Retirement insights from a Colorado PERA perspective

A distant view shows a mountainous landscape with sloping peaks, green trees in the foreground, and a cloudy sky above.

A digest of timely information and insight about finance, investing, and retirement.



<a href="https://www.forbes.com/sites/nextavenue/2018/11/05/6-tips-for-a-terrific-retirement/#400076b815e3" target="_blank" rel="noreferrer noopener">6 tips for a terrific retirement</a> | <a href="https://www.forbes.com" target="_blank" rel="noreferrer noopener">Forbes</a> The transition from work to retirement can be a challenge. As much as we complain about work, a full-time job provides us with a routine, a community and a sense of purpose. If you want to enjoy a fulfilling retirement, you need to find a way to replace those benefits. But what’s the best way to do that? How do you decide where to devote your time and energy? A small group of retired United Way executives attending the annual United Way Retirees Association gathering in Connecticut recently offered some great advice about retirement, transitions and lessons learned from their experience.



<a href="https://www.bna.com/insight-verge-next-n57982093339/" target="_blank" rel="noreferrer noopener" class="broken_link">Are we on the verge of the next big pension bill?</a> | <a href="https://www.bna.com" target="_blank" rel="noreferrer noopener" class="broken_link">Bloomberg</a> While the eyes of the nation were focused on the Senate confirmation hearings for Brett Kavanaugh, the House of Representatives quietly passed the Family Savings Act of 2018 on September 27. The act, which is one of three tax bills clearing the House as part of the Republicans’ push for “Tax Reform 2.0,” contains a series of proposals designed to enhance Americans’ retirement security and increase other savings. Some of the proposals contained in the act are new, but many have been taken from previously introduced legislation—most substantially, from the Retirement Enhancement and Savings Act.



<a href="http://time.com/money/5445007/105-year-old-retiree-savings-strategy/" target="_blank" rel="noreferrer noopener">This 105-year-old martini lover has been retired almost 40 years</a> | <a href="http://time.com/" target="_blank" rel="noreferrer noopener">Time</a> Patricia Lyons Harrington recalls applying for a credit card in the 1950s, when she was a single, middle-aged school teacher in Boston. The company turned her down, since gender discrimination was as common in credit transactions as in other aspects of society. More than a decade later, the tide began to turn, and the same company sent her a solicitation. “I said ‘no thank you,’” recalls Harrington, 105. Well past the century mark, Harrington retains the feisty spirit that helped her forge her own career and manage her own money at a time when most of her peers married and stayed home to raise children. Today, the former music teacher lives with her nephew and his wife in a separate apartment in their home in Essex, Mass., where former students still come to visit her.



<a href="https://www.fool.com/retirement/2018/11/05/3-reasons-its-not-always-a-good-idea-to-retire-ear.aspx" target="_blank" rel="noreferrer noopener">3 reasons it’s not always a good idea to retire early—even if you can</a> | <a href="https://www.fool.com/" target="_blank" rel="noreferrer noopener">Motley Fool</a> Who doesn’t dream of retiring early? Rather than working until you can’t work anymore, you can spend your days traveling the world, learning new hobbies, or simply relaxing at home. Early retirement may sound great in theory, but in practice, it may not be the best idea. For one, most people aren’t even on track to retire at a normal retirement age, let alone early. Forty-two percent of Americans have less than $10,000 saved for retirement, according to a <a href="https://www.gobankingrates.com/retirement/planning/why-americans-will-retire-broke/" target="_blank" rel="noreferrer noopener">survey</a> of millennials, Gen Xers, and Baby Boomers from <a href="https://www.gobankingrates.com/" target="_blank" rel="noreferrer noopener">GOBankingRates</a>, and of those people, 14 percent have nothing at all saved. That’s not great news, especially considering the average person spends nearly $46,000 per year during retirement, according to the Bureau of Labor Statistics.



<a href="https://www.plansponsor.com/guaranteed-income-preferred-lump-sums/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Newsdash" target="_blank" rel="noreferrer noopener">Guaranteed income preferred over lump sums</a> | <a href="https://www.plansponsor.com/" target="_blank" rel="noreferrer noopener">PlanSponsor</a> What would you do? Fifty-three percent of Americans ages 50 to 79 say they would prefer <a href="https://www.plansponsor.com/sponsors-can-offer-guaranteed-lifetime-income/" target="_blank" rel="noreferrer noopener">guaranteed lifetime income</a> of $660 a month over a $120,000 lump sum payment, the <a href="https://www.limra.com/secureretirementinstitute/" target="_blank" rel="noreferrer noopener">LIMRA Secure Retirement Institute</a> (LIMRA SRI) learned in a <a href="https://www.limra.com/Posts/PR/Industry_Trends_Blog/LIMRA_Secure_Retirement_Institute__More_than_Half_of_Consumers_Would_Choose_Guaranteed_Lifetime_Income_over_a_Lump_Sum_Payment.aspx?blog=SRI" target="_blank" rel="noreferrer noopener">survey</a>. When asked why they would take the <a href="https://www.plansponsor.com/companies-form-alliance-lifetime-income/" target="_blank" rel="noreferrer noopener">guaranteed income</a>, 57 percent said they expect to live a long life and 46 percent said it was because it would give them peace of mind.



<a href="https://www.plansponsor.com/u-s-institutional-investors-changing-views-esg-investing/" target="_blank" rel="noreferrer noopener">US institutional investors changing views of ESG investing</a> | <a href="https://www.plansponsor.com" target="_blank" rel="noreferrer noopener">PlanSponsor</a> Institutional investors in the U.S. continue to view the application of environmental, social and governance (ESG) principles in investing more cautiously than other countries, but the percentage that reject ESG outright shrank dramatically year over year, from 51 percent to 34 percent, according to RBC Global Asset Management’s <a href="http://www.rbcgam.com/corporate-governance-and-responsible-investment/esg.html" target="_blank" rel="noreferrer noopener">third annual Responsible Investing Survey</a>. Forty-three percent of institutional investors incorporate environmental, social and governance (ESG) factors into their investing, up from 22 percent in 2013, <a href="https://www.plansponsor.com/institutional-investors-increase-use-esg/" target="_blank" rel="noreferrer noopener">according to a report from Callan</a>.

Retirement Roundup: 6 tips for a terrific retirement

A digest of timely information and insight about finance, investing, and retirement.



<a href="https://www.forbes.com/sites/forbesfinancecouncil/2018/06/06/retirement-planning-what-happens-after-saving/#4b29d28e371a" target="_blank" rel="noreferrer noopener">Retirement planning: What happens after saving?</a> |&nbsp;<a href="https://www.forbes.com/" target="_blank" rel="noreferrer noopener">Forbes</a> For most of us, retirement is something we dream about for many decades. And hopefully, we accompany those dreaming years with the discipline to save as much as we can for when the time finally arrives.&nbsp;But no matter how large our investment portfolio may be when it’s time to retire, there’s one additional step we should possibly consider: holding on to the budgeting approach that may have worked so well during our working years.



<a href="https://www.cnbc.com/2018/06/04/debt-levels-could-delay-your-retirement.html" target="_blank" rel="noreferrer noopener">This growing problem threatens to delay your retirement</a> |&nbsp;<a href="http://www.cnbc.com/" target="_blank" rel="noreferrer noopener">CNBC</a> Americans today are more likely to reach retirement in debt than ever before. That&#8217;s the takeaway from&nbsp;<a href="https://www.aeaweb.org/articles?id=10.1257/pandp.20181117" target="_blank" rel="noreferrer noopener">a new study</a>&nbsp;that appeared last month in the <a href="https://www.aeaweb.org/" target="_blank" rel="noreferrer noopener">American Economic Association Papers and Proceedings</a>. The researchers compared debt levels among different generations when they were between the ages of 56 and 61 to learn how the financial standing of people bracing to exit the workforce has changed over time, and how much the Great Recession is to blame.



<a href="https://www.bloomberg.com/news/articles/2018-06-05/not-prepared-for-retirement-here-s-a-solution-don-t-retire" target="_blank" rel="noreferrer noopener">Not prepared for retirement? Here’s a solution: Don’t retire</a> |&nbsp;<a href="https://www.bloomberg.com/" target="_blank" rel="noreferrer noopener">Bloomberg</a> Lots of people around the world aren’t prepared for retirement, as Suzanne Woolley of Bloomberg News&nbsp;<a href="https://www.bloomberg.com/news/articles/2018-05-29/the-world-isn-t-prepared-for-retirement" target="_blank" rel="noreferrer noopener">ably explained</a>&nbsp;recently. There’s one obvious&nbsp;solution to that problem: Postpone your retirement. A recent academic&nbsp;<a href="http://www.nber.org/papers/w24226">study</a>&nbsp;called&nbsp;The Power of Working Longer,&nbsp;<a href="https://www.nytimes.com/2018/06/01/business/thinking-about-retirement-consider-working-a-little-longer.html" target="_blank" rel="noreferrer noopener">cited</a>&nbsp;in The New York Times, finds that working just three to six months longer can raise your retirement income as much as increasing your savings by 1 percent every year for the last 30 years of your career.



<a href="https://www.washingtonpost.com/news/get-there/wp/2018/06/04/your-retirement-may-be-saved-by-a-side-hustle/?utm_term=.f030d3887793" target="_blank" rel="noreferrer noopener" class="broken_link">Your retirement may be saved by a side hustle</a>&nbsp;|&nbsp;<a href="https://www.washingtonpost.com/" target="_blank" rel="noreferrer noopener" class="broken_link">Washington Post</a> For those heading into retirement or already retired, a side hustle in the gig economy may just be what you need to boost your savings. In the “gig economy,” people work as freelancers, contractors or temps. Often the paychecks are steady and retirement benefits don’t come with the gig. Yet, it’s this way of working that can help boost an anemic retirement account or increase the income of a retiree. By 2020, more than 40 percent of the workforce will consist of people working in the gig economy, according to a&nbsp;<a href="https://http-download.intuit.com/http.intuit/CMO/intuit/futureofsmallbusiness/intuit_2020_report.pdf" target="_blank" rel="noreferrer noopener">report</a>&nbsp;from Intuit.



<a href="https://www.marketwatch.com/story/reality-check-what-the-average-retiree-spends-a-month-2018-06-05" target="_blank" rel="noreferrer noopener">Reality check: Here’s what the average retiree spends every month</a> |&nbsp;<a href="https://www.marketwatch.com/" target="_blank" rel="noreferrer noopener">MarketWatch</a> The gray-haired couple sipping champagne on a beach at sunset. Grandpa teaching the grandkids how to fish at the family lake house. Are these scenes of carefree times in retirement based on financial reality? According to the latest Bureau of Labor Statistics data, which is based on 2016 figures, “older households” — defined as those run by someone 65 and older — spend an average of $45,756 a year, or roughly $3,800 a month. That’s about $1,000 less than the monthly average spent by all U.S. households combined.



<a href="https://tickertape.tdameritrade.com/retirement/considering-retirement-abroad-16684" target="_blank" rel="noreferrer noopener">Looking to retire abroad? How to choose a location</a> |&nbsp;<a href="https://tickertape.tdameritrade.com/" target="_blank" rel="noreferrer noopener">TD Ameritrade</a> Do you dream of living in that cute little mountain town you visited on a trip to Tuscany, or perhaps spending your retirement on the beaches of the Caribbean or Bali? While some Americans may think about retiring to a place like Florida — one of&nbsp;<a href="https://tickertape.tdameritrade.com/retirement/2018/03/retirement-location-top-places-29660" target="_blank" rel="noreferrer noopener">the top places to retire in the U.S.</a> — some of the best places to retire aren’t in the U.S. at all. In fact, some of the most affordable places to retire are abroad.

Retirement Roundup: Why retirement isn’t the best time to change your financial approach

PERA’s <a href="https://www.copera.org/understanding-the-role-of-trustees" target="_blank" rel="noreferrer noopener">Trustees</a> – the 16 professionals who oversee PERA’s investment program and benefits administration – are each bound by a set of fiduciary responsibilities requiring them to act in the best interest of PERA members and retirees.



As fiduciaries, Trustees have duties of loyalty, care, and prudence to act in the best interest of another party, acting <a href="https://www.copera.org/understanding-the-role-of-trustees" target="_blank" rel="noreferrer noopener">“solely in the interest of his or her client” and “perform with a high level of competence and thoroughness, in accordance with industry standards.”</a> Colorado law makes it clear that PERA fiduciaries have a responsibility to “carry out their functions solely in the interest of members and benefit recipients and for the exclusive purpose of providing benefits.” <a href="https://www.copera.org/understanding-the-role-of-trustees" target="_blank" rel="noreferrer noopener">(C.R.S. § 24-51-207(2)(a)).</a>



Both PERA employees and PERA Trustees receive regular training on what it means to be a fiduciary and the legal and ethical standards involved in fulfilling their roles.



In addition to attending extensive education and training to prepare them for their role, Trustees participate in five regular board meetings each year as well as committee meetings and, potentially, special meetings to review and consider proposed legislation that could impact PERA.



While only the Colorado General Assembly has the authority to make changes to the PERA benefit and contribution structure, as fiduciaries, PERA Trustees play an important role in the administrative oversight of PERA and have the responsibility to set the actuarial assumptions used by the plan, including the long-term rate of return assumption. Trustees have access to world-class consulting firms to assist them in setting the assumptions (both demographic and economic) used in the measurement of the financial health of the system.



Setting the long-term rate of investment return – a case study



Economic assumptions used by PERA include price inflation, wage inflation, and the long-term investment rate of return. The long-term rate of return assumption is the most powerful of all the assumptions therefore it receives a lot of attention.



How does the Board determine what rate of return will be used?



In October 2016, the Board conducted an Actuarial Assumption Workshop. The purpose of the workshop was to review economic and demographic information and receive presentations from actuarial and investment professionals. The process began prior to the workshop when Trustees received:



<ul>
<li>Economic and market data analysis. Ahead of the workshop, as it relates to the rate of return, materials provided to the Board included economic and market data compiled by the Board’s Investment Consultant (<a href="http://www.aon.com/human-capital-consulting/default.jsp" target="_blank" rel="noreferrer noopener">Aon Hewitt</a>), and detailed investment and funded ratio history compiled by PERA staff.</li>



<li>Economic forecasts. The Board also received information from the <a href="https://www.copera.org/understanding-the-role-of-trustees" target="_blank" rel="noreferrer noopener">International Monetary Fund</a>, the <a href="https://www.cbo.gov/" target="_blank" rel="noreferrer noopener">Congressional Budget Office</a>, <a href="http://www.worldbank.org/" target="_blank" rel="noreferrer noopener">The World Bank</a>, <a href="https://www.bloomberg.com/" target="_blank" rel="noreferrer noopener">Bloomberg</a>, the <a href="https://www.mckinsey.com/mgi/overview" target="_blank" rel="noreferrer noopener">McKinsey Global Institute</a>, and <a href="https://www.moodys.com/" target="_blank" rel="noreferrer noopener">Moody’s Investor Services</a>.</li>



<li>Public pension fund research. This data was further informed by information from the <a href="http://www.nasra.org" target="_blank" rel="noreferrer noopener">National Association of State Retirement Administrators</a> (NASRA) including the NASRA Public Fund Survey, and economic information from the U.S. Bureau of Labor Statistics, the Federal Reserve, the U.S. Census Bureau, as well as an overview of the investment rate of return assumptions used by public plans in the U.S.</li>
</ul>



At the workshop, key activities included:



<ul>
<li>Investment professional presentations. Presentations from an economist from <a href="http://www.goldmansachs.com/" target="_blank" rel="noreferrer noopener">Goldman Sachs</a> and the Vice Chairman of <a href="https://www.blackstone.com/" target="_blank" rel="noreferrer noopener">Blackstone</a>.</li>



<li>Capital market analysis. Aon Hewitt provided a capital market analysis</li>



<li>Actuarial analysis. The Board’s actuarial consultant (<a href="https://www.cavmacconsulting.com/" target="_blank" rel="noreferrer noopener">Cavanaugh Macdonald Consulting, LLC</a>) presented the results of their analysis of future returns based on the capital market assumptions provided by Aon Hewitt. The Board also reviewed a presentation by Xerox (formerly Buck Consultants) which projected investment returns based on a proprietary model.</li>
</ul>



Following the workshop, at the November 2016 Board meeting, the Board adopted the following economic assumptions for the 2016 valuation:



<ul>
<li>Price Inflation – 2.4%</li>



<li>Investment Return – 7.25%</li>



<li>General Wage Growth – 3.5%</li>



<li>Wage Inflation – 1.1%</li>



<li>Total Salary Increase – Adjust all ages and divisions by 0.40% for decrease in general wage growth.</li>
</ul>



These assumptions are still in place today. As a leading public retirement plan, PERA conducts regular experience studies and examines its assumptions on a regular basis.

Understanding the role of Trustees

A digest of timely information and insight about finance, investing, and retirement.



<a href="https://www.washingtonpost.com/graphics/2017/national/seniors-financial-insecurity/?utm_term=.cca7f14421behttps://www.yahoo.com/news/apos-long-1-million-retirement-195553143.html" target="_blank" rel="noreferrer noopener" class="broken_link">“I’m going to work until I die:” The new reality of old age in America</a>&nbsp;|&nbsp;<a href="https://www.washingtonpost.com" target="_blank" rel="noreferrer noopener" class="broken_link">Washington Post </a>People are living longer, more expensive lives, often without much of a safety net. As a result, record numbers of Americans older than 65 are working — now nearly 1 in 5. That proportion has risen steadily over the past decade, and at a far faster rate than any other age group. Today, 9 million senior citizens work, compared with 4 million in 2000.



<a href="https://www.bloomberg.com/news/articles/2017-09-25/having-children-can-ruin-your-retirement" target="_blank" rel="noreferrer noopener">Having Children Can Ruin Your Retirement |</a>&nbsp;<a href="https://www.bloomberg.com/news/articles/2017-08-24/health-care-costs-could-eat-up-retirement-funds-forecast-shows" target="_blank" rel="noreferrer noopener">Bloomberg </a>Parenthood has plenty of non-monetary perks, but the financial effects can last the rest of your life. It may seem obvious that kids make it harder to save. In practice, however, parents can compensate for the extra costs of parenting by spending less on themselves. Parents are often forced to budget carefully—a skill that will pay off long after their children are grown. Some people may even decide to take their careers more seriously after having kids, and studies show that some fathers end up earning more than if they’d remained childless.



<a href="https://www.copera.org/retirement-roundup-older-workers-new-problems" target="_blank" rel="noreferrer noopener">Colorado spends the most on out-of-pocket health care but that could be a good sign |</a>&nbsp;<a href="http://www.denverpost.com" target="_blank" rel="noreferrer noopener">Denver Post</a> Colorado spends the most on out-of-pocket health care costs, according to a JPMorgan Chase Institute healthcare spending study. But that’s not necessarily a bad sign. The study, examining anonymous data from 2.3 million Chase customers across 23 states from 2013-16, found that families increased their health care spending when they came into more income or assets.



<a href="https://www.forbes.com/sites/nextavenue/2017/09/13/why-the-tax-reform-crew-may-target-your-retirement/#740796a4194e" target="_blank" rel="noreferrer noopener">Why The Tax Reform Crew May Target Your Retirement |</a>&nbsp;<a href="https://www.forbes.com" target="_blank" rel="noreferrer noopener">Forbes </a>It’s&nbsp;<a href="http://www.nirsonline.org/index.php?option=com_content&amp;task=view&amp;id=882&amp;Itemid=48" target="_blank" rel="noreferrer noopener">no secret</a>&nbsp;that the trend to 401(k) plans from traditional pensions has put more pressure on individuals to save enough for retirement. Combine that with recent moves by the federal government to roll back rules that might have made saving easier, and the retirement landscape has never been more treacherous. Fortunately, there are still some common-sense steps you can take to make your financial future more secure.



<a href="https://www.bloomberg.com/news/articles/2017-09-29/who-s-left-out-of-401-k-nation" target="_blank" rel="noreferrer noopener">Who’s Left Out of 401(k) Nation |</a>&nbsp;<a href="https://www.bloomberg.com/news/articles/2017-08-24/health-care-costs-could-eat-up-retirement-funds-forecast-shows" target="_blank" rel="noreferrer noopener">Bloomberg </a>Only 45 percent of U.S. workers participate in an employer-sponsored retirement plan, according to the Pew Charitable Trusts. Many don’t even have the option—one-third of U.S. workers aren’t offered a pension or 401(k)-style plan by their employers.



<a href="https://www.copera.org/retirement-roundup-older-workers-new-problems" target="_blank" rel="noreferrer noopener">Proposed 401(k)s cost more than Kentucky’s existing defined benefit pension plans</a>&nbsp;|&nbsp;<a href="http://www.nkytribune.com" target="_blank" rel="noreferrer noopener">Northern Kentucky Tribune</a> Kentucky needs ideas that work to reduce its unfunded pension liabilities. Moving employees into 401(k)-type defined contribution plans is actually more expensive, increases the cost of paying off existing liabilities, and harms retirees, while making it much more difficult to attract and retain a skilled workforce.

Retirement Roundup: Older Workers, New Problems

A digest of timely information and insight about finance, investing, and retirement.



<a href="https://www.yahoo.com/news/apos-long-1-million-retirement-195553143.html" target="_blank" rel="noreferrer noopener">Here&#8217;s how long $1 million in retirement savings will last in your state</a> | <a href="http://www.yahoo.com" target="_blank" rel="noreferrer noopener">Yahoo</a>



Would $1 million really last you through your entire retirement? That all depends on where you choose to live out your golden years according to <a href="https://www.gobankingrates.com/retirement/how-long-million-last-retirement-state/?ncid=edlinkushpmg00000313">a new study</a>. Find out how Colorado stacks up against the other states.



<a href="https://www.bloomberg.com/news/articles/2017-08-24/health-care-costs-could-eat-up-retirement-funds-forecast-shows" target="_blank" rel="noreferrer noopener">Health care costs could eat up your retirement savings |</a> <a href="https://www.bloomberg.com/news/articles/2017-08-24/health-care-costs-could-eat-up-retirement-funds-forecast-shows" target="_blank" rel="noreferrer noopener">Bloomberg</a>



According to experts at <a href="https://www.fidelity.com/" target="_blank" rel="noreferrer noopener">Fidelity</a>, health care costs are going to eat up a substantial amount of your retirement savings. And if you think waiting until age 65 when you reach Medicare eligibility is going to save you—think again.



<a href="https://www.copera.org/retirement-roundup-older-workers-new-problems" target="_blank" rel="noreferrer noopener">OMB approves delay of fiduciary rule to mid-2019 |</a> <a href="https://content.copera.org/retirement-roundup-dont-count-on-social-security/" target="_blank" rel="noreferrer noopener">Pensions &amp; Investments</a>



Federal officials seeking to delay the implementation of a rule designed to compel financial advisors to act in the best interest of their clients were successful in delaying its implementation. Although the decision by the White House’s <a href="https://www.whitehouse.gov/omb" target="_blank" rel="noreferrer noopener">Office of Management and Budget</a> won’t prevent the rule from being implemented eventually, this is a major defeat for proponents. [<a href="https://www.copera.org/retirement-roundup-long-1-million-last" target="_blank" rel="noreferrer noopener">Read more</a> about the federal rule as it was first introduced in April 2016.]



<a href="https://www.consumerreports.org/retirement-planning/why-saving-for-retirement-is-getting-harder-and-what-you-can-do-about-it/" target="_blank" rel="noreferrer noopener">Why saving for retirement is getting harder, and what you can do about it |</a> <a href="https://www.consumerreports.org" target="_blank" rel="noreferrer noopener">Consumer Reports</a>



It’s <a href="http://www.nirsonline.org/index.php?option=com_content&amp;task=view&amp;id=882&amp;Itemid=48">no secret</a> that the trend to 401(k) plans from traditional pensions has put more pressure on individuals to save enough for retirement. Combine that with recent moves by the federal government to roll back rules that might have made saving easier, and the retirement landscape has never been more treacherous. Fortunately, there are still some common-sense steps you can take to make your financial future more secure.



<a href="http://squaredawayblog.bc.edu/squared-away/401k-saving-harder-at-lower-incomes/" target="_blank" rel="noreferrer noopener">401(k) saving harder at lower incomes |</a> <a href="http://squaredawayblog.bc.edu" target="_blank" rel="noreferrer noopener">Squared Away Blog</a>



Saving for retirement is no picnic even for upper-middle-income earners who have access to workplace retirement savings plans. A new study sheds light on just how difficult it is for those in the lower- and middle-income brackets to save through 401(k) plans. The study from researchers at the <a href="https://www.stevens.edu/" target="_blank" rel="noreferrer noopener">Stevens Institute of Technology</a> and the <a href="https://www.newschool.edu/nssr/" target="_blank" rel="noreferrer noopener">New School for Social Research</a> sheds some light on how things like temporary unemployment, poor health, and divorce—all circumstances that hit lower-income earners the hardest—affect retirement plans.



<a href="http://time.com/money/4909241/wall-street-financial-firms-protect-seniors/" target="_blank" rel="noreferrer noopener">Wall Street is failing to protect seniors from fraud, say regulators</a> | <a href="http://time.com/money/" target="_blank" rel="noreferrer noopener">Time-Money</a>



An international group of investment regulators say the industry isn’t doing enough to keep elderly investors from falling victim to scams. According to a new survey from the <a href="http://www.nasaa.org/" target="_blank" rel="noreferrer noopener">North American Securities Administrators Association</a>, 75 percent of those who responded said financial firms could be doing more to protect older clients. And a near-unanimous sentiment among those surveyed was that when fraud does take place, it goes on for far too long. Colorado is one of only 13 states that have enacted laws designed to encourage financial advisors to report fraud when they see it happening.

Tag Archives:

Retirement Roundup: 6 tips for a terrific retirement

Retirement Roundup: Why retirement isn’t the best time to change your financial approach

Understanding the role of Trustees

Retirement Roundup: Older Workers, New Problems

Retirement Roundup: How Long Will $1 Million Last You?

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