The share of American households at risk of not being able to maintain their pre-retirement standard of living in retirement rose to 51% in 2020, up from 49% in 2019, according to the Center for Retirement Research at Boston College.
It attributed last year's uptick to the spike in unemployment resulting from the pandemic, countered to some extent by the stock market rally and a rise in home prices.
The center's National Retirement Risk Index got as low as 40% in 2007. But since the Great Recession, the index has hovered around at 50%, showing that even if households work to age 65 and annuitize all their financial assets, including the receipts from reverse mortgages on their homes, roughly half of households were at risk, the center said in a report.
“This analysis clearly confirms that we need to fix our retirement system so that employer plan coverage is universal,” the report said.
Wall Street leaders propose ways to monetize the mortgage giants.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
