NEW YORK--(BUSINESS WIRE)--

The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America (www.Guardianlife.com), today announced the appointment of Roger Rocha to Regional Vice President for Retirement Plan Sales for the Northern Los Angeles region.

In 2012, Guardian Retirement Solutions has expanded its 401(k) sales force by four to a total of 16 to advance growth in the small plan market. Employer-sponsored retirement plans under $5 million represent the fastest growing segment of the market, accounting for approximately 90% of all 401(k) plans.

Rocha, a Retirement Plan Specialist with over 18 years experience, will be responsible for developing Guardian Retirement Solutions defined contribution plan sales in Californias North Los Angeles, Ventura, San Bernardino Bakersfield and San Luis Obispo, and Riverside Counties.

We are delighted to welcome a respected industry veteran of Rogers caliber to the Guardian Retirement Solutions team. Rogers appointment underscores Guardians commitment to be the small plan market provider in the industry. Guardian continues to support the strong demand in this market with highly experienced personnel, enhanced product offerings and access to robust fiduciary support services, said Dale Magner, Vice President, Retirement Product Sales, Guardian Retirement Solutions. Guardian is also responding to the industrys changing regulatory landscape with additional support tools and educational resources that help financial professionals and plan sponsors navigate successfully in the small plan market.

Rocha joins Guardian from John Hancock Retirement Plan Services where he was Regional Vice President for over six years. He previously held senior sales positions with ING Financial Advisers and Great West Life Retirement Plan Services. Rocha is a graduate of California State University in Los Angeles with a BS in Business Administration/Finance. He has earned his Series 7, 63 and California State Life Insurance License.

About Guardian

A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long term care insurance, disability income, dental insurance products, and offer 401(k), annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.

For more information about Guardian, please visit: http://www.GuardianLife.com

The Guardian Choice group variable funding agreement and The Guardian Advantage group variable annuity contract are issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation whose principal place of business is 7 Hanover Square, New York, NY 10004. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY. Guardian does not issue the The Guardian Choice and The Guardian Advantage and does not guarantee the benefits they provide. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian), New York, NY.

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Guardian Appoints Industry Veteran to Head Retirement Sales on West Coast

OMAHA, Neb.--(BUSINESS WIRE)--

Forty-nine percent. Thats how much the average working Baby Boomer has saved toward his or her total retirement savings goal, according to a new survey released by TD Ameritrade Holding Corporation (AMTD). Working members of the Mature Generation have saved on average 71 percent, Generation X have reached 26 percent and Generation Y have achieved 15 percent of their respective retirement savings goals.

Retirement, a concept that once conjured up images of green golf courses and sandy beaches, today evokes feelings of regret, frustration and envy, according to many Americans. In fact, one out of every two Americans surveyed said they are not looking forward to retirement a sentiment being fueled by the fear of not having enough money saved in time, according to nearly 30 percent of respondents.

These findings come as no surprise when you consider that the median net worth of the American family dropped 39 percent between 2007 and 2010, according to the Federal Reserve Boards Survey of Consumer Finances (SCF) released earlier this week.

The Challenges Market and economic events of the past decade have made putting money aside for retirement challenging for many Americans. Lack of steady employment, debt, education and healthcare expenses were most often cited by the three-quarters (73%) of respondents who say obstacles have prevented them from saving for a comfortable retirement. To make matters worse, over two-thirds (69%) of respondents have no specific savings goal. Among those who have a specific savings goal, the average amount is $750,000, regardless of age. Just 54 percent are confident they will reach their goal, citing a bad economy, not enough income, expenses and not enough time as the reasons they may not be successful. On average, respondents also would have liked to start saving for retirement eight years earlier than they actually did.

The Future Most Americans (80%) envision having to work part- or full time in retirement. On average, they think they will need income for 18 to 22 years of retirement, slightly less than the 20 to 25 years that statistics indicate they will actually need. Eighty percent of respondents said they believe they will require the same amount of income they currently live on or less, but this may not be realistic given that inflation and rising healthcare costs can significantly impact financial needs. In fact, one-third of those who are currently retired say they have had to change their style of living and almost a quarter of them have gone back to work. Their advice to younger generations: Save as much as you can as early as you can, establish a financial plan, limit expenses and work longer.

Theres no doubt the economic climate in recent years has presented significant challenges for those planning ahead and saving for retirement, said Lule Demmissie, managing director, investment products and retirement at TD Ameritrade, Inc. ("TDAmeritrade"). They key is to focus not on what you cant do, but rather what you can. Consider how you navigate challenging issues and move past them to achieve your financial goals.

The Psychology Current retirees are relatively satisfied with their place in life and maintain a positive outlook, but younger generations still in the planning phase are not so optimistic - experiencing a wide range of emotions.

Matures - Proud, satisfied and positive Despite the fact that half of this senior generation said they had to make cutbacks or lifestyle changes in retirement, they generally report feeling proud, satisfied and positive about retirement. They fear retirement the least and are the most content compared to younger generations.

Baby Boomers - Anxious and regretful While they report they are looking forward to retirement more than any other generation, Baby Boomers outlook is generally bleak. They feel their financial situation in retirement will be worse than it is now, and are plagued with feelings of anxiety and regret over their financial situation.

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When Did ''Retirement'' Become a Bad Word?

TRAVERSE CITY, Mich.--(BUSINESS WIRE)--

Michael Reese, CFP, CLU, ChFC, a seventeen year veteran of the financial services industry and one of the most successful retirement planners in the country, is the founder of Centennial Wealth Advisory in Traverse City, Michigan. He has trained over a thousand financial advisors across the country in post-retirement financial strategies and is often referred to as Americas Retirement Expert. Reese spent several years hosting his own financial planning radio program and now hosts The Michael Reese Show on television every Saturday morning on NBC.

Reese specializes in creating innovative tax and investment solutions to help his clients live well during their retirement years. The strategies Reese created and proved through successful financial planning with hundreds of clients over the years has catapulted him into the national spotlight. He is the featured educator at the Advisors Excel IRA College which attracts the top financial planners in the country. He has been a featured speaker at the Senior Market Advisor Expo as well as a multitude of other venues across the country. He is often the expert guest invited to financial radio and television programs across the country and has been quoted by leading publications such as Kiplingers, U.S. News and World Report, Bank Rate, Reuters, Life Insurance Seller, Senior Market Advisor, and Yahoo Finance to name a few.

Reese is the author of the book, The Big Retirement Lie: Why Traditional Retirement Planning Benefits the IRS More Than You. In addition to his current book read by retirees and financial planners alike, Reese is also working on another book, Reeses Retirement Rules 5 Simple Rules to Enjoying Financial Security in Any Economy, that will be published this year. He has also been recruited to write a chapter in Jack Canfields upcoming book, The Success Secret. A documentary about Reese is also in the making and is scheduled to be released later in the year. Reese continues to expand the geographic reach of his audience and aspires to bring his expertise to a national television audience. Reese emphatically states his mission, I want to change the way Americans invest their money during their retirement. Contact information for Reese is available at his website, http://www.michael-reese.com.

Read More: http://michael-reese.com/about-mike-2/who-is-michael-reese/

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Michael Reese – America’s Retirement Expert

(MoneyWatch) Baby-booomers who are retiring with only their 401(k) balances to live on and no lifetime pension benefits face a daunting challenge: How do you turn your 401(k) funds into a retirement paycheck that lasts for the rest of your life?

As I previously wrote, the good news that many 401(k) plan sponsors are considering adding retirement income options to their plans in which the plan sponsor shops for viable products and services that will help participants generate a retirement paycheck. But the flip side is that more than half of all 401(k) plan sponsors won't be adding any retirement income options to their plans anytime soon. If you're in that boat, don't despair -- you still have two effective ways to develop a long-lasting retirement paycheck:

1. Generate a retirement paycheck directly from your employer's 401(k) plan, or 2. Roll your balances into an IRA that offers effective retirement income solutions.

In this post, I'll describe the first option; my next piece will describe the rollover solution.

401(k) retirement income options coming your way Active managers lag index counterparts - again IRA and 401(k) drawdown: Just tell me what to do for managed payouts

Getting a retirement paycheck from your employer's 401(k) plan

This option can be effective if your employer's 401(k) plan includes low-cost index funds that are balanced between stocks and bonds -- target date funds are a good example of this type of fund. Look for funds whose annual investment expenses are well below 50 basis points (0.50 percent). New 401(k) fee disclosure rules can help you more easily make this determination. Whatever you do, resist the temptation to use actively managed, high-cost funds that shoot for exceptional returns (My CBS MoneyWatch colleague Larry Swedroe has demonstrated repeatedly that this is a loser's game.)

Most 401(k) plans allow you to take installment payments when you retire instead of getting a lump-sum check for the value of your entire account balance. These installments are typically paid either monthly or quarterly. All you have to do is tell your 401(k) plan administrator the amount of each installment payment you want, either in dollar terms or as a percentage of your account balance, and specify the investment funds from which the payments will be made. You can make it easy on yourself by having the payments sent electronically to your checking account.

You'll want to be cautious in determining the amount of each installment payment -- withdraw too much money early in your retirement and there's a good chance you'll outlive your savings. Determining a safe withdrawal amount is the subject of much debate and analysis among financial writers and analysts. My prior post provided simple guidelines for determining appropriate withdrawal amounts, including satisfying the required minimum distribution (RMD) rules once you reach age 70-1/2. (If you have the mathematical appetite for digesting the best thinking on safe withdrawal rates, check out financial expert Wade Pfau's excellent Retirement Researcher blog.)

You should know, however, that even with supposedly safe withdrawal rates, there's always the chance that you'll outlive your savings if you live well past your projected life expectancy or if there are severe economic meltdowns in your future. If you really want the guarantee of a lifetime retirement income, no matter how long you live, then you'll need to buy an annuity from an insurance company. If that's not offered in your 401(k) plan, you'll need to use the IRA rollover solution, which is the subject of my next post.

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Do-it-yourself retirement income

Gradually increasing retirement ages may be the only way governments can keep up with people living longer, a report said on Monday.

NEW YORK (CNNMoney) -- As life expectancy continues to rise, a new report suggests that governments need to raise the age of retirement in order to keep up.

The Organization for Economic Co-operation and Development said that by 2050, the average woman and man can expect to live roughly 24 and 20 years beyond retirement age respectively, up from 20 and 17 years in 2010. At the same time, retirement ages across many countries have stayed the same.

Without a change, the Paris-based economic think-tank said governments won't be able to pay for more people needing retirement funds for longer periods of time.

"Extending working lives in a situation of slowly growing or declining workforces should provide an important boost to economic growth in aging economies," according to the report, which was released Monday.

The United States could use a boost. Social Security has already begun paying out more in benefits than it takes in from workers' payroll taxes. The trustees of the Social Security program reported in April that the program projects a $165 billion deficit in 2012. Social Security could pay promised benefits in full through 2033, the report said.

Raising the full retirement age gradually to 70 years-old could help plug this deficit by reducing Social Security outlays by 13 percent, the Congressional Budget Office reported in January.

"With the fact that people are living longer, they should be partly responsible for meeting the cost of longer life expectancy," said Juan Yermo, head of the private pensions unit at OECD.

Today, the full retirement age in the United States is 66, up from 65 a decade ago. It is scheduled to increase by two months a year starting in 2017 until it reaches 67 in 2022. Meanwhile, 62 remains the age at which those who retire early can collect a percentage of their full benefits.

The OECD suggested, however, that "67 or higher is becoming the new 65."

Read more:
Retirement age must rise

By Mark Miller

June 12 - So much for the notion that workers will drop out of their workplace retirement savings plan if employers automatically enroll them at aggressive contribution rates.

That's been the often-heard excuse for auto-enrollment rates in 401(k) plans averaging 3 percent. But a study released on Tuesday by New York Life Retirement Plan Services found that workers in plans with higher default initial contribution rates are more likely to stay in their plans, increase their contribution rate and personally manage their investment choices.

Plans with less than 4 percent default rates experienced a 14 percent opt-out rate, compared with 10 percent for plans with greater than 3 percent default deferrals, the study said.

Automatic enrollment has exploded since the passage of the Pension Protection Act of 2006, which contained provisions aimed at boosting participation rates. It's having a positive impact. A record 76 percent of U.S. workers participated in a defined contribution plan during 2011, according to a new report released on Tuesday by Aon Hewitt.

Retirement readiness also is improving, Aon Hewitt found. The study projects that the average worker will need 11 times his final pay in retirement resources; average workers are on track to accumulate 8.8 times final pay, leaving a shortfall of 2.2 times pay. Still, that was a small improvement compared with 2010, when the shortfall was 2.4 times pay.

But low default initial contribution rates are a persistent problem. Sixty-six percent of workplace plans with automatic enrollment set a default contribution rate of 3 percent or less, according to Aon Hewitt. Employers know there's a problem here: 70 percent of plan sponsors recommend that workers contribute at least 9 percent of income.

WHY THE GAP?

One reason may be employer caution, says David Castellani, CEO of New York Life Retirement Plan Services. "In the early days of default enrollment, there has been some timidity - plan sponsors decided to start off with lower numbers," he said.

But a more important factor is the increased cost of employer matches that accompanies higher worker contributions, says Robyn Credico, leader of the defined contribution practice at Towers Watson, the benefits consulting firm.

Originally posted here:
Retirement savers stay put when employers boost contributions

NEW YORK (CNNMoney) As life expectancy continues to rise, a new report suggests that governments need to raise the age of retirement in order to keep up.

The Organization for Economic Co-operation and Development said that by 2050, the average woman and man can expect to live roughly 24 and 20 years beyond retirement age respectively, up from 20 and 17 years in 2010. At the same time, retirement ages across many countries have stayed the same.

Without a change, the OECD said governments wont be able to pay for more people needing retirement funds for longer periods of time.

Extending working lives in a situation of slowly growing or declining workforces should provide an important boost to economic growth in aging economies, according to the report, which was released Monday.

The United States could use a boost. Social Security has already begun paying out more in benefits than it takes in from workers payroll taxes. The trustees of the Social Security program reported in April that the program projects a $165 billion deficit in 2012. Social Security could pay promised benefits in full through 2033, the report said.

Raising the full retirement age gradually to 70 years-old could help plug this deficit by reducing Social Security outlays by 13 percent, the Congressional Budget Office reported in January.

With the fact that people are living longer, they should be partly responsible for meeting the cost of longer life expectancy, said Juan Yermo, head of the private pensions unit at OECD.

Today, the full retirement age in the United States is 66, up from 65 a decade ago. It is scheduled to increase by two months a year starting in 2017 until it reaches 67 in 2022. Meanwhile, 62 remains the age at which those who retire early can collect a percentage of their full benefits.

The OECD suggested, however, that 67 or higher is becoming the new 65.

Extending the period over which youre contributing to the pension system would be less of a burden for everyone, Yermo said.

More:
Retirement Age Must Rise, Says OECD

Australian batsman Simon Katich on Tuesday announced his retirement from first-class cricket in Australia, citing family reasons.

Katich, 36, is currently playing with Hampshire in the English county season and is committed to play for the Perth Scorchers in the Champions League Twenty20 in October.

But he was axed from the Australian team after the 2010-2011 home Ashes series defeat to England and was stripped of the New South Wales captaincy last year in the Sheffield Shield competition.

Katich released a statement through Cricket Australia saying personal factors were the main reason for his retirement.

"With a young family and a desire for an extended time at home, Simon has decided it is time to reassess his priorities," the statement said.

Katich, a left-handed top-order batsman, played 56 Tests from 2001 to his last appearance against England in Adelaide in December 2010.

He scored 4,188 Test runs at an average of 45.03 with 10 centuries, and made 44 one-day international appearances for 1,324 runs at 35.78.

His demotion from the Test team was highly controversial and his tense relationship with Australian skipper Michael Clarke was played out heavily in the media.

Katich began his Sheffield Shield career with Western Australia but joined New South Wales in the 2002-03 season and went on to score a total of 8,807 runs for the two states in 104 matches at 55.39, with 26 centuries.

He was at his best during the 2007-2008 domestic season, not only captaining NSW to their 45th Sheffield Shield title but receiving the Player of the Year Award with a record-breaking 1,506 runs at an average of 94.12.

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Cricketer Katich announces Australian retirement

As life expectancy continues to rise, a new report suggests that governments need to raise the age of retirement in order to keep up.

The Organization for Economic Co-operation and Development said that by 2050, the average woman and man can expect to live roughly 24 and 20 years beyond retirement age respectively, up from 20 and 17 years in 2010. At the same time, retirement ages across many countries have stayed the same.

Without a change, the OECD said governments won't be able to pay for more people needing retirement funds for longer periods of time.

"Extending working lives in a situation of slowly growing or declining workforces should provide an important boost to economic growth in aging economies," according to the report, which was released Monday.

The United States could use a boost. Social Security has already begun paying out more in benefits than it takes in from workers' payroll taxes. The trustees of the Social Security program reported in April that the program projects a $165 billion deficit in 2012. Social Security could pay promised benefits in full through 2033, the report said.

Raising the full retirement age gradually to 70 years-old could help plug this deficit by reducing Social Security outlays by 13 percent, the Congressional Budget Office reported in January.

"With the fact that people are living longer, they should be partly responsible for meeting the cost of longer life expectancy," said Juan Yermo, head of the private pensions unit at OECD.

Today, the full retirement age in the United States is 66, up from 65 a decade ago. It is scheduled to increase by two months a year starting in 2017 until it reaches 67 in 2022. Meanwhile, 62 remains the age at which those who retire early can collect a percentage of their full benefits.

The OECD suggested, however, that "67 or higher is becoming the new 65."

"Extending the period over which you're contributing to the pension system would be less of a burden for everyone," Yermo said.

More:
Retirement age must rise - OECD

retirement (Photo credit: 401K)

A recent report on the problems with our 401(k) retirement plan provides the latest example how public policy groups want the government to take control of your retirement savings.

A liberal policy advocacy group named Demos recently published a report titled The Retirement Savings Drain which rehashes old complaints about 401(k) plans, overstates the costs of many current plans, and offers a government plan as a solution.

Chief among the complaints by Demos are that current 401(k) plans have excessively high fees, and those fees are hidden from employees. While in many cases employees do pay high costs, 401(k) fee disclosure has been planned to be rolled out in 2012 for some time now, and may help address ignorance of what plans actually costs.

The Demos report lists four reasons for the problem of high fees with 401(k) plans:

1) Complexity

2) Employers lack of knowledge

3) Employees lack of knowledge

4) Inefficient market structure

While all of the above may have some truth, what Demos fails to acknowledge is that all four items are due to the lack of a free market in 401(k) plans, including burdensome rules and penalties on employers who choose to offer plans to help their employees save.

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Ignore The Retirement Experts