A significant number of people could benefit from waiting longer to claim Social Security benefits by using funds in their IRAs first, a recent study found. Those who delay claiming until age 70 could see monthly benefits that are 75% larger than those who claim at age 62, says economics professor Laurence Kotlikoff.
The Labor Department seems likely to allow Retirement Clearinghouse to go forward with its proposal to automatically transfer small 401(k) balances from one plan to another, writes Alicia Munnell. A review of a project Retirement Clearinghouse conducted with a large health care company showed that transferring small balances reduced costs and leakage from accounts.
Insurance companies can attract millennials to the industry workforce by emphasizing how insurers help customers recover from losses, giving constant feedback, and being upfront about job requirements such as overtime during a catastrophe, write Carly Burnham and Tony Canas of Insurance Nerds. It's up to "seasoned insurance pros to remind young employees how the job they're doing is helping people, and how it's helping open doors for better jobs in the future," Burnham and Canas write.
President Donald Trump tweeted after Friday's magnitude 7.0 earthquake in Alaska that the federal government would "spare no expense" in helping the state recover, which evokes how the federal government's disaster-response approach has expanded since the magnitude 9.2 earthquake that hit Alaska in 1964, history professor Andrew Morris writes. Before then, the federal government had restricted its aid mainly to rebuilding public facilities and offering low-interest loans, Morris writes.
A storm in the forecast for this weekend could generate ice and three to six inches of snow in parts of the Great Plains. The storm also poses a risk of urban flooding throughout the South, and the National Weather Service says isolated tornadoes could occur in the Houston area.
The Florida Office of Insurance Regulation said estimated insured losses from Hurricane Michael have surpassed $4 billion, with the number of claims rising 4% over the past two weeks. Meanwhile, the most recent estimate shows 63.4% of overall claims have closed, up from 55.3% two weeks ago, with 64.7% of residential property claims and 16.9% of commercial property claims closed.
Commercial insurance brokers need to develop a strong understanding of cyberliability and translate complex cyberrisk information into terms their clients can understand, said Matt Sherman of NAS Insurance Services. Selling cyberinsurance to small businesses in particular "is about getting the rate right, the limits right, and articulating the product in such a way that they can understand it," he said.
John Streur, CEO of Calvert Research and Management, a pioneer in socially responsible investing, says the industry is moving toward "ESG 2.0." That means investors and managers will play a more active role in influencing policies of companies, he says.
The best sales professionals have a strong presence, which can be more important than process, writes Reggie Pearse of Organization Learning Group. Pearse suggests sales professionals know themselves, manage stress and participate in training workshops to improve presence.
The spread between three- and five-year yields turned negative on Monday, dropping below zero for the first time since 2007, as did the two- to five-year gap. The more closely watched two- to 10-year spread reached its narrowest point since the same year.