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By Northwestern Mutual The 2024 Planning & Progress Study, an annual research study from Northwestern Mutual, explores U.S. adults’ attitudes and behaviors toward money, financial decision-making, and the broader issues impacting people’s long-term financial security. Get the report here
By Thomas E. Lambert & Christopher B. Tobe This paper examines a looming possible crisis in many Americans’ retirement plans due to the proliferation of annuity products in their retirement investment portfolios. As defined benefit pension plans have almost completely disappeared as a means of retirement savings and have been replaced by defined contribution retirement plans over the last 40 to 50 years, a great number of private and public sector defined contribution retirement plans have become laden with insurance...
Republicans on the House Financial Services Committee advanced a resolution to overturn the SEC’s climate disclosure rule, in addition to advancing several other resolutions aimed at rolling back various Biden administration rule-making. “Let us make no mistake, the commission finalized this rule despite no clear authorization from Congress,” said Rep. Bill Huizenga, R-Mich., who introduced the resolution to overturn the SEC’s climate rule, at the markup April 17. The Congressional Review Act allows Congress to disapprove, by a simple majority vote, a final...
Pension funds, hedge funds and other non-bank market participants need to up their game when it comes to liquidity preparedness in times of marketwide stress, the Financial Stability Board said. A consultation paper published on April 17 by the FSB, an international body that monitors the global financial system and makes recommendations, identified weaknesses in risk management and governance as key causes of inadequate liquidity preparedness by some market participants during recent periods of liquidity stress in markets. The report highlighted recent...
By Anthony Roth The anticipated increase in the proportion of the American population aged 65 and older—from 58 million in 2022 to a projected 82 million by 2050—calls attention to the economic implications of increased longevity. Yes, this trend will bring significant challenges to continued economic growth. Fortunately, I believe the U.S. is uniquely positioned to overcome these challenges and capitalize on the economic opportunities related to longevity. Strength In Aging A key to any discussion of the increasing age of our population should also...
Many Americans heading into retirement confront a weighty question that doesn’t have an easy answer: Should they retain their savings in their 401(k) plans, move them to an Individual Retirement Account (IRA), or cash out and pay taxes (and perhaps penalties) on the assets withdrawn?A new research paper titled “The Pros and Cons of Remaining in a 401(k) Plan After Retirement” addresses this question, especially for “the vast majority of Americans who enter retirement with low or moderate levels...
When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual. That estimate is up 53% since 2020, when Americans said they would need $951,000, as the cost of living has surged in recent years. It is also up 15% from last year, when respondents said they would need $1.27 million. For many savers, that goal may sound daunting, particularly as...
Before its bankruptcy in 1991, Executive Life Insurance Company accepted transfer contracts from companies to pay their retirees’ pensions instead of the companies defined benefit pension plan. Employers saved money in the transfer because Executive Life offered high interest rates — which were discovered later to be backed by junk bonds – and because their retirees lost Pension Benefit Guaranty Corporation (PBGC) protection when the companies stopped paying PBGC premiums. Retirees from RJ Reynolds, Pacific Lumber suffered significant cuts in pensions...
Hope Murray retired in 2013 after a 50-year career that ranged from game show producer to Hollywood party planner to casino executive. She settled into a life of golf, game nights and pickleball in her San Diego community, her daughter living nearby. Then things got more expensive. Gas was nearly $5 a gallon, medication costs were adding up, the grocery bill was increasing. So she downsized, stopped driving as much and waited longer between haircuts. But she could no longer afford some of...
Pension funds are long-term investors and their ability to generate long-term returns relies on the performance of the markets and economies in which they invest. Because sustainability factors such as climate change and biodiversity loss threaten the performance of the markets and economies on which they rely for financial returns, pension funds have a responsibility to consider whether sustainability-related risks will inhibit their ability to protect long-term value and provide an adequate pension to their members or beneficiaries. Accordingly,...
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