Expert Viewpoints on the SECURE Act
Investment Advisor magazine’s executive managing editor Ginger Szala, in a post on www.thinkadvisor.com, takes a look at the “Setting Every Community Up for Retirement Enhancement (SECURE) Act signed into law last week. Her article features commentary from Ted Benna, Morningstar’s Christine Benz and others, and delves into the key retirement planning changes resulting from the Act’s passage and discusses a variety of viewpoints on what they will mean to future retirees.
First up is Benna, often referred to as the “Father of 401(k)s” and a contributor to many news sources on the subject. Benna comments on what the Act may mean to multiple employer plans (MEPs) and discusses the potential impact of a major market downturn. He also comments on the Social Security solvency issue and advises those aging into Social Security eligibility to “delay claiming Social Security benefits, using other savings as a bridge.”
Christine Benz, Morningstar’s director of personal finance, offers commentary on annuities and “hybrid long-term care products,” described as “a life insurance policy with a long-term care rider.” Benz and Benna also offer suggestions for dealing with the issue of “401(k) leakage,” described as a growing problem in today’s employment market.
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