Banking

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.

By extending their working years, seniors can see an increase in their Social Security payouts.

“We have to have a roadmap for how to deploy capital in this environment,” says the global head of alternatives for the firm’s asset management arm.

The major issuers of leveraged products, which trade under the ProShares and Direxion trademarks, have each posted inflows of over $2.8 billion this month.

In some cases, workers who have received severance pay have the option of investing the money for retirement and other long-term goals.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Job listings for roles that don’t need to be filled immediately will be pulled.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

While many institutions are taking protective steps, others want to stay open to promote public confidence in the banking system.

After resigning last year under pressure from federal policymakers, the former executive received no severance benefits or annual incentive award.

While younger clients may be putting away more money than Gen Xers and baby boomers, they’re not better prepared for retirement compared with their older counterparts, experts say.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

“The only reason why I could see them doing that is shame,” one critic says of the move; the board calls it an important shift in the conversation about fiduciary care.

Aside from refinancing, retirees are advised to consider downsizing their homes to reduce overall spending.

RIAs already on the platform can stick with the old pricing model or transition to the new one.

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.