Northwestern Mutual Chairman and CEO John Schlifske and Forbes Media Chairman Steve Forbes will discuss the current market volatility and its effects on the financial planning industry in a six-city tour. The Econom-ME Tour will provide 3,500 business, community and student leaders with insights and advice about the market. The two business leaders will share their thoughts on the economy and how the current climate will redefine the rules of financial planning and security.
"Given today’s volatile economy, financial security is no longer about just growing and managing assets," said Schliftske. "Rather, it means developing and sticking with a holistic financial plan that includes managing risks, and increasing and protecting assets over time."
The speakers will discuss topics including financial planning and politics. Under the latter topic, the two business leaders will comment on how the upcoming elections will not determine the pace with which the economy recovers.
Another way leaders are helping American consumers plan their financial futures more effectively can be seen in the legislation that was recently introduced by two Congressmen from Georgia. The proposed legislation would allow homeowners to use their retirement savings to pay down a mortgage without penalty, the Atlantic-Journal Constitutional reported.
Normally, retirement accounts face a 10 percent penalty if there are withdrawals from the funds before the owner turns 59 1/2 years old. The bill, however, will add mortgage payment to a list of exceptions to the 10 percent penalty rule, in an effort to help struggling homeowners avoid foreclosure. Consumers will be able to withdraw up to $50,000 or half of the fund's value, whichever is smaller, to pay down a mortgage of a primary residence, the news source reported.