In this week's "The FIDx Five," we focus on the top news items that stood out this week.
Approved Spending Bill Includes SECURE 2.0 Act
Congress passed the Consolidated Appropriations Act last Friday. This $1.7 billion spending bill, which has since been signed into law, features retirement provisions that are expected to have significant impact on the retirement industry.
Source: Bloomberg Law, “The Good, The Bad And The Ugly In The Secure 2.0 Retirement Savings Bill,” 12/27/22
Retiring Baby Boomers Are Leaving—and Staying Out
Many Americans either left their jobs or lost them during the early days of the pandemic. With roughly two million recently retired workers now out of the workforce, labor shortages are expected to continue.
Source: The New York Times, “Retirees Are One Reason the Fed Has Given Up on a Big Worker Rebound,” 12/27/22
Digital Distribution of Annuities Heats Up
Stellar National Life Insurance Co., formerly American Labor Life Insurance Co, is the latest issuer of annuity products. Its differing pitch—a focus on becoming a “fully digital issuer” of fixed-rate annuities.
Source: Life Annuity Specialist, “New Insurer Aims Squarely at Hot-Growth Annuities, Distributors,” 12/23/22
It Was the Best of Times, It Was the Worst of Times
2022 was eventful in the world of fintech. TechCrunch shares its top 15 fintech stories from the past year.
Source: TechCrunch, “The Top Fintech Stories of 2022,”12/18/22
The Lingering Impact of The Pandemic on Retirement
Nearly three years after the pandemic began, future retirees are still reeling. A new report finds four in 10 are less confident in their chances to achieve their retirement goals than before.
Source: The Pandemic Continues to Impact Retirement Confidence, 12/22/22
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