MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 -0.4% /quotes/zigman/38649152/delayed DOW -0.5% /quotes/zigman/30356458/delayed NASDAQ -0.5%

need to know
Market turmoil caused by obscure strategy?
44 million tried Apple Music in its first month
When do markets close for Labor Day?
Amazon to buy video software company
ISM services index slows, but tops forecast
Jobless claims rise to two-month high
U.S. trade deficit shrinks 7.4% to $41.9 billion
L.L. Bean longtime CEO Leon Gorman dies
Treasury's Lew irked by China's FX move
Kentucky clerk jailed over marriage licenses

Oops — Rick Perry says broken clock right once a day

Six actors who were almost cast as James Bond

Sizeable outflow from China adds to fears

Ad war over oil exports heats up as vote nears

What it’s like to play tennis with a ‘smart’ racket

Tom Brady’s ‘Deflategate’ suspension overturned
The real Deflategate verdict? NFL’s in trouble

Immigration to Germany hits highest mark since 1992

Chaos at Budapest train station as migrants rush trains
Budapest and Europe face a migrant crisis
Syrian refugees reach Norway — via the Arctic
Father of drowned Syrian boy describes voyage

Gates: How we can avoid worst of climate change

Watch China’s    90-minute parade in 60 seconds
Xi talks peace, but China parade flexes power
China markets close for war anniversary

Blame Marissa Mayer for maternity-leave shrink

Karl Lagerfeld is coming to a store near you

These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

Investment risk has changed, so this must change too
Volatility is driving foreign buyers to Treasurys

The search for 1,000 angels to help women startups

43% of U.S. homes are at high risk of natural disaster

Why the U.K. Hugo Chavez will be good for its economy

Why India is worth a look if you’re cooling on China

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9
/conga/frontpage.html 354117

Markets »

109.73MDow Volume:
Avg Vol: 113.10M
Unchanged
224
Decliners
2653
Advancers
3709
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,375 +23 0.14%
Nasdaq
/quotes/zigman/12633936/realtime 4,733 -16 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,951 +2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,312 -11 0.48%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.01%
Oil
/quotes/zigman/2331095/delayed 46.23 -0.52 1.11%
FTSE 100
/quotes/zigman/3173262/delayed 6,194 +111 1.82%
DAX
/quotes/zigman/2380246/delayed 10,318 +270 2.68%
CAC 40
/quotes/zigman/3173214/delayed 4,654 +99 2.17%
FTSE MIB
/quotes/zigman/1482176/delayed 22,177 +565 2.62%
IBEX 35
/quotes/zigman/2759620/delayed 10,042 +104 1.05%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +8 2.37%
Asia Dow
/quotes/zigman/6959860/realtime 2,685 -28 1.03%
Nikkei 225
/quotes/zigman/5986735/delayed 17,792 -390 2.15%
Hang Seng
/quotes/zigman/2622475/delayed 20,864 -71 0.34%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,272 -493 1.91%
Singapore
/quotes/zigman/1709939/delayed 2,872 -34 1.18%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.11%
Yen
/quotes/zigman/16008150/realtime/sampled 119.34 -0.73 0.61%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 0.00 0.27%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.66%
DXY Index
/quotes/zigman/1652083/delayed 96.28 -0.12 0.12%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.82 +0.01 0.01%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.14 -0.02 0.77%
German 10y
/quotes/zigman/15866409/realtime 0.71 -0.01 1.46%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 0.00 0.25%
Spain 10yr
/quotes/zigman/15866444/realtime 2.10 -0.01 0.54%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.77 -0.03 1.56%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 -0.02 4.33%
Crude Oil
/quotes/zigman/2331095/delayed 46 -1 1.11%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.01%
Corn
/quotes/zigman/7599553/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/38649152/delayed 16,270 -78 0.48%
S&P F
/quotes/zigman/30356461/delayed 1,938 -8 0.43%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.43%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 88.15 -1.74 -1.94%
AAPL /quotes/zigman/68270/composite 110.37 -1.97 -1.75%
GOOG /quotes/zigman/30194416/composite 606.25 -8.09 -1.32%
BAC /quotes/zigman/190927/composite 15.94 0.09 0.57%
C /quotes/zigman/5065548/composite 51.79 0.04 0.08%
F /quotes/zigman/264304/composite 13.84 -0.03 -0.22%
T /quotes/zigman/398198/composite 33.04 0.22 0.67%
BP /quotes/zigman/247026/composite 32.41 0.21 0.65%
GE /quotes/zigman/227468/composite 24.51 -0.06 -0.24%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/87598/composite NFLX-4.15%
  • /quotes/zigman/7601800/composite JOY-14.60%
  • /quotes/zigman/12221594/composite AMBA-10.77%
  • /quotes/zigman/250106/composite WWE+3.08%
  • /quotes/zigman/19452757/composite ORCL+0.41%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?

SmartMoney Blogs

Encore
A blog about living in and planning for retirement

Are Advisers Sexist About Social Security?

It’s no secret that women live longer than men. But a new study by the Wharton School’s Pension Research Council suggests that some professional financial advisers neglect to take that fact into account when they tell clients how to time their Social Security benefits. The mistake could cost women who outlive their husbands — and who might benefit from a significant monthly check into their 80s or 90s.

Slightly more than half of women 65 and older rely on Social Security for three-quarters of their income, according to the Employee Benefits Research Institute. Choosing when to start taking benefits — a decision that can be affected by factors like health, savings and other sources of income — is complex even for pros. While seniors can start receiving checks as early as age 62, doing so means they’ll get less each month than they would if they waited until the maximum age of 70 to start taking distributions. Spouses that don’t work — usually women, in the baby boomer generation currently reaching retirement age — also receive benefits based on their partners’ earnings.

But women’s longevity is not being taken into account in the calculus, the study found. “At age 62, there’s a lot you can do,” says co-author Andrew Biggs, a former Social Security Administration official. “You may have a big 401(k), you can go still go back to work. At 72, there are a lot fewer options.”

The study, which posed questions about a number of specific scenarios to a group of about 400 professional financial advisers, suggests that many are tailoring their advice to the needs of the husband without thinking as carefully about the impact on the wife.

For instance, presented with a 62-year-old man in average health who wants to retire right away but has, together with his wife, saved $800,000, only one in five advisers suggested he put off taking Social Security as long as possible. The recommendations were made despite the fact that with such a large nest egg, the couple appeared to face little immediate need for cash and the decision would significantly crimp the woman’s survivor benefit should she become a widow.

The National Association of Personal Financial Advisors and the Financial Planning Association, two trade groups for advisers, didn’t immediately respond to calls seeking input about the study.

Of course, while most financial advisers are men, the study doesn’t prove that these conclusions were driven purely by chauvinism. A more charitable explanation might be that the advisers perceived the chief breadwinner in each scenario as their client. Another, says Biggs, is that the educational materials provided by the government, while recently improved, haven’t historically done a good enough job of emphasizing the issue.

Correction: An earlier version of this post misidentified the center that published the study. It is Wharton School’s Pension Research Council.

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 14)

View all Comments »
    • With all due respect to advisors, a woman, even if she has never worked a day for pay in her life, has an obligation to learn about financial matters and to advocate for file and suspend or other strategies if she thinks they are good for the couple as a unit based on her own analysis of her long time financial position. If she has no money under her own control and has not worked for pay, her views may not get or (perhaps) may not be entitled to much consideration, but she can still do a lot with household management to plan for the future.

    • Bill–thanks for the comment. I respect your opinion. Hey…it’s OK to have different opinions. That’s the purpose of this space! :-)

    • @Roger, you have good logic and correct math as far as I can tell. But, your statement that it takes years to make changes to SS (implying you can count on certain rules staying intact long enough to replan if necessary), is what I’ll challenge. In our current political environment which is the most divided I’ve seen in my 59 years of actually paying attention, I don’t think your statement is as rock solid as it once was. Since everything is a “crisis” (heck I didn’t even know health care was a crisis until the current president said so), clearly SS is in crisis mode. And the payroll “tax holiday” of the past two years has weakened it even further. Add to that the HUGE deficit we run up each year, something will give somewhere. Remember when we pay our SS taxes, it becomes the property of the govt, but with a “promise” of annuity payments for life. But, promises made by our govt can and have been broken and SS is no different. They have the gold, so they make the rules.

      My point is, SS is in crisis so at any time the rules can change on a dime. This throws a wrenh into SS planning for everyone. Using up your own personal wealth while waiting for an increasing SS annuity, is playing a fools game. Wait at your own peril. Something is better than nothing. Heck in California they are trying to alter retirement benefits for those currently in retirement! If the California govt can do it (even if they couldn’t) the federal govt certainly can. They are running the show and they make the rules we must follow. They can change the “file and suspend” in a heartbeat and they can even make it retroactive. Clearly my view is to file and begin collecting as early as possible at age 62. Something is better than nothing.

    • To: of course Not necessarily an “ism”, but it is probably a gender issue. Money IS NOT “gender neutral”!

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 -0.4% /quotes/zigman/38649152/delayed DOW -0.5% /quotes/zigman/30356458/delayed NASDAQ -0.5%

need to know
Market turmoil caused by obscure strategy?
44 million tried Apple Music in its first month
When do markets close for Labor Day?
Amazon to buy video software company
ISM services index slows, but tops forecast
Jobless claims rise to two-month high
U.S. trade deficit shrinks 7.4% to $41.9 billion
L.L. Bean longtime CEO Leon Gorman dies
Treasury's Lew irked by China's FX move
Kentucky clerk jailed over marriage licenses

Oops — Rick Perry says broken clock right once a day

Six actors who were almost cast as James Bond

Sizeable outflow from China adds to fears

Ad war over oil exports heats up as vote nears

What it’s like to play tennis with a ‘smart’ racket

Tom Brady’s ‘Deflategate’ suspension overturned
The real Deflategate verdict? NFL’s in trouble

Immigration to Germany hits highest mark since 1992

Chaos at Budapest train station as migrants rush trains
Budapest and Europe face a migrant crisis
Syrian refugees reach Norway — via the Arctic
Father of drowned Syrian boy describes voyage

Gates: How we can avoid worst of climate change

Watch China’s    90-minute parade in 60 seconds
Xi talks peace, but China parade flexes power
China markets close for war anniversary

Blame Marissa Mayer for maternity-leave shrink

Karl Lagerfeld is coming to a store near you

These are the college majors that are dying

They tangled with student debt all summer
College help for low-income families

Investment risk has changed, so this must change too
Volatility is driving foreign buyers to Treasurys

The search for 1,000 angels to help women startups

43% of U.S. homes are at high risk of natural disaster

Why the U.K. Hugo Chavez will be good for its economy

Why India is worth a look if you’re cooling on China

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9
/conga/frontpage.html 354117

Markets »

109.73MDow Volume:
Avg Vol: 113.10M
Unchanged
224
Decliners
2653
Advancers
3709
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,375 +23 0.14%
Nasdaq
/quotes/zigman/12633936/realtime 4,733 -16 0.35%
S&P 500
/quotes/zigman/3870025/realtime 1,951 +2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,312 -11 0.47%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.01%
Oil
/quotes/zigman/2331095/delayed 46.25 -0.50 1.07%
FTSE 100
/quotes/zigman/3173262/delayed 6,194 +111 1.82%
DAX
/quotes/zigman/2380246/delayed 10,318 +270 2.68%
CAC 40
/quotes/zigman/3173214/delayed 4,654 +99 2.17%
FTSE MIB
/quotes/zigman/1482176/delayed 22,177 +565 2.62%
IBEX 35
/quotes/zigman/2759620/delayed 10,042 +104 1.05%
Stoxx 600
/quotes/zigman/2380150/delayed 362 +8 2.37%
Asia Dow
/quotes/zigman/6959860/realtime 2,685 -28 1.04%
Nikkei 225
/quotes/zigman/5986735/delayed 17,792 -390 2.15%
Hang Seng
/quotes/zigman/2622475/delayed 20,865 -70 0.33%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,272 -493 1.91%
Singapore
/quotes/zigman/1709939/delayed 2,873 -33 1.15%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 +0.00 0.10%
Yen
/quotes/zigman/16008150/realtime/sampled 119.35 -0.72 0.60%
Pound
/quotes/zigman/16008140/realtime/sampled 1.52 0.00 0.27%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.63%
DXY Index
/quotes/zigman/1652083/delayed 96.28 -0.12 0.12%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.82 +0.01 0.01%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.15 -0.01 0.69%
German 10y
/quotes/zigman/15866409/realtime 0.71 -0.01 1.46%
Italy 10yr
/quotes/zigman/15866497/realtime 1.92 0.00 0.17%
Spain 10yr
/quotes/zigman/15866444/realtime 2.10 -0.01 0.54%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.77 -0.03 1.61%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 -0.02 4.33%
Crude Oil
/quotes/zigman/2331095/delayed 46 -1 1.07%
Gold
/quotes/zigman/662444/delayed 1,125 +0 0.01%
Corn
/quotes/zigman/7599553/delayed 361 -1 0.14%
DJIA F
/quotes/zigman/38649152/delayed 16,274 -74 0.45%
S&P F
/quotes/zigman/30356461/delayed 1,938 -8 0.40%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.43%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 88.15 -1.74 -1.94%
AAPL /quotes/zigman/68270/composite 110.37 -1.97 -1.75%
GOOG /quotes/zigman/30194416/composite 606.25 -8.09 -1.32%
BAC /quotes/zigman/190927/composite 15.94 0.09 0.57%
C /quotes/zigman/5065548/composite 51.79 0.04 0.08%
F /quotes/zigman/264304/composite 13.84 -0.03 -0.22%
T /quotes/zigman/398198/composite 33.04 0.22 0.67%
BP /quotes/zigman/247026/composite 32.41 0.21 0.65%
GE /quotes/zigman/227468/composite 24.51 -0.06 -0.24%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/87598/composite NFLX-4.15%
  • /quotes/zigman/7601800/composite JOY-14.60%
  • /quotes/zigman/12221594/composite AMBA-10.77%
  • /quotes/zigman/250106/composite WWE+3.08%
  • /quotes/zigman/19452757/composite ORCL+0.41%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
  • Editorial e-newsletters about personal finance, mutual funds and market-specific coverage
  • Premium newsletters by our market experts
  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration

Email address

Password

Forgot password?