The Labor Department has sent a final rule for an 18-month delay of its fiduciary regulation to the Office of Management and Budget for review.
On Thursday morning, the OMB posted on its website a notice that it had already received the delay language from the DOL. The OMB is likely to delay the measure, and when they do it will be returned to DOL, who will then release it publicly. The timeline for this, though, is unclear.
There are few social programs in the United States that are more important than Social Security.
Do you want to make changes to your Medicare coverage? There are certain times when you can make these changes; some of these time periods are different depending on the type of Medicare plan. For Medicare Advantage (also known as Medicare Part C) and Medicare prescription drug plans, there's an Annual Election Period (AEP) when you can sign up for, change, or disenroll from the plan.
Too many people are taking an unnecessary risk by not protecting their loved ones with life insurance. 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Insurance Barometer Study by Life Happens and LIMRA. And the study also found that 40% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy. That’s why each September Life Happens coordinates Life Insurance Awareness Month.
It seems that after a near two years of planning, some significant changes are coming to the military retirement system.
A new report from the International Longevity Centre in the UK (ILC-UK) says that for young people who want to have a "comfortable" retirement, the time to start saving is now - and the savings should be at least 11% of their total income every year. The ILC determined how much young people needed to set aside in order to avoid shortfalls come retirement, defining "adequate retirement income" as 70% of earnings throughout their working life.
Imagine distributing your entire life time savings tax free versus having it be held taxable like in a traditional IRA, 457, 401(k), Profit Sharing Plans, and other defined contribution plans. If going tax free sounds ideal to you, then an Index Universal Life plan may be the option you've been looking for. This plan isn't like a traditional whole life, term life, universal life, or variable life plans, though.
Here are a five of the “what if’s” that financial advisors should be covering with their clients to create the most beneficial plan for the future. These items are those major "life changing" events that most people go through, but few plan for in advance.