Tag Archives: Baby boomer

SEC To Examine Retirement Advice

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The SEC is starting a multi-year examination initiative on how broker-dealers and advisors ensure their clients are prepared for retirement.

the Securities and Exchange Commission examinations will evaluate issues such as whether registrants, advisers and broker-dealers are selecting the appropriate account for their client and whether they are performing due diligence on investment options.

Other questions examiners will determine is what type of initial investment recommendations are being made for clients nearing retirement age and whether they are providing ongoing account management, the SEC’s Office of Compliance Inspections and Examinations (OCIE) said in a Risk Alert.

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Businesses Try To Stave Off Brain Drain As Boomers Retire

Dave Tobelmann worked for 33 years at General Mills before retiring five years ago. Not long after, he returned to the company, this time through a staffing firm specializing in retiree placement.

In the U.S., roughly 10,000 people reach retirement age every day. And though not everyone who turns 62 or 65 retires right away, enough do that some companies are trying to head off the problem.

Dave Tobelmann, who for 33 years developed new products for General Mills, retired five years ago at age 57 — around the same time as a number of other colleagues. “Yeah, I went to a lot of retirement parties,” Tobelmann says.

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How to Turn Your Home Into a Pension

Money House

What if you could turn the equity into your home into an annuity-like product that paid you and your surviving spouse a fixed monthly payment for the rest of your lives? Now, imagine you can do this and continue living in your home as long as you’re able. Finally, wouldn’t it be nice if the federal government insured the transaction and guaranteed your monthly payments?

The prospect is attractive because most surveys project baby boomers will face serious financial shortfalls in their retirement years. Accessing home equity in a safe and predictable way is often held out as one of the few ways consumers can add additional income in their retirement years.

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Boomer divorce: A costly retirement roadblock

The divorce rate among adults 50 and older doubled between 1990 and 2009, according to a study.

Baby Boomers are divorcing at a surprising rate, and that will have huge implications for their lives in retirement.

The number of divorces among people 50 or older doubled from 1990 to 2010. And in that year, one in four U.S. divorces was in that age group.

And while the experts say it’s a product of, among other things, longer life spans, Boomer divorce will affect retirement lifestyles.

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Many aging boomers balk at retirement

Even after four decades in practice, Sacramento family law attorney Hal Bartholomew, 66, has no wish to retire.

“It’s disappointing to talk to someone who can’t wait to retire,” he said. “I really enjoy what I do.”

Retirement is nowhere on the horizon for 52-year-old Michael Monk, either – but for entirely different reasons. His small construction company went under during the recession, and he and his wife liquidated their savings to pay bills. Their plans to retire in their 60s evaporated, as well.

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Slump in economy slammed boomers

Young graduates are in debt, out of work and on their parents’ couches. People in their 30s and 40s can’t afford to buy homes or have children. Retirees are earning near-zero interest on their savings.

In the current listless economy, every generation has a claim to having been most injured. But the Labor Department’s latest jobs snapshot and other recent data reports present a strong case for crowning baby boomers as the greatest victims of the recession and its grim aftermath.

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Baby Boomers, forget about retirement. We’ll be working for the rest of our lives.

OK, that may be an exaggeration, but not by much.

We have not saved enough money. And worse, many of us will still be up to our eyeballs in debt when we do retire. We’re just one medical emergency away from bankruptcy.

According to Boomers and Retirement, a new survey by TD Ameritrade, the average Baby Boomer is about a half-million dollars short on retirement savings.

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