More than half of older workers doubt they can afford health care after retirement

More than half of working Americans over age 50 fear they won’t have enough money for health care when they reach the age they want to retire, according to AARP.

A new survey from AARP says 55 percent of those over 50 don’t believe they will be able to pay for health care beyond that paid by Medicare, which covers only about half health costs for retirees. Another 38 percent of those surveyed say they haven’t saved anything for such expenses even though multiple studies show that these costs often reach more than $200,000for a retired couple. AARP also found that among workers over age 50, most (57 percent) say they plan to work past the age of 65.

Although AARP found that 68 percent believe they should begin saving at age 35 or younger, just 28 percent began saving at that age. AARP's recently launched free onlineHealth Care Costs Calculator, a major addition to itsReady for Retirementsuite of planning tools, could help families and individuals of all ages plan for health savings. The calculator is available to all for free atwww.aarp.org/hccc.

"Our survey shows that Americans haven't planned enough for health expenses in retirement," said Debbie Banda, AARP vice president for financial security. "Even though these costs can have a significant impact on retirement savings, families and individuals often struggle to save what they need because they are paying other necessary expenses or helping to support other family members or loved ones. We hope that we can help people of all ages get a better handle on these expenses with AARP's free Health Care Costs Calculator."

The Health Care Costs Calculator estimates health costs in retirement by utilizing a database that includes$136 billionin costs from actual health care claims. Users can select from 82 medical conditions to estimate how much they may need to spend on out-of-pocket health care costs. The calculator also assumes that individuals will be eligible for and select Medicare Parts A, B and D.

After estimating costs with the calculator, users can create a plan to help save for health care in retirement and make lifestyle changes that could help reduce their out of pocket costs. For example, if a person chooses "get to a healthier weight" as a goal, the tool will show how that action can lower their predicted costs, as well as offer possible next steps for pursuing that goal. 

"When faced with future health costs, many people are either overwhelmed or overconfident," said Banda. "Thinking that your health care will be paid for by Medicare alone or avoiding health care planning altogether are not the right solutions. The more you know and plan for you and your family's health care, the better off you will be in the long run."

The Health Care Costs Calculator requires no registration and collects no personal data on any user.

To learn more about the tool visitwww.aarp.org/hccc.

Neiman Marcus unveils 88th Edition of its legendary Christmas Book

Luxury retailer Neiman Marcus on Tuesday unveiled its 2014 Christmas Book, the 88^th edition of this legendary book that offers Neiman Marcus customers a selection of spectacular and unique holiday gifts sure to make even their wildest dreams come true.

The arrival of the Christmas Book is considered by some to mark the official start of the holiday shopping season. This year’s edition of the Christmas Book carries on the Neiman Marcus tradition of presenting a refined selection of items across a broad range of categories for everyone on your holiday shopping list. “With a new collection of fantasy gifts certain to satisfy even the most indulgent appetite, the Christmas Book features exceptional and distinctive gifts and experiences, including The Leontine Linens Home Trousseau, The House of Creed Bespoke Fragrance Journey, and The Slot Mods USA Ultimate Slot Car Raceway. This year’s featured car is the 100^thAnniversary Neiman Marcus Limited-Edition Maserati Ghibli S Q4,” the retailer said in a news release.

The “His & Hers” fantasy gift tradition continues this year with the Vilebrequin Quadski, a Jet ski meets ATV that converts from water to land in just under five seconds.

First published in 1926 as a 16-page booklet, the Neiman Marcus Christmas Book was initially intended as a Christmas card to the store’s best customers. Building on tradition through the years, the book has maintained its personal touch while evolving into a legendary source for alluring and mystical gifts.

This year Neiman Marcus will donate a portion of the proceeds from each Fantasy Gift purchase to The Heart of Neiman Marcus Foundation, which brings enriching art experiences to youth in communities nationwide.

“We couldn’t be more excited about this year’s collection of fantasy gifts and feel they are very representative of the unique and high-quality holiday offerings our dedicated customers have come to know and love from Neiman Marcus,” said Jim Gold, president and chief merchandising officer of Neiman Marcus. “Each year our goal is to exceed the expectations of our customers and this year certainly will not disappoint.”

Among the selection of fantasy gifts in the 2014 Christmas Book are some exceptional items, including:

“HIS & HERS” 2014 VILEBREQUIN QUADSKI: Jet ski meets ATV in this Quadski duo. Hailed as the world’s best high-speed amphibians, they convert from water cruisers to land lovers in just under five seconds. Contrary to the Vilebrequin turtle print, your Quadski quickly accelerates up to 45 mph on land or water, thanks to its 1300cc BMW engine. With every His & Hers Vilebrequin Quadski purchase, Neiman Marcus will donate $1,500 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($50,000 each)

TANQUERAY NO. TEN IMPERIAL SHAKER BY JASON CRAWLEY: Mix one part superb craftsmanship with a jigger of history and splash of style and what do you get? The world’s coolest cocktail-making machine. Recreated from a nineteenth-century drawing under the guidance of spirits impresario Jason Crawley, the 6’-tall Imperial Shaker oozes authenticity, from its cast iron, brass, copper, and silver materials to the elliptical shake created by the crank. A one-year supply of Tanqueray No. Ten^® and personal cocktail education session for up to twenty guests with a Tanqueray mixology expert is included. With every purchase of the Tanqueray No. Ten Imperial Shaker, Neiman Marcus will donate $5,000 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($35,000)

VANITY FAIR ACADEMY AWARDS EXPERIENCE: You and a very special guest are cordially invited to play the part of Hollywood royalty during the film industry’s most celebrated weekend. The star treatment begins Friday at the luxe Peninsula Beverly Hills Hotel, your home for the next three nights. Saturday’s agenda is packed with special excursions, drinks at the famous Sunset Tower, and dinner at Chateau Marmont. Oscar day kicks off with pre-party spa pampering and culminates with entrée to the night’s most coveted event: The Vanity Fair Party where you’ll mix, mingle, and revel with silver-screen legends past and present. Hair, makeup, wardrobe styling by Neiman Marcus Style Advisor Catherine Bloom, and jewelry on loan are all provided for this once-in-a-lifetime evening. With the purchase of the Vanity Fair Academy Awards^® Experience, Neiman Marcus will donate $400,000 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($425,000)

THE HOUSE OF CREED BESPOKE FRAGRANCE JOURNEY: Everything from your clothing to the decor in your home suits you perfectly. Isn’t it time you had a signature scent that does the same? Your quest to fragrance utopia begins with two first-class tickets to Paris close to Fontainebleau, near the House of Creed atelier where you’ll meet with sixth-generation Master Perfumer Olivier Creed to create the ultimate custom scent. While in The City of Light, you and a guest will dine with Olivier, enjoy five-star accommodations, white-glove car service, private tours, and other experiences befitting the royally amazing you. A few short months later, a fragrance nonpareil will arrive at your doorstep in 24 14-karat gold-gilded six-liter flacons and 12 14-karat gold-accented leather atomizers featuring your bespoke scent. With the purchase of the House of Creed Custom Fragrance and Trip, Neiman Marcus will donate $5,000 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($475,000)

100^th ANNIVERSARY NEIMAN MARCUS LIMITED-EDITION MASERATI GHIBLI S Q4: Like the North African wind for which it’s named, the Ghibli is undeniably hot and powerful. Sensuous curved lines punctuated with an aggressive grill and bold triple vents perfectly illustrate the car’s unique marriage of elegance and sports car verve. The 3.0-liter V6 twin-turbo engine (produced in collaboration with Ferrari) catapults you from 0 to 60 in a mere 4.7 seconds. Q4 all-wheel drive means you remain fully in control no matter what the driving conditions. In gorgeous Grigio Maratea, your car is one of 100 extraordinary vehicles built to mark the Italian car company’s 100^thanniversary. A centennial-exclusive combination of premium exterior and interior options further sets you apart. On sale beginning promptly at noon EDT on October 22, 2014. ($95,000)

CUSTOM LOCKET AND TRIP WITH MONICA RICH KOSANN: She considers her family her greatest treasure. What better way to keep them close than with an exquisite, one-of-a-kind locket? Your three-day journey towards your heirloom’s creation begins in the German historic town of Idar Oberstein, home to some of the world’s finest gemstone cutters. There, you’ll join forces with jewelry designer and photographer Monica Rich Kosann at the workshop of Constantin Wild (whose family has been in the gem business since 1847) on a quest to find and design the perfect locket. Together you’ll select a stone and collaborate on your creation. The final version, and a hand-painted rendering of your piece, will then make the journey to your home soon after. In the meantime, you are welcome to visit Kosann in New York City, where she’ll photograph you and your family for the very portrait that will be kept and prized in your locket. With the purchase of the custom locket and trip, Neiman Marcus will donate $1,500 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($100,000)

ULTIMATE MARDI GRAS EXPERIENCE FOR SIX COUPLES: If Mardi Gras has always been a dream, there’s no better time than February 2015 to experience the city’s ultimate carnival. Hosted by noted New Orleanians, this five-day adventure offers a truly authentic, luxury experience for you, your significant other, and five of your favorite couples. You’ll stay in the heart of the French Quarter at the luxurious Audubon Cottages and enjoy world-class dining experiences: a jazz brunch at Commander’s Palace, dinner at the city’s largest restaurant and Mardi Gras museum, Arnaud’s, and a special Valentine’s Day meal at renowned Gautreau’s. Your hosts will invite you into their homes (each of architectural distinction) for cocktails. You’ll receive behind- the-scenes tours of local art galleries and attend a private concert and dinner at the legendary Preservation Hall. The trip culminates with a lundi Gras evening ride in the spectacular Orpheus Parade, followed by the black-tie Orpheus Ball. Laissez le bon temps rouler! With the purchase of this trip, The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country will make a gift of $10,000 to the New Orleans Center for Creative Arts Foundation. ($125,000)

THE SLOT MODS USA ULTIMATE SLOT CAR RACEWAY: You never had a race car worthy of the world’s most notorious tracks, but you’ve certainly dreamt of driving on one. Now pole position and the checkered flag are yours with this 100% authentic 1:32 scale model of your favorite track. Iconic structures, pit crews, period slot cars, and more help get you into the action while integrated track cameras capture and display it on mini screens. Racing legends, such as Vic Elford and David Hobbs, will cohost your inaugural race night party. Gentlemen, start your engines. With every purchase of The Slot Mods USA Ultimate Slot Car Raceway, Neiman Marcus will donate $3,500 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($300,000)

PRESTON BAILEY LARGE OUTDOOR GARDEN PEACOCK: Event planner to a who’s who of celebrities, royalty, CEOs, and athletes, Preston Bailey is globally celebrated for his ability to transform ordinary spaces into something truly magical. Now you can transport his genius to your own residence with a glorious peacock available in two sizes: A 6’-tall garden version with a 10'-long tail composed of silk flowers and seasonal plantings, and a 3’-tall indoor version with a 5'-long tail made of silk flowers. Whichever you choose, your bird is signature Preston Bailey: glamorous, witty, and larger than life. With every purchase of the Preston Bailey Peacock Floral Sculpture, Neiman Marcus will donate $1,000 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country.
(Preston Bailey Large Outdoor Garden Peacock $65,000; Preston Bailey Small Indoor Silk Flower Peacock $25,000)

LEONTINE LINENS HOME TROUSSEAU: For those who envision slumbering among the finest custom cottons and dressing their tables with signature flair, the Leontine Linens Home Trousseau is a dream come true. This New Orleans-based company is known for their exquisite designs and every piece is crafted with daily enjoyment in mind. Your induction to true luxury living begins with a personal in home visit from founder Jane Scott Hodges, author of Linens: For Every Room and Occasion. Together, you will select bed, bath, and table linens for every room in your house from the master bedroom to the pool house to create a perfectly appointed home.With the purchase of the Leontine Linens Home Trousseau, Neiman Marcus will donate $1,500 to The Heart of Neiman Marcus Foundation dedicated to supporting youth arts education in communities across the country. ($55,000)

Cat maintains dividend rate

Caterpillar Inc. announced today it will maintain its quarterly cash dividend of 70 cents a share, payable Nov. 20 to shareholders of record at the close of business on Oct. 20.

"I am pleased to announce that we are maintaining Caterpillar's dividend," said Chairman and CEO Doug Oberhelman. "Caterpillar's strong dividend history is the result of our continued financial strength and strong operational performance. This dividend action, along with the 17 percent increase in our quarterly dividend announced in June and the $6.2 billion stock repurchase in 2013 and 2014, demonstrates our commitment to deliver superior returns to stockholders through the cycles."

Caterpillar has paid higher dividends to its stockholders for 21 consecutive years, and since 1998, the company's cash dividend has more than tripled. Including the announcement today, Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933.

Caterpillar will announce its third quarter financial results on Thursday, Oct. 23.

CFOs optimistic about their company's future

Chief financial officers of North America’s largest companies are significantly optimistic about their firm’s prospects and expect higher earnings, sales and hiring for the year ahead, according to Deloitte's third quarter CFO Signals™ survey released Monday.

However, CFOs remain wary of external risks, as concerns over equity market valuations, the European economy, political interference, economic and financial risks and government tax policy were expressed.

The survey, which tracks the thinking and actions of more than 100 CFOs from very large North American companies, recorded a decrease in CFOs expressing declining optimism relative to the prior quarter. For the third quarter, 43.7 percent of CFOs expressed improving optimism, relatively unchanged from last quarter. However, only 11.7 percent expressed declining optimism – the lowest proportion since the survey began in 2010. Overall, net optimism increased quarter-on-quarter from +25.7 to +32.0.   

The improved level of optimism was reflected in increases to CFOs' expectations for key performance metrics. Year-over-year expectations for sales growth rose to 6.8* percent, the highest level recorded for three years and the third consecutive quarterly increase from a survey low of 4.1* percent at the end of 2013.

Earnings expectations also increased from 8.9* percent last quarter to 10.9* percent, the highest level recorded since the first quarter of 2013. In total, 90 percent of CFOs expect year-over-year gains in earnings, the highest proportion in the survey's history. Hiring expectations hit a five quarter high of 2.3* percent, a rise from 1.6* percent in the second quarter, though hiring forecasts by U.S. CFOs were not as positive as their Canadian and Mexican counterparts, rising only from 1.4* percent to 1.7* percent.

Despite these figures, there are a number of concerns still prominent in CFOs' minds. Sentiment regarding performance of the European and North American economies one year from now fell for the second consecutive quarter. Overall though, CFOs continue to believe the North American economy will be better, not worse, one year from now.  

The majority of CFOs, 63 percent, also continue to believe that U.S. equity markets are overvalued while 47 percent believe external financial and economic risks are higher than normal. Only 14 percent believe such risks are lower. Concern over government tax policy and reform also increased. This reflects a wider concern with 65 percent of CFOs expecting moderate or high disruption to their business from government regulation. 

"There is a clear shift to a more positive outlook this quarter as well as a level of optimism not seen in recent years," said Sanford Cockrell III, national managing partner, Deloitte LLP and leader of the Deloitte CFO Program. "While familiar risks remain on the radar, sentiment has ticked up from previous quarters."

Despite CFOs' improved outlook and confidence on growth prospects, one key metric that did not increase this quarter was the forecast for capital spending growth. Year-over-year expectations declined to 5.0* percent, a decrease from 6.8* percent in the second quarter and the lowest level since the third quarter of 2013.

In the United States, CFOs forecast even lower capital spending growth of 3.5* percent, an all-time survey low. The figures continue a long-term decline in capital spending forecasts since the survey began in 2010. Forecasts were typically close to 12 percent in the first quarter of each year between 2010 and 2012 but have declined markedly since then.

"We may be seeing signs of a new, lower normal for capital spending levels," noted Greg Dickinson, director, Deloitte LLP, who leads the North American CFO Signals survey. "Some organizations may have developed excess capacity during the recovery, while others may now be less reliant on hard assets for growth – and more reliant on digital technologies that scale relatively inexpensively. And we may be seeing some companies exchanging company-owned assets for outsourced services."

Additional findings from the Deloitte Q3 CFO Signals survey include:

• Cyber security concerns remain: Almost three-quarters of CFOs say cyber security is a high priority for their company, but only 62 percent say they have a comprehensive information strategy in place, and less than 20 percent express high confidence in their ability to execute on their plans.

• CFOs report strong relationships with other leaders: Overall, CFOs report very good relationships across their peer group, particularly with their CEO, audit committee chair, and general counsel. Board chair is the only role with whom less than 50 percent of CFOs report very good relationships. CFOs say their top peer-level allies are other executives with broad, general responsibilities – especially chief operating officers, general counsel, and CEOs.

• CFOs confident in their finance departments' staff: CFOs generally express confidence in the capabilities of their staff, but controllers rank highest. Confidence appears lowest in the effectiveness of CIOs and internal audit leaders, but CFOs still overwhelmingly rate their confidence in these staff as at least "good." Controllers and FP&A leaders are CFOs' most common allies within Finance – and by a substantial margin.

To download a copy of the survey, please visit: http://www.deloitte.com/us/cfosignals2014Q3.  

*All numbers with an asterisk are averages that have been adjusted to eliminate the effects of stark outliers.

The Deloitte CFO Signals™ survey for the third quarter of 2014 was conducted between Aug. 8, 2014 and Aug. 22, 2014. Eighty-three percent of the 103 CFO respondents were from organizations with more than $1 billion in annual revenues, and 75 percent were from publicly-traded organizations.

Each quarter, CFO Signals tracks the thinking and actions of CFOs representing many of North America's largest and most influential organizations. This report summarizes CFOs' opinions in four areas: business environment, company priorities and expectations, finance priorities, and CFOs' personal priorities.