Small business = big opportunity

Part of Invesco’s Retirement Strategies series

Small business = big opportunity

There’s an old story about two shoe salesmen who travel to a third-world country in search of new business opportunities. The first salesman calls his wife and says, “Honey, I’m coming home. There’s no hope, nobody here wears shoes.” The second salesman calls his wife and says, “Honey, you wouldn’t believe it, there is so much opportunity. No one here is wearing shoes!”

How do you look at the opportunity?

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Mind the generation gap: Rethinking retirement

Part of Invesco Retirement Strategies series

Mind the generation gap: Rethinking retirement

While riding the London Underground last year, I was reading Get Inspired to Retire: Over 150 Ideas to Help Find Your Retirement by Invesco Consulting’s David Saylor and consultant Greg Heffington, with Susan J. Marks. I became so engrossed, I wasn’t paying attention until an announcement to “mind the gap” brought me back to reality.

The “gap” refers to the unsafe space created when a train, which is straight, stops at one of the subway’s curved station platforms. The safety warning “mind the gap” is painted along the edges of curved platforms and announced when a train arrives to prevent missteps.

From the Underground to the foreground

Because I have a retirement mindset and was reading about that subject at the time, “mind the gap” got me thinking about another kind of gap that needs minding — the generation gap as it pertains to retirement readiness.

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Final DOL fiduciary rule includes significant modifications

Rule reflects extensive feedback from industry, government and consumers

Final DOL fiduciary rule includes significant modifications

The Department of Labor (DOL) has finalized its controversial fiduciary rule, also known as the “conflict-of-interest rule,” which requires advisors to act in the best interests of clients when advising on retirement plans and IRAs. The final rule was released on April 6, 2016.

The DOL received extensive feedback from industry, consumer groups, plan sponsors, Congress, federal and state regulators and others following issuance of the re-proposed rule in April 2015, and the final rule has been modified to a significant extent to reflect those comments and concerns.

Following are some of the key changes made in the final rule:

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Planning an IRA buzzer-beater? Make sure to keep an eye on the clock.

Part of Invesco’s Retirement Strategies series

Planning an IRA buzzer-beater? Make sure to keep an eye on the clock.

As Villanova proved in this year’s NCAA championship game, there’s nothing more exciting in basketball than a game-winning, last-second shot. A successful buzzer-beater can send fans from despair to euphoria in just one tick of the clock.

For most IRA investors, the buzzer is about to sound for 2015 contributions. April 18 is the deadline1 to make a prior-year contribution to your traditional IRA or Roth IRA. And, unlike with tax filings, you can’t request a contribution extension. There’s no overtime for IRA contributions.

[The exception to this rule is for SEP-IRAs and solo 401(k)s.

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High five: The top retirement planning priorities

Part of Invesco Retirement Strategies series

High five: The top retirement planning priorities

Like many Americans, you may be focused this week on the income tax deadline – April 18 this year1 because of a holiday in Washington, DC — and scrambling to complete your 1040 form. But April 11 through April 15 is also National Retirement Planning Week® to remind us to focus on our financial needs in retirement. There’s a parallel here — both tax filing day and retirement are deadlines that you have to plan for. But while paying your taxes on time may require a coffee-fueled, cranky Thursday night, retirement readiness requires much more.

Five steps to sound retirement planning

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Love your beneficiaries? Then clean out your closet

Part of Invesco Retirement Strategies series

Love your beneficiaries? Then clean out your closet

When my mother-in-law died at age 83, my wife was torn between grief and the need to empty the house her mother had lived in for more than 50 years. As executor, my wife was in charge of executing the will, which didn’t have one word about clearing out a beloved home filled not only with memories, but with stacks of paperwork from bank statements to every birthday card and letter her mother ever received. In addition to kitchenware and furniture, there were overflowing closets, boxes of unsorted photos and more and more.

My wife’s two brothers live far away and had no need or desire to keep, much less move, furniture, housewares or pictures. As it turned out, their main criterion for selecting memorabilia was fitting it in their carry-on bags for the flight home.

Treasure or trash?

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