
Briefing: Latest Retirement News (Oct. 11 2018)
The latest in the world of retirement-related news: Calculating the cost of living in retirement, protecting against cyberattacks, life insurance and annuities.
A better way to calculate the cost of living in retirement. It is problematic to assume that you can live on less money in retirement, because some people may find that their spending actually rises after leaving the workforce. Instead, consider the expenses you will encounter in retirement and recognize that costs may change over time.
SmartBrief/U.S. News and World Report
John Hancock to protect retirement funds from cyberattacks. John Hancock has implemented safeguards against cyberattacks for those whose 401(k) retirement packages are breached. The safeguards are part of widespread security measures the company has put in place to protect accounts and meet national guidelines.
SmartBrief/PlanAdviser Online
Exchanging life insurance for annuity can maximize retirement income. Owners of permanent life insurance should carefully consider how it can be used as a retirement-planning asset, writes Jamie Hopkins. If a retired person no longer needs a big death benefit, one option is to do a 1035 exchange of an existing life insurance policy into an annuity product to generate monthly income.
SmartBrief/Forbes
Gig workers failing to save for retirement. About 70% of self-employed gig economy workers are unprepared financially for retirement, with a third of this group setting aside no money for retirement at all, according a survey by Betterment. Freelancers and self-employed workers should educate themselves about retirement options and realize that the tax code is in their favor, financial expert Ric Edelman points out.
SmartBrief/Fast Company Online
Researcher: Income needs to be brought back into the retirement debate. The need for income in retirement is something that needs to be reintroduced to retirement policy, says Olivia Mitchell, a Wharton School professor of business economics and public policy. "I think we need to go back and say, how much of our consumption can we finance by a lifetime annuity, an income stream if you will," she says.
SmartBrief/Wharton School
Lengthening dependence of children may hurt retirement security. U.S. parents spend about twice as much on adult children as they apply to retirement savings, finds a study that says the extended dependence occurs in roughly 8 in 10 families. The practice may hurt retirement security.
SmartBrief/Barron's
Poll: Many retirement-age people haven't discussed long-term care. Nearly 40% of people 65 or older have not discussed a potential need for long-term care with anyone, according to a Harris Poll done on behalf of OneAmerica. The poll also finds income might play a role, with wealthier respondents more likely to discuss long-term care.
SmartBrief/PlanAdviser Online






