Representatives from NAIFA's Medicare Collective met with the Centers for Medicare and Medicaid Services to discuss the crucial role of agents and brokers in guiding Medicare beneficiaries. The collective emphasized the need for adequate compensation for agents to prevent consumer misinformation and ensure personalized assistance.

"Our members see firsthand which programs work and which do not. Together CMS and the NAIFA Medicare Collective can improve protections for beneficiaries in a way neither one can separately."

Carroll Golden, executive director for NAIFA's Knowledge Centers and the Collective

In some cases, psychological hurdles may stop higher-net-worth individuals from spending as much as they could in retirement, potentially inhibiting their lifestyle goals. "Permanent life insurance can help solve this 'permission to spend' dilemma by acting as a financial backstop," writes Gabe Schulman of Lenox Advisors.

Only 10% of Americans wait until age 70 to claim benefits, despite the significant financial advantages of delaying. Mary Kay Sloan emphasizes the importance of tailoring strategies to individual needs, considering factors such as cash flow, health and marital status, while Michael Finke and David Blanchett highlight the long-term benefits of delayed claiming, including increased guaranteed income and greater security.

The IRS has announced increased retirement contribution limits for 2026, allowing workers to contribute up to $24,500 to 401(k) plans and $7,500 to IRAs. Those aged 50 and older can contribute up to $32,500 to a 401(k) and $8,600 to an IRA. However, high earners will be required to direct catch-up contributions to Roth 401(k) accounts in 2026.

In 2026, the IRS will begin enforcing a SECURE 2.0 rule requiring individuals 50 and older who earn more than $145,000 a year to make 401(k) catch-up contributions to Roth accounts. Experts note that this change could increase taxable income in the year contributions are made, potentially affecting eligibility for other tax deductions. However, the long-term benefits of Roth accounts, such as avoiding required minimum distributions and tax-free withdrawals, may be especially appealing to those who expect to remain in a high tax bracket during retirement.

Financial advisors must develop new skills to navigate an evolving industry, according to Deloitte's 2026 Investment Outlook Report. The report highlights the need for advisors to educate clients about complex products. Deloitte also emphasizes the importance of combining growth and scale and leveraging regulatory changes to explore nonstandard products.

Effective succession planning requires a comprehensive approach that incorporates "business strategy, financial planning insight, goal setting, marketing and administrative resources," writes Aaron Neidorf of IFC National Marketing. Establishing specific deadlines, understanding the current value of the business and communicating clearly about the transition are crucial steps, Neidorf writes.

Join NAIFA on Wednesday, Nov. 19, at 11 a.m. ET for "LECP Impact Day: The Care Economy -- Where Compassion Meets Capital," a free virtual event tailored for financial professionals seeking to master the growing caregiving and long-term care landscape. Featuring seven 20-minute TED-style presentations by industry experts on topics like aging, longevity, multigenerational wealth transfer and workplace policy trends, this session will equip you with fresh insights to serve clients better. Register now.