A Northwestern Mutual survey found that Americans have lowered their retirement savings target to $1.26 million, down by $200,000, largely due to reduced inflation. The survey also revealed that 51% of respondents think they will outlive their savings, with Generation X feeling the least prepared for retirement. Financial advisor Kurt Mattson emphasizes the need for tailored financial planning to address these concerns.

Millions of Americans are uninsured or underinsured, illustrating the need for better financial literacy around life insurance, writes Mark Holweger, CEO of Legal & General America's insurance division. Talking with family members about finances can be awkward but necessary. "Introducing financial education in schools early on can motivate students to start money conversations with family members from a young age," Holweger writes.

Major stock indexes were mixed on Thursday, with the S&P 500 up 0.1% but the Dow Jones Industrial Average down 1.3%. Separately, a Wall Street Journal survey finds that economists believe that the risk of recession has increased and that inflation could be higher than previously expected.

Founders sometimes overlook personal estate planning amid business pressures, but it is crucial for managing tax exposure and ensuring a lasting legacy. Michael Clear and Erin Nicholls of Wiggin and Dana highlight the importance of core planning, business continuity and liquidity and advanced wealth transfer strategies. "Life insurance is often used as a tool in connection with buy-sell agreements," they note.

A Bloomberg analysis suggests that relatively few Americans claim the federal deduction for state and local taxes, but the success of a broader tax package may depend in part on addressing the SALT cap. Six Republicans in the House have said they will oppose legislation that does not lift the cap to a sufficient degree.

This week, a court granted the Trump administration's request for more time to review litigation related to the fiduciary rule that was issued under the Biden administration. The abeyance will now last until June 16.

Indexed universal life insurance may offer benefits such as flexible premiums and cash value tied to market indexes, but clients may need assistance to understand these policies, writes Drew Gurley, who offers guidance for demystifying five specific issues. "By simplifying and explaining the risks, rewards and benefits, you can help clients better understand their options," Gurley writes.

People may want to disinherit others for a number of reasons, including changing life circumstances such as divorce. The proper approach for disinheriting may vary depending on the specific relationship with the other person, although trusts, beneficiary designations and disinheritance clauses may all play a role.

Join us on April 21 at 3 p.m. ET for the next installment of Finseca's Road to Tax Reform series featuring Capitol Hill veterans Jan Beukelman and Jen Olsen, two of the Senate's most trusted policy experts. They'll break down the latest developments in the upper chamber, share behind-the-scenes insights, and explain how it's all coming together into one comprehensive (and potentially game-changing) tax package. Register Now.