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How would you finish this sentence: “I need to become more financially…”
Retirement Counseling and Training www.retirefederal.com
The start of April signals it’s not only springtime, but National Financial Literacy Month. I love the spring, and am easily distracted by the blossoming flowers and trees. Are you like this when it comes to thinking about money? I sympathize, but it’s worth your while to pay attention to your financial literacy.
Now that most federal employees have become investors thanks to the Thrift Savings Plan, it’s important to understand at least the basics of money management. How would you finish the following statement: “I need to become more financially…” Here are some possible answers:
March 17, 2021 | 8:18 pm Font Size
PHILSTAR
EMPLOYERS Confederation of the Philippines President Sergio R. Ortiz-Luis, Jr. said he supports a proposal to make pensions transferable as workers change jobs.
Speaking before the Committee on Banks and Financial Intermediaries Wednesday, Mr. Ortiz-Luis said House Bill 8938, which creates Employee Pension and Retirement Income (EPRI) accounts that stay with the worker regardless of job-switching, will “rationalize pensions, and this is a good way to do it. We will wait for other developments like the IRR (Implementing Rules and Regulations) to make suggestions,” Mr. Ortiz-Luis said.
Capital Market Development Council Co-Chair Benedicta Du-Baladad said the bill intends to make pensions “fully-funded, and adequate for retirees to have sufficient funds for their daily lives.”
“We recognise the increasingly critical role that effective technology plays in enabling advisers to deliver more efficient and scaled advice to retiring Australians,” Pope said.
“Over 260,000 Australians retire each year and face the difficult trade-offs associated with creating a sustainable retirement income stream.
“The RIB tool is purpose-built to integrate seamlessly into the advice process and provide clients greater certainty in what can be an uncertain phase of life.”
The RIB tool considered a range of investment factors which included client goals, spending glide-paths, tax implications and the Age Pension to forecast income and wealth in retirement.
“In discussions with advisers, it became apparent that existing tools were either too simplistic or overly complicated,” Pope said.
Pointing to the campaign to allow first home buyers to access their super for a home deposit, Russell said this would not solve the affordability issue and was at odds with the government’s Retirement Income Review. The review found the majority of retirees owned a property despite affordability being a concern for 30 years.
“If you start giving early access to first-home buyers, then it’s really destructive because in the first instance what we’re doing is providing the wherewithal for people to further bid up prices, but you’re also undermining the wealth generating capacity of superannuation,” Russell said.
March 15, 2021 | 8:05 pm Font Size
PHILIPPINE STAR/ MIGUEL DE GUZMAN
A BILL permitting pension benefits to transfer along with workers as they change jobs is expected to boost retirement packages and help develop the capital markets, economic managers said.
Finance Secretary Carlos G. Dominguez III said at a hearing of the House Committee on Banks and Financial Intermediaries that the pension system is greatly underdeveloped, with pension assets currently equivalent to 16% of gross domestic product. He said a more acceptable ratio would be 100%.
Mr. Dominguez added that the pension system’s deficiencies stem from the passage of the Retirement Pay law, the features of which limit the size of retirement packages.