Young Americans Are Optimistic About Their Finances But in Need of Guidance

August 15, 2018

Young Americans are optimistic about their future financial prospects. More than three-quarters of 16-to-25-year-olds in a recent Charles Schwab survey say they expect to do better financially than their parents. Some 81 percent say that they have seen their parents experience a financial hardship of some sort.   The optimism is a reversal of sentiments expressed in a similar Schwab survey in 2009, when many young respondents were “very concerned” about their personal financial futures....

NAIFA Suggests Changes to SEC Best Interest Proposal

August 10, 2018

NAIFA has submitted a comment letter to the Securities and Exchange Commission on SEC’s proposed best interest standard. In the letter, NAIFA President Keith Gillies reiterated NAIFA’s support for a best-interest standard of conduct for advisors and firms whose practices involve securities. The letter also lays out several concerns NAIFA has with the SEC proposal.   First, NAIFA urges the SEC to withdraw or revise the rule’s proposed restrictions on broker-dealers and their registered...

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IRS Proposal Clarifies Pass-Through Income Taxation, Provides Tax Benefit for Insurance Agents

August 10, 2018

The federal tax-reform law passed late last year left lingering questions about how the law affects taxpayers with income from “pass-through” businesses. A regulation proposed earlier this week by the Treasury Department clarifies the situation.   The rule and the tax code are very complex, and NAIFA members should seek counsel from tax professionals to determine how the pass-through regulation would apply to them. In general, however, the rule allows taxpayers to deduct up to 20 percen...

NAIFA Applauds HHS Rule on Short-Term Health Insurance

August 1, 2018

The U.S. Department of Health and Human Services has released its final rule increasing the maximum duration of short-term, limited-duration insurance (STLDI) from 90 days to one year. NAIFA has advocated for this change in conversations with HHS officials and a comment letter submitted during the rule-making process.   STLDI plans provide consumers with temporary, basic, affordable health insurance coverage, often at times they are in dire need of insurance and facing setbacks in the...

Many Americans Are Not on Track to Meet Retirement Goals

July 20, 2018

Ideally, American workers would like to retire at age 61, according to a new Bankrate survey of American adults. This may be an overly ambitious goal, considering that the average life expectancy in the United States is approaching 80 years and the majority of workers are not on pace to accumulate savings to cover nearly 20 years of retirement. The survey found that older Americans, perhaps confronting a more immediate view of retirement’s financial challenges, believe retirement should com...