The FIDx Five: What’s the Latest Annuity Best Interest State?
Retirement, Annuity, & Fintech Insights
In this week's "The FIDx Five," we focus on the top news items that stood out to us this week.
Mass. Now an Annuity Best Interest State
Massachusetts is the latest state to adopt a new standard requiring financial professionals to act in their best interest when it comes to annuities. They become the 30th in the US to institute these regulations for these products.
Source: Think Advisor, “Massachusetts Adopts Annuity Sales Regulations,” 12/15/22
Helping Make Retirement Easer
The new federal spending package includes provisions to help Americans save for retirement. One of the changes: lower- and middle-income works would receive up to $1,000 in matching contributions.
Source: The New York Times, “New Spending Bill Makes It Easier for Americans Saving for Retirement,” 12/20/22
Aloha from Hawaii
Retiring to Hawaii? It’s one of the most unaffordable states where $1 million in living expenses will last just 10 years.
Source: CNBC, “The 10 states where $1 million in retirement savings will run out the fastest—Hawaii is No. 1,” 12/17/22
Nationwide Teams with RetireOne
Another sign of a recent uptick in interest for registered investment advisers? RetireOne is working with Nationwide to make four retirement products available to RIAs through the insurance outsourcer.
Source: PLANADVISOR, “RetireOne Adds Nationwide RIA Annuities as Advisers Consider Options,” 12/16/22
New LIMRA Study Finds Key Ratio Jumped
Between, 2014 and 2019, it appears the life annuity business was more profitable than expected. The actual-to-expected deaths of annuity owners was 107.3% during that period.
Source: Barrons, “Why High-Net-Worth Investors Are Paying More Attention to Annuities, 12/7/22
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