Baby Boomers are facing a whole new retirement 'crisis'
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One of the biggest things Baby Boomers have been concerned about over the last few years was having enough money to retire.
But the markets have rebounded, and now boomers are worried about a totally new "crisis": living too long and outliving their savings.
David H. Lenok reports that 50% of respondents at the CEO Summit identified "Longer Life Expectancy" as the biggest financial issue facing Boomers today. "Concerns have flipped from an inability to retire to a question of how to make the money last," Chip Roame, managing partner at Tiburon Strategic Advisors, said.
Fidelity Investments just released its quarterly analysis of its 401(k) and individual retirement accounts and they found that the average balance for people who have been in their 401(k) continuously for 10 years increased 2% year-over-year.
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"Investors were once again exposed to market volatility in the first quarter of this year, but an increasing number of people remained steadfast when it came to savings," said Doug Fisher, senior vice president of Workplace Investing at Fidelity Investments. "In order to reach their goals, retirement investors should resist reacting to short-term market events and maintain a consistent savings rate and diversified asset allocation during both market upswings and downturns."
"We believe India's favorable demographics can sustain rapid growth without the risk of overheating the economy. The International Monetary Fund (IMF) projects India's gross domestic product (GDP) growth at 7.5% in both 2016 and 2017, ahead of its projections of 6.3% and 6%, respectively, for China," wrote Sukumar Rajah of Franklin Templeton Investments.
"We believe that the domestically driven growth drivers mean that India is well placed to ride-out global challenges ahead. As long-term investors, we think that the prevalence of these growth drivers will sustain the outperformance of the Indian market relative to peers."
UBS wants to merge large parts of the back and middle-office functions in its wealth management business, report the FT's Laura Noonan and Ralph Atkins. This will result in hundreds of job cuts, and will save the group several hundred million francs per year.
The House of Representatives passed a resolution on a party-line vote of 234-183 in favor of killing the Labor Department's fiduciary rule. However, the White House previously said that President Obama would veto the resolution.
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