Boomers Are Not Adequately Prepared for Retirement | July 26, 2012 | ,

According to a recent survey, 33% of pre-retirees hold doubts about whether they can support themselves in their retirement. After polling 1,095 individuals between the ages of 55 and 65 in June, Ipsos U.S. eNation Online found was that one out of three of these pre-retirees are unsure as to whether they will have enough money to cover basic living expenses in retirement. Although this is troubling, this group seems to display a lack of urgency in planning for retirement given that 43% will not...

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How to Save Your Way to $1 Million

How to Save Your Way to $1 Million

How to Save Your Way to $1 Million | July 25, 2012 | ,

Have you ever heard of burst saving? If not, you’ll surely be interested to see its effectiveness in building a sizeable nest egg even if not initiated until your later years. In fact, a study by the research firm Hearts & Wallets found that 64% of burst savers were able to build their savings to at least 10 times their annual income. The overall premise of burst saving is to save at least 15% of your annual income for a period of ten years or...

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Baby Boomers: Beware of Con Artists

Baby Boomers: Beware of Con Artists

Baby Boomers: Beware of Con Artists | July 24, 2012 | ,

In a perfect world, every individual would always be looking out the other’s best interest in every daily interaction. We unfortunately do not have this luxury these days so it is necessary to be cautious before giving full trust to individuals in a variety of interactions… especially interactions which involve your money. State securities regulators are reporting a surge of investment fraud according to the North American Administrators Association (NASAA), which is an association of state securities agencies responsible for investor protection. This group is...

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Should You Buy an Annuity from Social Security?

Should You Buy an Annuity from Social Security?

Should You Buy an Annuity from Social Security? | July 23, 2012 | , ,

After a prolonged span of economic volatility, retirees are becoming increasingly thirsty for obtaining retirement income that is reliable, predictable, and lifelong. Annuities of course come to mind as an option that can address all three of those traits. There are many annuity products which one can choose from for meeting their particular needs. As Michael Ham points out in a recent article, an option that should not be overlooked is the purchase of an annuity from social security. At first glance, one might assume...

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Retirees Hit Hard by Foreclosures

Retirees Hit Hard by Foreclosures

Retirees Hit Hard by Foreclosures | July 20, 2012 |

According to an AARP report based on mortgage data from 2007 through 2011, homeowners aged 75 and older have been one of the hardest hit groups by foreclosures. This report revealed a troubling trend in rising foreclosure rates among homeowners who are 50 years old or above. Within this over-50 group, the highest foreclosure rate in 2011 was with homeowners in the 75+ age bracket. In fact, 3.2% of this age group lost their house to foreclosure in 2011. This rate was just 0.33% in...

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Why It Pays to Delay Social Security

Why It Pays to Delay Social Security

Why It Pays to Delay Social Security | July 16, 2012 | ,

With interest rates at a historical low, many retirees question the most effective use of their funds for maximizing overall value. If you are one of those people, then you should read up on a report published by National Bureau of Economic Research. In it, their team has calculated that waiting until 70 is often the best choice when interest rates are as low as they are now. This report has determined that delaying Social Security is “actuarially advantageous for a very large subset of...

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