THINK TANK: Women should be
forced to retire later than men...
As the technology and
health industries continue to
advance, so does the age at which we’re living to. As longevity
continues to increase, corporate and local government pension
plans, as well as the social security Administration, have focused
on pushing back full retirement age. But should retirement age be
universal for every single person in the U.s.?
According to the cDc’s analysis of 2012 data, women live on
average to about 851/2 while men only live to age 83. By that math,
women should have to wait until 691/2 to collect retirement benefits.
But, many countries have skewed their retirement ages in the
opposite direction. In the U.K., women become eligible 2 years
and 8 months earlier than men (but it will be equalized in 2018).
There are problems with treating everyone the same and with
treating people differently. For example, low-income workers tend
to have less of an increase in longevity, so an increase in full retirement age is not fair to them. But at the same time, if we were to
increase the age for higher-income workers and a higher-income
worker knew they were expected to die earlier than their demographic because of health issues would be where the lines blur.
But regardless — women, on average, are living longer so they
must take additional steps to ensure a secure retirement.
SOURCE: RUTH DAVIS KONIGSBERG, TIME.COM
LIMRA 2016 Life Insurance Conference
4-6, Las Vegas, www.limra.com/events/conferences
2016 AALU Annual Meeting
1-3, Washington D.C., www.aalu.org/events/2016_annualmeeting/
LIMRA 2016 Retirement Conference
4-6, Boston, www.limra.com/events/conferences
2016 MDRT Annual Meeting
12-15, Vancouver, www.imdrt.org/2016am/index.html
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DOL fiduciary rule could
arrive by April
WhIle the DepArtment oF lABor was
busy putting the finishing touches on its rule to
retool the definition of fiduciary under erIsA
and sending it off to the office of management
and Budget (oBm) for review in late January,
regulators for the BD and advisory industries
unleashed their exam priorities for the new year.
like the Dol, the Financial Industry regulatory Authority (FInrA) said it would focus on
reining in brokers’ conflicts, while the securities
and exchange commission said it would zero in
on the retirement planning services that advisors
and BDs offer their clients.
“We completely agree with Dol that those
[BD] conflicts are real and they need to be
addressed, and firms have failed in managing
their conflicts on too many occasions,” richard
Ketchum, FInrA’s chairman and ceo, told
Investment Advisor Magazine in an early January
interview to discuss the release of the self-regulator’s 2016 regulatory and exam priorities.
once at omB, industry officials anticipate the
Dol’s fiduciary rule (also known as the conflicts
of interest rule) could likely be put through an
expedited review — not the typical 90-day omB
review — which means that the final rule could
be out before April.
Ketchum noted that potential problems can
crop up in the sale of proprietary products
as well as in the sale of “higher-commission
products, whether that be in higher-cost mutual
funds or the traditionally higher-cost products
like direct reIts and private placements.”
SOURCE: MELANIE WADDELL, THINKADVISOR.COM