Practice

The number of U.S. households with a net worth of $1 million or more, not including primary residence, increased 16% to 7.8 million last year, according to a report released Tuesday.

All-time low interest rates and tight credit could make the family bank the lender of choice for the wealthy.

But the Regions wealth management unit refuses to roll over.

House Counsel: 28% Rate Unlikely

As the market has, indeed, rebounded nicely, Congress is likely to reinstate the RMDs this year, experts say.

House Financial Services Chairman Barney Frank urged four of the nation's top banks to adopt principal writedowns on second-lien mortgages to allow borrowers to keep their homes.

Congress suspended the required minimum distributions for IRA, 401(k) and other retirement plan investors age 70-1/2 last year, since people’s balances took such a hit the year before and many wanted to remain invested in hopes of a rebound. As the market has, indeed, rebounded nicely, Congress is likely to reinstate the RMDs this year, experts say.

While many workers in this time of economic instability and rampant layoffs are afraid to rock the boat by questioning their employers' decisions, recent lawsuits over high 401(k) fees have empowered some workers to ask their employers to offer lower-cost choices.

Bona fide 401(k) investment advice could finally become standard practice in defined contribution plans, thanks to the Department of Labor's proposed rules limiting the actions of investment professionals who take commissions.

AXA Equitable uncovered a dismal outlook for the economy and retirement in "Retirement in America: A Survey of Concerns and Expectations," in which it polled both investors and economists and found a large percentage of both groups bearish on the economy and the stock and bond markets.