The Senate headed off a federal government shutdown Friday with a 65-32 vote on a $1.3 trillion omnibus spending bill the House approved Thursday. White House budget director Mick Mulvaney said President Donald Trump will sign the bill.
PHL Variable Insurance Company, an arm of the Phoenix Companies, is bringing to the retirement market a new single-premium, multiyear guarantee annuity called the Nassau MYAnnuity. Buyers have the option of selecting a five-year or seven-year interest-rate guarantee.
Glenn Ruffenach writes that the popular advice that people prepare to replace 70% to 80% of their income in retirement shouldn't be viewed as a universal solution. Some retirees, particularly new ones, have discovered that they need almost as much money in retirement as when they were in the workforce, he says.
Client expectations can become unreasonable when the market is performing very well or very poorly, leading to unwise investment decisions, writes financial-planning expert Craig Israelsen. He uses a formula that can help give clients a better long-term understanding of how the market moves, thus managing their expectations.
Over the past three decades, women have been critical to US advancement and to the growth and success of the financial-services industry and the financial planning profession, several FPA board members write. Women have helped the profession become what it is today, but more should be done to welcome women into the profession and encourage them to take on leadership roles, they add.
Training younger employees has become increasingly difficult because roles and functions within firms are more specific, varied and sophisticated than they used to be, writes Joni Youngwirth of Commonwealth Financial Network. Specifying the outcome to be accomplished, developing a curriculum and measuring the individual's performance will make for a more formalized and successful training program.
Innovation and a sense of purpose are top priorities for the next generation of investment advisers as they prepare for their careers, finds a survey by Advisor Group. "If we are going to be successful in attracting the next generation to our industry, it is critical that we gain a better understanding of their perceptions and priorities," said Valerie Brown, Advisor Group's executive chairman.
Gambling, investing in cryptocurrency or backing a friend's new venture are among the worst possible ways to spend a tax refund, writes Geoff Williams. Placing the money in a checking account is probably the least harmful thing to do with a refund, but even that is not advisable as it will probably be spent.
While several surveys show many millennials take active steps to ensure a prosperous retirement, others show they are easily influenced by social media to make impulsive purchases that can hamper their long-term plans. Paul Kelash, a financial planning expert who is also a parent, recommends some advice that older generations can pass on to millennials.
Citing a robust economy and solid prospects moving ahead, Federal Reserve officials edged up their benchmark lending rate by a quarter point and confirmed a previous outlook for three increases in total this year. "The job market remains strong, the economy continues to expand, and inflation appears to be moving toward the [Federal Open Market Committee's] 2% longer-running goal," said Chairman Jerome Powell, who led his first rate-setting meeting.
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