
Briefing: Latest Retirement News (July 5 2019)
Here's the latest from the world of retirement-related news: California's new CalSavers retirement program, advantages of qualified longevity annuity contracts, and suspending Social Security benefits.
California's CalSavers retirement savings program launches: Registration has begun for California's state-run retirement savings plan CalSavers, and all employers with five or more employees must offer their own plan or enroll with CalSavers no later than June 30, 2022. Workers will be automatically enrolled in the savings program, but can opt out.
SmartBrief/The Los Angeles Times
QLACs might be better than bonds for retirement savings: Qualified longevity annuity contracts offer advantages over bonds in retirement, Larry Hungerford writes. Benefits include guaranteed lifetime income and the ability to delay taxable required minimum distributions to age 85 from 70½.
SmartBrief/Winston-Salem Journal
Suspending Social Security can raise benefits: People can call or write the Social Security Administration to suspend benefits when they reach full retirement age so payouts are bigger later. But first they should consider how doing so would affect the payment of Medicare premiums, as well as the potential effect on family members.
SmartBrief/Investment News
Factors to consider before buying a retirement dream home: People should consider lifestyle and financial factors before buying a retirement dream home, writes financial planner Lisa Brown. These include whether the home is a good investment, whether it is near family and how the purchase will affect financial plans.
SmartBrief/Kiplinger Online
How the SECURE Act would affect retirement savings: Advisers should help clients understand how they would be affected by the Setting Every Community Up for Retirement Enhancement Act, which has cleared the House. The bill would change rules for multiemployer retirement plans, end stretch IRAs and postpone required minimum distributions to age 72, among other revisions. Listen to this podcast, courtesy of the PFP Section, for more information on the SECURE Act.
SmartBrief/Financial Advisor Online
Report analyzes finances, retirement planning among Gen X: An Employee Benefits Research Institute report found that in 2016, Generation X families were more likely than millennial or baby boomer families to have an individual account retirement plan. Gen X families were less likely to own a home, compared with baby boomer families, and less likely to have any type of retirement plan.
SmartBrief/Plan Sponsor Online
7 retirement-savings pitfalls to sidestep: This article examines seven avoidable mistakes regarding saving for retirement. These include failing to take advantage of employer matches and expecting too much from Social Security.
SmartBrief/Forbes
Survey finds many people unaware of retirement plan options: A Financial Engines survey found 42% of people ages 35 to 65 who left a job did not know they could leave their money in their 401(k) plan and 51% did not know they could move money from an individual retirement account to a 401(k). Data showed 28% of people did not know retirement plan distribution choices may lead to tax liabilities and penalties.
SmartBrief/PlanSponsor
Report: Auto-enrollment in 401(k) annuities can boost income security: Automatically enrolling a small portion of retirees' 401(k) assets in a deferred lifetime-income annuity can greatly improve retirement security, according to a report from the Brookings Institution.
SmartBrief/The Brookings Institution
Should you wait to claim Social Security benefits? Claiming Social Security before full retirement age leads to a reduced monthly benefit. This article explains advantages of waiting past retirement age and offers guidance for finding the optimal claiming strategy.
SmartBrief/CBSNews






