There is no retirement crisis in America, writes Ramesh Ponnuru, for Bloomberg View. Instead, it's all a matter of how you decide to interpret the data. While the National Institute on Retirement Security's recent report stated that 84 percent of Americans aren't saving enough for retirement, others, like the American Entreprise Institute's Andrew Biggs, say that Americans have among the highest retirement incomes in the world.
It’s been a burning question since social media made inroads into the financial services industry: Can you actually get new clients on social media? A survey of 700 advisors released by Putnam Investments shows you can. According to Putnam, 66 percent of advisors using social media for business purposes said it has helped them gain new clients, up from about half in 2013. Advisors who acquired clients through social media picked up a median of almost $2 million in new assets as a result.
Financial advisors need to use some tough love when dealing with those baby boomer clients who are still helping out their adult children financially. While it's nice that they're able to bail out their kids, these clients are in effect destroying their retirement funds, writes Liz Weston on Bankrate.com. What advisors need to do is make sure clients prioritize their savings in the right way. Start by making retirement savings the most important, followed by setting a 529 college plan for the kids while they're growing up. Then, limit college borrowing and, if you need the money, take out a loan instead of a hardship withdrawal.
We know Millennials aren't saving any money, but what money they do have, and isn't tied into debt and student loans, they're spending for the holidays this year, according to the Fiscal Times. One-in-four millennials plan on increasing their holiday spending this Christmas, the most of any age demographic. Overall, just 16 percent of Americans plan to spend more for the holidays this year.