How to Pass the Retirement Income Literacy Test

Americans flunk retirement quiz.” That was a headline in the December 3, 2014 edition of USA Today. In a recent survey conducted by the American College of Financial Services, 80% of surveyed Americans age 60 to 75 with at least $100,000 in household assets received a failing grade when given a basic retirement-income literacy test. Read more

No Fooling – Prepare to Celebrate National Employee Benefits Day on the First Workday of April

I’m so glad that April 1st  will be falling on a Sunday this year since that means only my family at home can try to trick me with April Fool’s jokes. What I can look forward to is that the first workday of April, Monday the 2nd, is National Employee Benefits Day.  This event is a celebration recognized each year by the International Foundation of Employee Benefit Plans (IFEBP) to recognize trustees, administrators, corporate benefits practitioners and professional advisors for their hard work and dedication in providing quality employee benefits and this year, its focus is on the International Foundation’s two newest initiatives: retirement security and value-based health care. The IFEBP has actually been celebrating National Employee Benefits day since 2004 and offers a website which has numerous resources for helping employers learn more about this year’s theme of retirement security and value-based health care, including government resources, recent news and survey updates and information that can be shared with employees. The site also has suggestions on how to celebrate and offers Benefits Day premium items, including a National Employee Benefits Day mug and T-shirts. Read more

Is a Reverse Mortgage Right for Me?

It seems that every retirement planning workshop I do lately, this question rears its head.  Used to be not too long ago many people didn’t know what a reverse mortgage even was (Quick definition of a Reverse Mortgage: A special type of home equity loan for persons 62 and older.  The loan proceeds can be in the form of a lump sum, cash advance, or a line of credit.  The loan does not usually have to be repaid during the homeowner’s lifetime, which is why it is often used by retirees.)  Now that people are aware of this investment product, it has suddenly started becoming a first choice answer to retirement security for some people. Read more

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