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October 17 to 23, 2016 Is National Estate Planning Awareness Week

The third week in October has been designated as National Estate Planning Awareness Week. Estate planning is a vital component of every financial plan, regardless of the size of the estate. Unfortunately, it’s also an area that is commonly overlooked. This often results in wasted dollars and emotional hardship that could otherwise be minimized with proper advance planning and action. We have a concept video on key estate planning documents as well as articles that can help you motivate clients to create or review their estate plans. Composer subscribers, look for our National Estate Planning Awareness Week greeting card, which can be personalized with your own title and message.

We’ll continue to pass along timely, relevant information–providing fresh and interesting ways for you to engage and motivate your clients.

Millennial Resource Center

We’ve just launched a new Millennial Resource Center as part of our Advisor product. Born between 1981 and 1997, millennials are the largest living generation in the United States. They will soon enter their prime earning and spending years, and will need help with the unique financial challenges they face.

Our Resource Center materials can help millennials understand basic financial concepts and develop money management skills to help improve their financial futures.

The new Millennial Resource Center joins our seven other Resource Centers, all designed to help you more easily provide targeted information to your clients.

We encourage you to submit suggestions for new Resource Centers and additional topics you would like to see.

Retiree Confidence on the Rise, Survey Finds

While retirement confidence among U.S. workers appears to be stabilizing, confidence among today’sretirees continues to climb, finds the Employee Benefit Research Institute (EBRI) in its latest Retirement Confidence Survey.

Workers who said they were “very confident” in their ability to afford a comfortable retirement rose from 13% in 2013 to 22% last year. In 2016, that percentage leveled off at 21%. However, the percentage of retirees who are “very confident” continued to rise in 2016 to 39%, up from 18% in 2013.

Historically, retiree confidence has exceeded worker confidence, said the report.

Worker perceptions vs. retiree realities

Each year, the study reveals findings that compare worker expectations and perceptions with the actual experiences of current retirees. For example:

  • While 78% of workers are at least “somewhat confident” that they will have enough money to afford basic expenses in retirement, an even higher percentage (84%) of current retirees feel that way. An even sharper contrast emerges when considering the affordability of medical expenses. Thirty-eight percent of workers say they are “not too” or “not at all confident” in their prospects for funding medical care, while just 21% of retirees share that level of concern.
  • The age at which workers expect to retire has crept upward through the years, while the actual retirement age for retired respondents has changed very little. In 1991, just 11% of workers said they expected to retire after age 65. In 2016, the percentage increased to 37%. By comparison, the actual percentage of retirees who retired after age 65 was 8% in 1991 and rose to 15% in 2016. The median age at which retirees said they retired held steady at age 62 throughout the 25-year period.
  • Only 8% of today’s workers said they plan to retire before age 60, yet 36% of today’s retirees left the workforce before reaching that age. Why the difference? The study’s authors said that each year they discover a sizable percentage of retirees who retire earlier than planned–46% in 2016. Reasons cited include health problems or disability (55%), changes at their company such as downsizing or closure(24%), and having to care for a family member (17%).

Despite these findings, workers can take heart knowing that today’s retirees feel more confident than in past years, and in knowing that the years ahead offer time to modify their retirement planning strategies if necessary.

About the survey

The 26th annual Retirement Confidence Survey was cosponsored by EBRI, a private, nonprofit,nonpartisan public policy research organization that focuses on health, savings, retirement, and economic security issues; and Greenwald & Associates, a Washington, DC-based market research firm. The survey was conducted in January and February 2016 through 20-minute telephone interviews with 1,505 people, including 1,000 workers and 505 retirees. Full results can be viewed at ebri.org.

April 11-15: National Retirement Planning Week

National Retirement Planning Week, April 11-15, is the perfect time to advise your clients on a variety of retirement planning issues. We offer several concept pieces, presentations, and seminars that you may find useful in communicating with your clients and prospects during National Retirement Planning Week. Log in to forefied.com to review our content including: Saving for Retirement, Women and Retirement Planning, Basic Retirement Planning, and our Retirement Basics Seminar. And don’t forget our Retirement Plan Participant Resource Center.

National Consumer Protection Week March 6-12

National Consumer Protection Week is the perfect time to advise your clients on a variety of consumer protection issues.  National Consumer Protection Week is a coordinated campaign by federal and state government and nonprofit partner organizations that encourages consumers to take full advantage of their consumer rights and make better-informed decisions.  Visit www.ncpw.gov for more information.

You may also find the following concept pieces  @ http://www.forefield.com useful in communicating with your clients and prospects during National Consumer Protection Week: Protect Yourself Against Identity Theft and Recovering from Identity Theft.

February is Financial Aid Awareness Month

The U.S. Department of Education has named February Financial Aid Awareness Month. This is the time of year when many families file the FAFSA (the government’s aid application) and the CSS Profile (the standard college aid application).

We offer a variety of materials that you can use to educate your clients and prospects about financial aid:

Login to Forefield.com to view full versions of the following content:

Financial Aid for College
Financial Aid 101
ABCs of Financial Aid
529 Plans and Financial Aid Eligibility

New Video Highlights Changes to Social Security and Medicare

Bipartisan Budget Act Impacts Medicare and Social Security

Changes are coming to Social Security and Medicare in 2016, thanks to the Bipartisan Budget Act of 2015 that passed in November. The legislation effectively eliminated two Social Security claiming strategies: file and suspend and restricted application. It also limited the increase in Part B medical insurance premiums that some Medicare beneficiaries faced in 2016.

We’ve created a video that you can use to inform clients about these changes. Log into http://www.forefield.com to view.