News & Articles
Recent updates and the latest guidance for the Financial Planning Profession
Help Your Clients Preserve Their Assets under Management
Society of Financial Service Professionals | January 27, 2023Interest in home equity conversion mortgage (HECM) and reverse mortgage products has grown. Financial planners are looking at their client's housing wealth more and more as another option for retirement income, especially now with rising inflation affecting us all. When clients utilize their home equity in down markets, they decrease the risk of running out......
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Emotional Biases that Influence Investing Behavior
Society of Financial Service Professionals | January 27, 2023A bias is a mental shortcut that people take to make decisions quickly. At the heart of all behavioral biases is a desire to reduce cognitive dissonance, which is personalized mental pain. When volatile markets and uncertainties like the Russian-Ukraine conflict, COVID policies, inflation, and interest rate adjustments are prevalent, emotional biases can kick into......
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By the Numbers: The 2023 Indexed Retirement and Social Security Numbers
Society of Financial Service Professionals | January 27, 2023We present the 2023 indexed retirement and Social Security numbers in an easy-to-read table. Feel free to copy this table and keep it handy. RETIREMENT PLAN NUMBERS 2022 2023 Sec. 415 Limit for Defined-Benefit Plans Sec. 415(b)(1)(A) Maximum yearly benefit allowed is the lesser of 100% of the highest 3 years’ compensation or the indicated......
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Supreme Court Rules on Retirement Plan Fiduciary Duty in Hughes v. Northwestern University
Society of Financial Service Professionals | January 26, 2023Among Congress’s policy priorities is safeguarding retirement income security for working Americans, retirees, and their families. In January 2022, the Supreme Court issued its decision in Hughes v.Northwestern University, a case concerning a plan fiduciary’s duty to control retirement plan fees and manage a plan’s investment lineup under the Employee Retirement Income Security Act (ERISA),......
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Criminals Targeting Retirement Accounts Create a New Use for Crime Insurance
Society of Financial Service Professionals | January 25, 2023A crime insurance policy for holders of high-value retirement accounts may be the next needed insurance policy. The increasing criminal attacks on 401(k) retirement accounts have led to some plan administrators not making their customers whole because the administrators were not at fault. Account providers of 401(k) and 403(b) plans are subject to the Employee......
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Supreme Court Allows Health Plans to Limit Dialysis Benefits
Society of Financial Service Professionals | January 25, 2023This past term, the Supreme Court issued a variety of impactful decisions in the health care arena, including some that affect coverage and reimbursement for health care services under federal programs, such as Medicare and Medicaid. Among these decisions is Marietta Memorial Hospital Employee Benefit Plan v. DaVita, a case about the intersection of Medicare......
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The Birthdays That Impact Your Retirement Income
The National Association of Registered Social Security Analysts (NARSSA) | September 14, 2022The Social Security Act was signed into law by President Franklin D. Roosevelt on August 14, 1935 which means Social Security will be celebrating its......
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Four Obstacles Women Face When Planning for Retirement
The National Association of Registered Social Security Analysts (NARSSA) | September 13, 2022March 8, 2022 was International Women’s Day, a day to celebrate the many contributions and achievements of all women. And while women have been able to overcome the countless challenges and inequalities in order to achieve success - it is important to remember that they are still faced with obstacles today.When it comes to financial......
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