Archive for Retirement Income Planning and Spending

Managing Retirement Income: What Your Clients Need to Know

By Kevin S. Seibert, CFP®, CRC®, CEBS, Managing Director, International Foundation for Retirement Education (InFRE) The idea of retirement is a relatively new concept. A child born in 1900 had a life expectancy of age 47.  People worked as long as they could and then moved in with their children. The idea of not working […]

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The Impact of Retirement Age Uncertainty on Retirement Outcomes

By David M. Blanchett, CFA, CFP®, AIFA, Head of Retirement Research, Morningstar Investment Management My goal is to help you understand the trends and role of the age people retire to help you better help your clients Create reasonable expectations for their financial plans; Understand what the kind of drivers of early and late retirement […]

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Through the Looking Glass: Three Popular Retirement Income Philosophies

By Jamie Hopkins Esq., LLM, CFP®, ChFC®, CLU®, RICP Can we build systems and processes that really encourage the client, the end consumer, have a more secure retirement and overcome the hurdles we know exist because of misconceptions and fear from biases? How Can Advisors Provide Value? If we are a comprehensive advisor, there are […]

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How Much Can I Spend in Retirement? A Guide to Investment-Based Retirement Income Strategies

By Wade Pfau, Ph.D., CFA, author of academic retirement research with practical application, RetirementReseacher.com There are two schools of thought regarding retirement – probability based and safety first – that really approach retirement income from fundamentally different perspectives. We’ll focus here on the probability-based side, the idea of using an investment portfolio to manage retirement […]

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How to “Pensionize” Any IRA or 401(k) Plan

By Steve Vernon, F.S.A., Research Scholar, Stanford Center on Longevity I worked at Watson Wyatt Worldwide on the front lines of the transition from defined benefit and contribution plans in the private sector in the 1980s, 1990s, and the turn of the century.  I always thought it was not a good idea to ask individual […]

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Change in Household Spending After Retirement: Results from a Longitudinal Sample

By Sudipto Banerjee, Ph.D. Employee Benefit Research Institute (EBRI) Introduction Spending is one of the crucial economic factors in retirement, so it is very important to understand the spending patterns of retired households and the causes that drive their spending behavior. Understanding spending patterns not only will help current retirees succeed, but it will also […]

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Retirement Security – Better Information on Income Replacement Rates

The following is an excerpt from the March 2016 GAO Report to Congressional Requesters, RETIREMENT SECURITY – Better Information on Income Replacement Rates Needed to Help Workers Plan for Retirement.  Why GAO Did This Study Part of the Department of Labor’s (DOL) mission is to promote the retirement security of America’s workers, a goal that has […]

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How Middle Income Retirees Plan For and Manage Their Risks, Assets and Spending Decisions in Retirement

By the Society of Actuaries and Mathew Greenwald, PhD, Retirement Research Expert Editor’s Note: Below is an adaptation of the live webinar delivered by Mathew Greenwald and Cindy Levering of the Society of Actuaries in 2016. Their comments have been edited for clarity and length. You can read the summary article below as part of the […]

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Posted in: PROTECT the Plan from Retirement Risks, PROVIDE Retirement Income, Retirement Income Planning and Spending

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Retirement Income Sustainability: Measuring the Tail Risk of Product Portfolios

By Faisal Habib, PE, MBA, FRM, President of QWeMA (pronounced KWEE-MA), a division of CANNEX Financial Exchanges Limited Editor’s note: For 25 years, the 4% withdrawal rule has reigned supreme in the financial planning community as the single solution for the highest probability of creating sustainable income from a retirement portfolio. I must confess that […]

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Pensionizing Your (Client’s) Nest Eggs: What, How and Why?

By  Alexandra Macqueen, CFP®, Personal Finance Expert and co-author of “Pensionize Your Nest Egg: How to Use Product Allocation to Create a Guaranteed Income for Life” with Moshe A. Milesky, Ph.D. Editor’s note: This presentation was delivered in live webinar format in 2015. Alexandra’s comments have been edited for clarity and length. You can view a YouTube […]

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Estimating the True Cost of Retirement

By David Blanchett, CFA, CFP®, AIFA® – Head of Retirement Research, Morningstar Editor’s note: This presentation was delivered in live webinar format in 2015. David’s comments have been edited for clarity and length. You can view a YouTube brief of the original presentation here. You may also choose to take the full length course to earn 1 […]

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Posted in: PLAN for Retirement Readiness, PROVIDE Retirement Income, Retirement Distributions/Withdrawals, Retirement Income Planning and Spending, Retirement Investing and Investments

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Off With Your (Rules of) Thumbs!

By Michael Falk, CFA, CRC®, Focus Financial Consulting Editor’s note: Below is an adaptation of the live webinar delivered by Michael Falk in 2015. Michael’s comments have been edited for clarity and length. You can view a short YouTube clip of the original presentation here. You may also choose to take the full length course, […]

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Introduction to Managing Retirement Income

By Kevin Seibert, CFP®, CEBS, CRC®, Managing Director, InFRE  There are key questions to answer for clients, and you can also ask certain employees if that’s appropriate based on whom you’re working with. The key questions to ask clients and employees when creating retirement income solutions are: What’s different about retirement? How prepared they are? What […]

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Finding Optimized Income Strategies for the Middle Market

By Manish Malhotra, MBA, Founder, President & CEO of Income Discovery – Expert on Retirement Income Planning Software Editor’s note: Retirement income planning is complex, as it requires breaking down the silos of retirement plan or product type and evaluating how to combine resources such as Social Security, human capital, home equity, and various types […]

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The Stage is Set for Serving the Retirement Needs of the Middle Market

By Betty Meredith, CFA, CFP®, CRC®, Director of Education, and Research, InFRE Editor’s note: This presentation was delivered at the 2013 Financial Planning Association Annual conference. You can view brief YouTube clips of the original presentation here. You may also choose to take the full length course to earn 1 CRC®, CFP®, and/or PACE CE […]

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Enough About the Assets, Already!

By Michael Falk, CFA, CRC®, Focus Financial Consulting Editor’s note: Below is an adaptation of the live webinar delivered by Michael Falk in 2014. Michael’s comments have been edited for clarity and length. You can view a short YouTube clip of the original presentation here. You may also view the accompanying presentation in its entirety and […]

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How Middle-Market Retirees Make Their Retirement Decisions

By Betty Meredith, CFA, CFP®, CRC® Director of Education and Research, InFRE As financial planners, we know that when someone arrives at retirement age and doesn’t have enough financial assets accumulated for retirement, there are still things they can do to substantially increase their retirement security even if the decision to retire has already been […]

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Asset Management Approaches for Retirement Income Don’t Work for the Middle Market

By Betty Meredith, CFA, CFP®, CRC® Director of Education and Research, InFRE The financial planning industry is not ready to help the middle market make informed retirement decisions when they need it most. In my April, 2013 article in the Journal of Financial Planning (Still MIA: Comprehensive Best Practices for the Mid-Market), I referred to a […]

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Still Missing in Action: Comprehensive Retirement Income Best Practices for the Mid-Market

By Betty Meredith, CFA, CFP®, CRC® Director of Education and Research, InFRE Serving the retirement planning needs of the mid-market will be the big career opportunity of people in the financial services industry today, in addition to health care planning.  According to new LIMRA research, investible retirement assets of U.S. households aged 55+ are expected […]

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Is Retirement Past its Prime? The Economic & Behavioral Realities of Retirement

By Michael Falk, CFA, CRC®, Focus Financial Consulting Editor’s note: Below is an adaptation of the live webinar delivered by Michael Falk in 2014. Michael’s comments have been edited for clarity and length. You can view a short YouTube clip of the original presentation here. You may also choose to take the full length course, […]

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Posted in: PROVIDE Retirement Income, Retirement Counseling/Coaching, Retirement Income Management, Retirement Income Planning and Spending

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United States Department of Labor Employee Benefits Security Administration Lifetime Income Calculator

Editor’s note: Last year, the Department of Labor’s Employee Benefit Security Administration (EBSA) published an advance notice of proposed rulemaking (ANPRM)  about using lifetime income illustrations in defined contribution participant statements such as 401(k)s, 403(b)s, etc.  to help employees understand what their savings might provide in terms of retirement income.  Information like this can help […]

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Is Retirement Planning Advice (versus just investing advice) in the Workplace Now a Possibility?

By Betty Meredith, CFA, CFP®, CRC® Last year I went to the new Costco in Ann Arbor, MI because I could tell that my eyesight had changed so much that it was time for new lenses. I expected a glaucoma test first, but this doctor’s assistant instead used a diagnostic machine to take several pictures […]

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A Tale of Two Teachers: A case study of retirement planning for a teacher approaching retirement

By Chuck Yanikoski, Founder and President of StillRiver Retirement Planning Software, Inc. Editor’s note: There were an estimated 3.7 million full-time equivalent elementary and secondary schoolteachers in the United States as of the fall of 2011.  About three quarters of these teachers are female.  In this article, Chuck Yanikoski of Still River Retirement Planning Software, […]

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The 4% Rule is Not Safe in a Low-Yield World

by Michael Finke, Ph.D., CFP®, Wade D. Pfau, Ph.D., CFA, David M. Blanchett, CFA, CFP® Editor’s Note:  I have been concerned for several years about the effect of low interest rates on retirees and what will happen to their bond investments once interest rates are not artificially suppressed.  I’ve also long held that the 4% rule is not […]

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Approaching the Underserved Middle-Market: Insights from Planners – Part II

This is the second half of a summary of focus groups with financial planners at the Financial Planning Association 2012 Retreat in Scottsdale, Arizona on May 6-7, 2012. The first half of this report appeared in the December, 2012 issue of Retirement Insight and Trends. By Anna Rappaport FSA, Jaleen Edwards, and Betty Meredith, CFA®, […]

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Approaching the Underserved Middle-Market: Insights from Planners (Part I)

A summary of focus groups with financial planners at the Financial Planning Association 2012 Retreat in Scottsdale, Arizona on May 6-7, 2012 By Anna Rappaport FSA, Jaleen Edwards, and Betty Meredith, CFA®, CFP®, CRC® Many surveys of America’s middle-market have found that this market is vastly underserved when it comes to financial planning, services and […]

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How to Improve Retirement Income Planning Software for the Mid-market

By Betty Meredith, CFA, CFP®, CRC® Making informed retirement income decisions is much more difficult than making retirement accumulation decisions, and millions of pre-retirement and retired Americans currently do not  have access to the qualified professional advice they need. Professionals choosing to work with these millions of middle mass and middle mass affluent clients in […]

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Three Handy-dandy Resources for Retirement Counselors

By Betty Meredith, CFA®, CFP®, CRC® In this new column, we’ll provide links to practical online resources that can help retirement counselors in their one-on-one meetings with clients or seminar/workshop participants. If you know of a resource that will benefit other retirement counselors, send an email with a link to me at info@infre.org. Thank you […]

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How Important is Asset Allocation to Retirement Security?

Center for Retirement Research Issues Brief, June 2012, Number 12-11 By Alicia H. Munnell, Natalia Sergeyevna Orlova, and Anthony Webb* Introduction Financial planners devote considerable energy to advising Americans how to invest their retirement savings. Of course, wise investment of one’s hard-earned money is important. But the fact is that many Americans have saved very […]

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Developing Retirement Income Planning Guidelines for the Mid-market

By Betty Meredith, CFA®, CFP®, CRC® The U.S. Senate Special Committee on Aging asked the Government Accountability Office (GAO) to report on recommendations of professionals and choices made by American workers regarding retirement income. For this report, the GAO interviewed officials from the Department of Labor, the Internal Revenue Service, the Securities and Exchange Commission, […]

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Standardized “Sizes” Will Boost Quality of Retirement Security for the Mid-market

By Betty Meredith, CFA®, CFP®, CRC® I live just west of Dearborn, Michigan where Henry Ford revolutionized manufacturing in the early 1900s by creating the assembly line. Cars evolved from luxury item for the well-to-do to essential transportation for the ordinary man. Using innovative production techniques, Ford decreased the production time of a car from […]

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Managing Mid-Market Retirement Risks

By Betty Meredith, CFA®, CFP®, CRC® The financial industry generally classifies a client’s risk tolerance by their capability to assume investment risk. When retirement planning for the mid-market, retirement counselors need to prioritize a client’s ability to protect against the additional primary risks of inflation, longevity, health and long-term care before they plan for their […]

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Posted in: Medical and Long-term Care Planning, PROTECT the Plan from Retirement Risks, Retirement Income Planning and Spending

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Facilitating Employer-sponsored Lifetime Income Options

By Betty Meredith, CFA®, CFP®, CRC® In early February, The Council of Economic Advisers published a report titled “Supporting Retirement for American Families.” The paper summarized the historical shift from traditional DB to 401(k)-type plans and hybrid DB plans, highlighting the problem of decreasing lifetime retirement benefits for American workers, and the need for employer-sponsored […]

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Sounds Like a Plan

By Kerry Prechter, Editor, Retirement Income Journal A directory of 27 software tools accompanies this overview of the rapidly evolving retirement planning technology industry. “Only the dead know Brooklyn,” a great novelist once wrote. Thomas Wolfe wasn’t referring to zombies; he was just observing that no one alive could possibly know everything there was to […]

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Managing Retirement Income for the Middle Income Americans – Part 2

By Betty Meredith, CFA®, CFP®, CRC® Editor’s note: This is the second half of a two-part article on a retirement income planning process for the mid-market. The first half can be accessed here. Step 4: Identify Options for Addressing Gaps Steps 1, 2, and 3 make up the data collection phase of creating a retirement […]

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Managing Retirement Income for the Middle Income Americans

Retirement income planning is the most important trend in the financial planning industry today, and it requires a new type of qualified retirement professional who can manage income at the start of and throughout retirement for middle-affluent and middle-mass clients. This article explains a six-step retirement income management process jointly developed by the International Foundation […]

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Retirement Rants

This is the first of what may become a regular column on issues we all deal with regarding retirement plans.  So why rants?  Among all the products, people, regulations and results, we all have a few issues to rant about! The goal of this column is not simply for me to shout, but rather to […]

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