Last March, the Social Security Administration suspended mailing – to all Americans under age 60 – an annual statement letting them know what their monthly check would be when they retire. The agency says it was responding to a “bleak” budget projection. The mailings, mandated by Congress in 1989, cost $70 million a year, or one-half of 1% of the agency’s $11.7-billion administrative budget. The agency is working to restore the mailings, but promises to replace the paper statements with an online version that will look “hauntingly” like the old paper statements. Advocates for the disadvantaged say this is not a substitute. “People are not always temperamentally, culturally or psychologically able to go online, especially to get problems resolved,” says Kevin McVeigh, who works with clients in rural Greenfield, Mass. “They’re not used to using computers or don’t have access.”
Then American Century follows with first SEC filing to trade ETFs that use it.
A Wilshire survey identifies geopolitics and monetary policy as possible catalysts for the next downturn.
A correction of this unintended consequence of the 2017 tax cut bill is included the Secure Act, up for a vote this week.
Sponsored by Fidelity Investments
Get insights into the mindset that’s driving today’s advisors to make a move--and help realize their unique business vision.
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.