The Social Security trust fund is forecast to be depleted by 2031, meaning future retirees are likely to see benefit cuts and/or tax increases, experts say. Financial advisors should stress-test portfolios based on current benefit levels for clients 50 and older and assume a 25% benefit cut for those younger than 50, they say.
The New York Metropolitan Transportation Authority's process for rating contractors' performance should undergo changes, said the MTA's Office of the Inspector General, expressing doubt that contractors have performed as well as their ratings indicate. A revised system should enable project managers to determine when a contractor's performance falls short of standards, and it also should allow agencies to gauge contractors' performance before awarding further contracts, the office said.
India's surety bond market needs strong legislation to bolster its development, according to a report from a working group of the Insurance Regulatory and Development Authority of India. Bonding would benefit project owners' reputations and offer them guarantees of success, the report says.
Financial planning firms that want to pursue a diversity, equity and inclusion strategy need to have a plan for implementing it, writes Lazetta Rainey Braxton of 2050 Wealth Partners. She recommends a firm grasp on why a plan is needed and an internal audit of employee culture.
Every financial advisor will encounter client objections at some point, and the key is to treat them as concerns needing to be addressed rather than obstacles, writes Bryce Sanders of Perceptive Business Solutions. He offers ways to respond to 12 common objections from clients including worries about timing and concerns about costs.
A general contractor offers key information and recommendations for contractors that received Paycheck Protection Program or Economic Injury Disaster loans. Among the tips outlined are how to apply for forgiveness and what contractors should and shouldn't pay for with loan proceeds.
Students of several Massachusetts driving schools are pursuing tuition reimbursement from the owner's performance bond after his license was suspended because of drug trafficking charges. The state's Registry of Motor Vehicles said the refund process likely will take several weeks.
A company seeking to become a Disadvantaged Business Enterprise must have certification in its home state before applying for the DBE designation in other states, an attorney writes. "Having certification in one state does not guarantee certification in another state -- the reciprocity is not automatic," she writes.
Deloitte has highlighted key trends in construction and engineering, with modular construction and drones among those leading the way. Other trends to watch include 3D printing, artificial intelligence, big data and building information modeling.
Financial advisors should help women address the possibility of outliving a male spouse, Mary Beth Franklin writes. She suggests using personalized data and actuarial longevity projections to help plan for health care costs.
- Page 1