A worker drives a tractor past a field of giant tecolote ranunculus flowers at the Flower Fields in Carlsbad, California.
Baby Boomers are going to struggle to retire (Insured Retirement Institute)
The Insured Retirement Institute has concluded, baby boomers "face a dangerous combination of being under-saved and long-lived." The IRI found four in 10 baby boomers have nothing saved for retirement, and 37% of those who do have savings have less than $100,000 put away. This spells trouble for the average 65-year old male and female who have a 50% chance of living until at least 87 and 89, respectively. The IRI says someone who retires at the age of 65 today will need more than $1 million for retirement while someone who waits until age 70 to retire will need $720,00.
Americans aren't spending more despite stronger economy (Bankrate)
Americans remain hesitant to spend despite the growing US economy. According to the latest Bankrate Financial Security Index, which hit a 12-month low, 62% of those surveyed continue to watch their spending for a variety of reasons. Those reasons include stagnant income, the need to save more and too much debt. Additionally, Bankrate found the majority of respondents who were nearing retirement, aged 50-64, were the most likely to be cutting back on spending.
Women are struggling to move up the ranks at advisory firms (Investment News)
Research recently released by Investment News shows just 19% of partner-level advisory positions are occupied by women. At the same time, just more than one-third of non-partner level positions (36%) are filled by women, according to the data. However, Investment News thinks changes could be coming to the industry as entry-level advisor roles are almost evenly split between men and women, up from a 56%/44% male advantage in 2013.
Hellman & Friedman to buy Edelman Financial Services (Think Advisor)
Private equity firm Hellman & Friedman LLC is buying Edelman Financial Services for an undisclosed sum. A statement released by Edelman says CEO Ric Edelman will step down in order to focus on "expanding the firm's financial education activities, breadth of client services and geographic footprint." Think Advisor reports, both Edelman's senior management team and current majority owner Lee Equity Partners will retain meaningful stakes in the company. The acquisition is Hellman & Friedman's second major move this month. On October 2, it bought out partner Bain Capital in Sweden's Securitas Direct Venture Group.
AB InBev is taking over SABMiller (Business Insider)
There has been an "agreement in principle on the key terms," according to both AB InBev and SABMiller. The two sides have agreed to InBev paying £44 ($67.62) per share of SABMiller, valuing the world's second-largest brewer at £71.2 billion ($109.4 billion), a 50% premium from the level SAB was trading at when InBev made its initial offer. The deal will give AB InBev control of one-third of the world's beer supply even with Miller expected to be spun off to avoid US regulatory concerns.