The news this week is not new, but very consistent and concerning for baby boomers facing retirement. Prudential announced that effective at months end, it would no longer accept applications for long term care protection. This is the tenth of the top twenty sales companies to discontinue policies to individuals for the important care policies. The company cited low yields on bonds and higher then expected policy payments for this product line.
On RetireSmart Radio Show this Sunday, B Michael Shanley will discuss this problem, its impact on your retirement, and some hybrid ideas to get the best of the needed insurance, for an affordable price. Tune in to WDEL 1150 AM at 10:30 AM Sunday March 25th for this important information.
Michael Shanley is the President and Senior Retirement Advisor for the Brandywine Valley Advisors Group with offices in West Chester and Wilmington. Consider your options with the professional advise you need to make a custom retirement plan for your family. You can contact Michael at 484-881-8899
Tuesday, March 20, 2012
Friday, March 9, 2012
BIG Changes Coming to YOUR 401(k) Plan
There has been a two year rumbling from 401(K) plan administrators for the new regulations coming from the Department of Labor. These sweeping changes, currently scheduled for July 1st, will require a full disclosure of the fees associated with administration, management, and expenses of your 401(k) plan. I say, currently scheduled, because this date has been moved several times over the past 18 months.
The new disclosures cover both the direct and indirect compensation administers receive, the indirect fees have often gone undisclosed. These changes come at a time when participants have seen very low returns, yields on safe haven investments. It will prove to many in money market type plans, that they are actually loosing money over time.
Tune into RetireSmart Radio, with your host B Michael Shanley this week for an in depth look at these changes and special guest Anne Tergesen, journalist for the Wall Street Journal. She has been on the forefront of reporting the DOL changes, and the implications of full disclosure to the average participant.
The fallout of expensive plans is expected as participants turn to plan sponsors for relief from diminished returns, with zero protection from market downturns.
401(k) plans, are defined contribution plans, became popular in the early 1980's, today there is over $4.3 trillion in these plans. For more details on your impact, and those questions you may have about retirement planning, listen this Sunday March 11th, at 10:30 AM WDEL 1150AM. Remember to turn your clock ahead an hour!
To Listen to the Show, click here
The new disclosures cover both the direct and indirect compensation administers receive, the indirect fees have often gone undisclosed. These changes come at a time when participants have seen very low returns, yields on safe haven investments. It will prove to many in money market type plans, that they are actually loosing money over time.
Tune into RetireSmart Radio, with your host B Michael Shanley this week for an in depth look at these changes and special guest Anne Tergesen, journalist for the Wall Street Journal. She has been on the forefront of reporting the DOL changes, and the implications of full disclosure to the average participant.
The fallout of expensive plans is expected as participants turn to plan sponsors for relief from diminished returns, with zero protection from market downturns.
401(k) plans, are defined contribution plans, became popular in the early 1980's, today there is over $4.3 trillion in these plans. For more details on your impact, and those questions you may have about retirement planning, listen this Sunday March 11th, at 10:30 AM WDEL 1150AM. Remember to turn your clock ahead an hour!
To Listen to the Show, click here
Subscribe to:
Posts (Atom)