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If you are planning to retire sometime in the next several years, then you should stress test your plans— living arrangements, retirement portfolio and income and anticipated leisure pursuits— because retirement is like your first days in kindergarten, full of surprises. In our 40 s and 50 s, as the pressures of college tuition, aging parents perhaps approaching…
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Kemper Corporation announced that Cheryl Kingsfield Neal has joined the company as President of Kemper Life, effective today. Prior to that, she held multiple roles at Liberty Mutual Insurance including Executive Vice President and General Manager of Liberty Mutual Benefits, and President of Liberty Life Assurance Company of Boston.
As more people are living into their 80 s and 90 s, more than one out of every two Americans has their sights set on even greater longevity. According to a survey 1 released today by AIG Life& Retirement, a surprising 53 percent say their goal is to live to 100 years. “Living longer should be a cause for celebration, but for many, longevity can bring anxiety and financial…
NEWPORT BEACH, Calif. and NEW YORK, April 9, 2019/ PRNewswire/– Pacific Life and InsurTech firm Blueprint Income, today announced a collaboration to modernize the purchase of annuities. “We’ve heard a clear desire— especially among Generation X— to have the security of a pension that their parents relied on to achieve financial peace of mind,” said Blueprint Income…
Overall annuity sales rose 9.7 percent in 2018, with the combined sales of fixed and variable annuities reaching $218 billion, according to the Insured Retirement Institute (IRI), citing final 2018 market data for the U.S. annuity industry from Beacon Research and Morningstar.
While the Department of Labor fiduciary rule is gone, tossed out by a federal appeals court one year ago, the compliance spotlight it shone on commission annuity sales remains. If the industry doesn’t figure out how to effectively provide distribution of annuities via advisory channels, “sales are just going to fall off a cliff,” one executive says.
The annuity sales landscape changed in a major way in 2018. Sales rebounded strongly in virtually every product line, in some cases 40 to 50 percent year-over-year. Fixed annuities led the way.
Indexed annuities are positioned for significant growth, while the market share for variable annuities will continue to erode, LIMRA Secure Retirement Institute’s five-year analysis predicts.
In a unanimous decision, the Illinois Supreme Court has affirmed the judgment of the Illinois Appellate Court and ruled that fixed indexed annuities are not securities under Illinois state law.
–Milliman, Inc., a premier global consulting and actuarial firm, announces the results of a first-of-its-kind, industry-wide study that examines insurers’ experience with combination products– those that couple life or annuity policies with Long-Term Care or Chronic Illness riders. The study, which includes data from 11 insurers focused primarily on…
The Powerball jackpot continues to climb after no one matched all six numbers in Saturday’ s drawing. According to lottery officials, it’s the eighth largest Powerball prize in history. In 2016, ticket holders in three states split a nearly $1.6 billion Powerball jackpot.
Nationwide Advisory Solutions launched Nationwide Advisory Retirement Income Annuity (NARIA)℠, a new variable annuity (VA) with an income guarantee designed…
William Neil “Doc” Gallagher, Gallagher Financial Group, Inc., and W. Neil Gallagher, Ph.D. The Securities and Exchange Commission announced that it has charged Texas resident William Neil “Doc” Gallagher- the self-styled “Money Doctor” featured on three Dallas- area radio stations-in an emergency action to shut down a $19.6 million Ponzi scheme targeting elderly…
March 13– Mar. 13– A North Carolina man was a bit skeptical when a caller told him he’d won a $1 million prize. “I couldn’t believe it was true,” Richard Costantino of Concord told state lottery officials when he claimed his Extreme Millions prize at lottery headquarters in Raleigh on Monday, according to a lottery news release Tuesday evening. He could choose a $1…
But much of the credit for the rebound goes to the demise last year of the fiduciary rule- the U.S. Department of Labor rule that would have required brokers and others to put clients’ financial interests ahead of their own when giving retirement-account advice. Kiplinger’s often recommends the plain-vanilla type to retirees: an immediate income annuity that…
RALEIGH Terry Splawn of Concord said he’s still in shock after he purchased a $1 million lottery ticket for the second time in two years. His first run in with good luck happened in April 2017 when he bought a Millionaire Bucks ticket from Sam’s Mini Stop on Old Charlotte Road in Concord. The second happened Wednesday, less than two years later, when he bought a $150…
After reviewing FINRA’s monthly disciplinary reports, press releases, and online database, Eversheds Sutherland analysts found that in 2018 the amount of fines increased compared with 2017, although the number of cases and amount of restitution were down. In addition, anti-money laundering cases continued to lead to the largest amount of fines.
TRENTON- The only Mega Millions jackpot winning ticket from Friday night’s drawing, worth an estimated $267 million, was sold in Warren County. James A. Carey Jr., acting executive director of New Jersey Lottery, announced the sale Saturday in a news release, along with the winning numbers: 29, 33, 39, 60 and 66. A $10,000 winning ticket was also sold at Banner Deli and…
For the year ended December 31, 2018, MassMutual reported total sales through its advisor network of $30.8 billion, a 20 percent increase over the prior year, led by strong demand for its life insurance and annuity offerings as part of the company’ s broad range of holistic financial solutions. These results, coupled with strong investment income, resulted in…
The American Council of Life Insurers issued the following statement:. The American Council of Life Insurers, the Association for Advanced Life Underwriting, and the National Association of Insurance and Financial Advisors today issued a statement announcing their support for rules requiring all financial professionals, when making a recommendation, to…
And based on some morbid math– the average remaining life expectancy of someone who’s made it to their early 60 s, according to the Centers for Disease Control and Prevention– you should plan to be retired for at least a few decades. The average budget for a retiree, according to Bureau of Labor Statistics data, provides even more color on what to expect when you’re…
Lincoln Financial Group today announced the introduction of Lincoln IRA Income Plus SM, a solution that is specifically designed to help savers maximize their retirement income on qualified savings— or the money they’ ve saved in tax-deferred retirement accounts such as IRAs. Lincoln IRA Income Plus SM is an optional benefit available with Lincoln variable…
Dramatic moves in the market may cause you to question your strategy or worry about your money. When the market moves it can be a good reminder to review investments regularly. Diversification1 can help the overall risk in your portfolio and match your personality and goals.
Great American Insurance Group, a leading provider of fixed and fixed-indexed annuities through its member companies, recently launched“ Great Retirements,” a five-part video series that explores the makings of a great retirement. Donna Carrelli, Divisional Vice President, Marketing Services, valued the opportunity to hear customers tell their retirement…
That’s the big question I’m always asked. By the time you are ready to put in your final notice, you’ve got money squirreled away in a million different places; 401 s, IRAs, Roth IRAs, brokerage accounts, savings accounts the list goes on. And all you really want to know is, “How do I actually take the money out?
The Alliance for Lifetime Income, formed last year to promote retirement income options, has signed on as the sole sponsor of The Rolling Stones’ 2019 “No Filter” U.S. stadium tour. The tour kicks off April 20 at the Hard Rock Stadium in Miami and continues into late June.
Several ways exist for individuals to leave assets to their favorite charities. The following are some examples of how that can be done:. Using your will and trust to make gifts to charities by making specific gifts in those documents;.
Lockheed Martin Corporation has transferred approximately $1.8 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc.. Peggy McDonald, a Prudential vice president who helped negotiate this agreement, said,“ We are proud that Lockheed Martin…
–Today, DPL Financial Partners, the insurance network for registered investment advisors, and Security Benefit Life Insurance Company launched a new fixed index annuity built in response to feedback from DPL’ s RIA members. “The launch of this ClearLine FIA reflects the power of the DPL network in action,” said DPL Founder and CEO David Lau.“ We gathered feedback…
Market volatility and loss make this the right time for clients to turn to the security of a fixed indexed annuity.
