401(k) Specialist Issue 2 - 2023 - 4

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401(k) POD(K)AST
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Remember to check out the latest 401(k) Specialist Pod(k)ast for exclusive,
timely insight on the issues that matter to 401(k) advisors from the
biggest names in the retirement market. Some recent guests include Invesco's
Justin Livengood talking about mid-cap's place in DC investment
menus; Michael Kitces explaining how ChatGPT can complement (not replace) advisors; and Sheri Fitts on
why plan advisors need personal branding. Access all the pod(k)asts from the 401(k) Specialist website or
wherever you listen to podcasts!
POD k AST
401(k) PRACTICE MANAGEMENT
Most Retirees Want a Retirement Planning 'Do-Over'
More than 60% of retirees would like to go back and plan differently for their retirement if they could,
according to a recent study from Lincoln Financial Group-with the vast majority saying they wish they'd
started saving earlier and saved more for retirement.
Other " would've, could've, should've " reflections include choosing investments that provide a steady
stream of income, with 63% reporting they'd like to receive an automatic paycheck from their retirement
assets; and planning better for the unexpected like inflation and volatility, with 85% interested in investing
in solutions that protect them from losses during market volatility.
Lincoln Financial Group released this new data just ahead of Annuity Awareness Month, recognized
thoughout June, to reinforce the role annuities can play in holistic financial planning as tools to help
provide lifetime income and protect and grow retirement savings no matter how the market performs.
" There aren't many opportunities for a do-over when it comes to retirement planning. Yet, two of the
major concerns that retirees voiced in our study-guaranteed income and protection from loss-can be
addressed with annuities, " said Tim Seifert, senior vice president and head of Retirement Solutions Distribution
at Lincoln Financial. " With a record number of Americans set to retire next year, Annuity Awareness
Month is a good time for investors to work with a financial professional to understand how and why
incorporating annuities into their financial strategies can help them retire confidently without regret. "
401(k) FIDUCIARY
Retirement Clearinghouse Notifies 10,500 Individuals of Data Breach
Retirement Clearinghouse, a 401(k) and IRA portability firm that moves retirement account balances to
new employers, is the latest organization to suffer a data breach impacting over 10,500 individuals.
Earlier this month, the firm notified individuals that their personal data had been compromised in a
phishing attempt back in March, in which the organization reported suspicious activity with one email
that saw a " small number of files at risk of access without authorization, " wrote Retirement Clearinghouse
in its letter on the breach.
" Because of this, we took measures to ensure the security of the files and notify potentially affected
individuals about this matter, " the firm said in its report.
According to public filings, Retirement Clearinghouse said individuals in Maine, Maryland, Massachusetts,
New York, North Carolina, Oregon, Rhode Island, Texas, Vermont and Washington, D.C, may have
been impacted by the breach, with the possibility of other states having been compromised.
401(k) INVESTMENTS
Economy has Retirement Savers Eyeing Guaranteed Lifetime Income, Financial Planning Options
New research conducted by Morning Consult for the American Council of Life Insurers (ACLI) shows
retirement savers are eyeing guaranteed lifetime income products and financial planning options as key
financial supports in the current economic environment.
The nationwide survey of more than 1,000 retirement savers-pre-retirees 45 to 65 years old-finds 54%
reporting today's economy has them considering " a guaranteed lifetime income product that pays out
like a pension. "
Respondents earning both below and above $100,000 annually expressed interest in guaranteed lifetime
income products nearly equally. The research also found 91% of respondents preferring the option to work
with any type of financial professional who is offering products and services that meet their needs.
4
ISSUE 2 2023 | 401kSpecialist.com
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401(k) Specialist Issue 2 - 2023

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