Founded in 2005, AARP Financial is a wholly owned subsidiary of AARP. AARP Financial offers a broad set of products and services that are intended to support planning and saving for retirement.

AARP Financial offerings—such as life insurance, annuities, mutual funds and financial planning consultations—are particularly geared to members 50 years and older.

For most products, membership in AARP is required to be able to benefit from these financial solutions.

AARP Financial is not the insurer or product provider.  Instead, AARP Financial receives a royalty fee from providing access to its membership to independent, pre-approved vendors such as: The Hartford for car, recreational vehicle and home insurance; Foremost for mobile home and motorcycle insurance; Chase for a credit card, and; annuities from New York Life.

Through New York Life, AARP Financial provides immediate annuities.  AARP Financial also offers term life insurance with a death benefit or permanent life.  Through Charles Schwab, AARP offers its members a 20% discount on financial planning services and a one-year fee waiver on a low-fee customized portfolio of mutual funds.

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Information & Articles about AARP

AARP recently offered support for the health reform legislation that is currently circulating in Congress.

As discussed by Grace Marie Turner in a recent Chicago Tribule piece, there is a case to be made that AARP's support of the legislation directly conflicts with the best interests of its 40 million members.

AARP receives more than half of its $1.1 billion annual budget from fees related to endorsement and sale of health insurance and other retiree financial services products.

So called "Medigap" policies comprise a major portion of AARP's fee revenue.

Health reform legislation would potentially enhance the importance and attractiveness of Medigap policies by making significant cuts to the Medicare Advantage program.

The full article is very worthwhile.

Source: Chicago Tribune

Full Story  

2,777 reads

U.S. News & World Report featured a review of five free retirement planning tools that can be found online.

The review includes retirement planning software from:

The general conclusion is that the tools do "an inconsitent and poor job," often ignoring critical factors such as longevity risk, inflation and medical expenses.

Source: U.S. News & World Report

Full Story 

7,943 reads

AARP has published a tip sheet called Money Matters that offers advice on spending down one's assets in retirement.

The tip sheet addresses a number of areas, including:

For each topic, AARP offers a description of common or current practices, conventional wisdom and their general guidance.

With respect to annuities, AARP notes that most people pay very little attention to the products and as a result annuities are seldom used voluntarily.  AARP's recommendation, however, is to annuitize a portion of retirement savings that is sufficient to cover the portion of recurring living expenses that exceed Social Security and any pension income.  AARP also recommends consideration of inflation protected annuities.

Source: AARP

Full Story 

4,429 reads

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