Many retirement savers forget to factor in health care expenses. Donna Fuscaldo interviews experts who offer tips on estimating expenses, saving for ordinary medical costs and planning for long-term care.
Conventional pensions are rapidly becoming a thing of the past, and people need other ways to save for retirement, writes Donna Fuscaldo. "While many savings vehicles exist, like a 401(k) plan or an IRA, annuities are often overlooked," she notes. "Although anyone can purchase an income annuity at any time, financial planners say the sweet spot for this product is when someone is nearing retirement or is already in retirement."
About two-thirds of gay and lesbian people say they have no financial adviser, according to a poll by the Insured Retirement Institute. Many respondents said they manage their own finances and don't see having an adviser as a necessity, the survey found.
The Securities and Exchange Commission's proposal to expand the definition of "accredited investor" could harm poorly informed investors who take part in private offerings, says Barbara Roper of the Consumer Federation of America.