"there are lots of financial "writers" who seem more intent on making points (or filling space) than backing them up with accurate facts."
Not just "financial" writers, by a long shot. Just hold your nose and check out the editorial and commentary pages of the WSJ on any given day. There's times when the pontification there is even in disagreement with the usually decent reporting in the main sections.

I think I've commented on this particular writer before. So many writers come in with a cliche point of view but fail to martial their facts.
"The expenses are higher (and returns lower) for other share classes of the [PIMCO] Total Return fund, such as B-share class (PTTCX)"
He's writing about something that doesn't exist (anymore). PTTBX (not PTTCX) vanished around the end of 2014, when the last of the B shares automatically converted to A shares. (Nov. 2009 prospectus closed this share class, and the shares purchased in the years preceding that closure converted 5 years from purchase. That's why Shadow won't - I think - find any explicit termination of PTTBX.)
"Looking at performance, ABNDX loses to the index in the one-, three-, five-, 10-, and 15-year returns.
"Furthermore, the holdings for ABNDX average out to be intermediate-term bonds with an A credit rating. This type of bond fund fills the space of a core holding, which is the same for VBMFX.
"Why not just hold a bond index fund?
Perhaps because looking at performance, VBMFX loses to ABNDX in the YTD-, three-, and five-year returns? Or perhaps because, as John Bogle points out, bond index funds hold too much in treasuries?
I'm not saying that one couldn't reach the same conclusions in spite of the amended facts I provided. Just that there are lots of financial "writers" who seem more intent on making points (or filling space) than backing them up with accurate facts.

@VintageFreak,
While George Schipp manages the Sterling Capital Special Opportunities Fund, the bigger question will be will Sterling allow an exchange from one grandfathered Stratton Fund, which will be an "I" class fund, to another Sterling "I" class fund?
I've looked through the some of the prospectuses, but I am not sure if there is specific language permitting the exchange proposed above.
You will need to get in a Stratton application pretty quick if you are interested.
Here is the some language from the new acquired Sterling Stratton Funds concerning "I" shares,
http://www.sec.gov/Archives/edgar/data/889284/000119312515260495/d24863d485bpos.htm
* Investors purchasing shares through Branch Banking and Trust Company, its affiliates or other financial service providers or intermediaries approved by the Fund, employees of Sterling Capital, trustees of the Sterling Capital Funds, and investors who were shareholders of the Predecessor Fund at the time of the reorganization between the Predecessor Fund and the Fund are not subject to a minimum initial investment requirement.
Here is the language concerning "Exchanges" from the same filing:
Exchanging Your Shares:
You generally can exchange your shares in one Fund for shares of the same class of another Sterling Capital Fund, usually without paying additional sales charges (see “Notes on Exchanges” below). You must meet the eligibility requirements for the Sterling Capital Fund into which you are exchanging. Exchanges from one Fund to another Sterling Capital Fund are taxable. You may deposit redemption proceeds into the Sterling Capital Deposit Account. Institutional Shares may also be exchanged for Class A Shares of the same Fund if you cease to be eligible to purchase Institutional Shares. Institutional Shares of each Fund may not be exchanged for Class C Shares. No transaction fees are currently charged for exchanges. Furthermore, the exchange of Institutional Shares for Class A Shares will require payment of the sales charge unless the sales charge is waived. Please consult the Class A and Class C Shares prospectus for more information.
Finally, there is this for institutional funds:
Closing of Small Accounts:
If your account holding Institutional Shares falls below $1,000,000, the Fund may ask you to increase your balance, except investors who were shareholders of a Predecessor Fund at the time of the reorganizations between each Predecessor Fund and its corresponding Sterling Capital Fund. If your account is still below $1,000,000 after 60 days, the Fund may close your account and send you the proceeds at the current NAV.
I hope I am wrong, but looking on surface of the above information, I am not sure Sterling will allow an exchange from a grandfathered Stratton fund "I" class to another "I" class fund.

@David_Snowball
I don't know whether it was the info, or the way you chose to sequence it, but this month's commentary got my tumblers rolling again (had almost forgot what it felt like). "Thought experiments" I hadn't completed and had set aside. Merci gobs to you and to those who contributed. Very stimulating.
Noah Smith had an edit in BloombergView yesterday about the seeming disappearance of the value premium, and possible reasons for it. We exchanged a few comments about this several months back. Might take a glance.
http://www.bloombergview.com/articles/2015-11-05/maybe-financial-markets-have-been-wrong-all-along

@MrRuffles Maybe it's because he no longer holds absolute trust in his brokerage, and wishes to transfer his shares and have them held in certificate form at Seafarer, rather than have them held in street name, with his name listed only as beneficial owner. Of course, that would mean David has become paranoid that a colossal collapse of the US financial system is a distinct possibility, in which case Scottrade actually could grab all shares held in street name and sell them to save themselves (he gave his consent to this when he signed his brokerage account agreement, but probably didn't realize what the language describing this event really meant... who does?).

@bee - brilliant! Not sure what site you used. Could you please oblige using other major sectors, i.e. technology, financial and materials.

@Sven
https://www.sec.gov/litigation/admin/34-49741.htm
(Above link sometimes doesn't work. You should, however, be able to pull up this 2004 SEC document doing a Google search. It's good reading.)
From the SEC Complaint: "From 1998 through 2001 and in 2003, Strong frequently traded 10 Strong funds, including one over which he was the portfolio manager, making approximately 660 redemptions inconsistent with the limitations of the prospectus in the forty accounts that he controlled. As a result of his trading, Strong had gross profits of $4.1 million and net profits of $1.6 million. SCM failed to disclose Canary's trading agreement, and the inherent conflicts of interest involved in allowing such trading, and Strong and SCM failed to disclose Strong's frequent trading activities, to the Boards of Directors of the Strong funds or to the shareholders of the funds ..."
---
Regarding his personal accounts, 660 redemptions (1998-2003) is an eye-grabber. Anybody here ever come close to that number of trades over a 5 year period? As a former shareholder I can tell you they didn't tolerate such frequent trading by most clients. I was cautioned once after doing about 6 trades in one of their funds over a year's time.
Here's a story detailing the rise and fall of Strong Capital Management and which references the takeover by Wells Fargo in May 2004.. http://www.pionline.com/article/20120806/PRINT/308069980/one-time-powerhouse-strong-financial-down-to-a-staff-of-1
Strong appealed to many small investors in the Midwest. Low minimums, flashy literature and promotion, and a sizeable stable of competitive funds. Strong himself, through one of his publications, taught me: "Pay Yourself First." That saying probably didn't originate with him, but I heard it first from him and it was inspiring and helpful at the time. A fairly charismatic figure, he appeared as a guest once on Rukeyser's Wall Street Week - though you could tell old Lou wasn't too impressed.

James Funds:
http://www.jamesfunds.com/our-funds-distributions.php
Janus Funds:
https://17eb94422c7de298ec1b-8601c126654e9663374c173ae837a562.ssl.cf1.rackcdn.com/Documents/retail/planning page documents/Supplemental Tax and Distribution Information/2015/Janus Funds Preliminary Distribution Estimates 2015.pdf
JP Morgan:
https://www.jpmorganfunds.com/blobcontent/547/655/1323436047000_2015-JPM-Funds-Capital-Gains.pdf
Keeley Funds:
http://www.keeleyfunds.com/funds/distributionsummary.php
Kinetics Funds:
http://kineticsfunds.com/wp-content/uploads/2015/11/KMF-2015-distributions_est.pdf
Kopernik Global Fund:
http://kopernikglobal.com/sites/default/files/KGI CG MEMO 930 2015.pdf
Leuthold Weeden Funds:
http://lwcm.com/sites/lwcm.com/files/Nov_2015_Cap_Gains_Estimates-1.pdf
Liberty Street Funds:
http://www.libertystreetfunds.com/sites/default/files/docs/Dividend & Distribution Info - Liberty Street Funds_2.pdf
Litman Gregory Masters Select Funds:
http://www.mastersfunds.com/distribution-estimates
LKCM Funds:
http://www.lkcmfunds.com/media/pdfs/LKCM_Distribution_Estimates.pdf
LMCG Funds:
http://www.lmcgfunds.com/wp-content/uploads/2015/10/Distribution-Letter_Oct-2015.pdf
Longleaf Partners:
http://longleafpartners.com/sites/default/files/categories/Documents/Longleaf-Partners-Funds-Capital-Gain-Distribution-Estimate-2015.pdf
Loomis Sayles Funds:
http://www.loomissayles.com/internet/internet.nsf/content?readform&ctype=capitalgains&channel=mf
Lord Abbett Funds:
https://www.lordabbett.com/en/resources/tax-center/capital-gain-distribution.html#la_Estimated_Capital_Gains
Lyrical Value Funds:
http://lyricalvaluefunds.com/wp-content/uploads/2014/10/2015_Distribution_Estimate.pdf
Madison Funds:
http://madisonfunds.com/individual/tax-info
MainStay Investments:
http://www.nylinvestments.com/polos/MSSR06-10-1556540.pdf
Manning & Napier:
https://www.manning-napier.com/Portals/0/FundsDocs/distributions/2015-year-end-distribution-estimates.pdf
Marsico Funds:
http://www.marsicofunds.com/funds/content/distributions.fs
Matthews Asia Funds:
http://matthewsasia.com/investor-resources/fund-distributions.fs
Meeder Investment:
http://www.meederinvestment.com/Resources/Doc/Meeder Funds 2015 Capital Gains Distribution Estimates.pdf
Meridian Funds:
http://meridianfund.com/literature/tax-information/
Metropolitan West Funds:
https://www.mwamllc.com/documents/MWFunds_DistributionEstimates-1115.pdf
Mirae Asset Discovery Funds:
http://investments.miraeasset.us/files/4114/4562/4737/2015_Estimated_Capital_Gains_Distributions.pdf
Muhlenkamp Fund
http://muhlx.muhlenkamp.com/distributions/
Natixis Funds:
http://ngam.natixis.com/us/investor/1250204324790/Year-End+Distribution+Estimates+for+2015
Northern Funds:
https://www.northerntrust.com/documents/white-papers/mutual-funds/individual/2015-preliminary-estimated-capital-gains.pdf?bc=24089026
Nuveen Funds:
http://www.nuveen.com/Home/Documents/Viewer.aspx?fileId=49964
Oak Associates:
http://www.oakfunds.com/OakLibrary/Distributions2015.aspx
Oakmark Funds:
http://www.oakmark.com/News/News-and-Insights-Placeholder/2015-Fund-Distribution-Estimates.htm
Oberweis Funds:
http://oberweisfunds.com/wp-content/uploads/2015/11/2015CapitalGains.pdf
Oppenheimer Funds:
https://www.oppenheimerfunds.com/advisors/doc/2015_Capital_Gains_Estimates.pdf?dig_asset_metrics=done&cb=42653008356
Optimum Funds/Delaware Investment:
https://delinvest.fgsfulfillment.com/download.aspx?sku=CGE-OPT
Pacific Life Mutual Funds:
http://www.mutualfunds.pacificlife.com/public/performance/perf_updates/2015/w30027.pdf
Palmer Square Fund:
http://www.palmersquarefunds.com/uploads/2015 Estimated Capital Gains Distribution.pdf
Payden Funds:
http://www.payden.com/mutualFunds/distribution/2015CapGains.pdf
Pear Tree Funds:
http://www.peartreefunds.com/sites/default/files/2015 Distribution Estimates.pdf
Perritt Capital:
http://www.perrittcap.com/news-events/events/
Pinnacle Value Fund:
http://www.pinnaclevaluefund.com/historicalresults.asp
Poplar Forest Funds:
http://www.poplarforestfunds.com/pdfs/2015_PFCapGains.pdf
Primecap Odyssey Funds:
http://www.primecapmanagement.com/prices_and_performance/distribution_information.html
Principal Funds:
https://secure02.principal.com/publicvsupply/GetFile?fm=MM3682&ty=VOP&EXT=.VOP
Prudential Funds:
https://www3.prudential.com/email/pi/a/capgains2015.pdf
Quaker Funds:
http://www.quakerfunds.com/performance/tax/2015distributions
Rainier Funds:
http://rainierfunds.com/Documents/2015 Distribution Estimate.pdf
Ridgeworth Funds:
https://www.ridgeworth.com/includes/files/assets/files/1446127496_2015-YearEndCapitalGainsEST.pdf
Riverpark Funds:
http://www.riverparkfunds.com/downloads/News/2015_EstimatedDistributionInfo.pdf
Roosevelt Fund:
http://www.rooseveltmcf.com/files/documents/2015-513B-RooseveltEst.Distributions.pdf
Royce Funds:
https://www.roycefunds.com/news/2015/10/open-end-funds-2015-year-end-distributions
RS Investments:
http://www.rsinvestments.com/wps/RSContent/Render?content_id=268e4044-807c-48d4-8a73-5caf92294b91&channelname=financialadvisors
Salient Partners:
http://www.salientpartners.com/static/pdfs/rpf/Salient 2015 Preliminary Capital Gain Distribution Information.pdf
Schroders Funds:
http://www.schroders.com/en/SysGlobalAssets/staticfiles/schroders/sites/americas/schroderfunds/documents/2015-year-end-distribution-information.pdf
Schwab Funds:
http://ims.schwab.wallst.com/repository/?doc=2008DistAct
Scout Investments:
http://scoutinv.com/resources/documents/literature/taxinfo/2015YearendDistributionEstimatesMemo.pdf
Seafarer Funds:
http://www.seafarerfunds.com/fund/distributions
Selected Funds:
http://selectedfunds.com/document/read/2015_estimated_year_end_capital_gains_distributions
Sentinel Funds:
https://www.sentinelinvestments.com/pdf/capgainsdist-est2015.pdf
Sit Funds:
http://www.sitfunds.com/services/2015distribution-estimates.php
Smead Value Fund:
http://smeadcap.com/files/9914/4683/5862/2015_Dividend_Distribution_Estimates.pdf
Sound Shore Fund:
http://www.soundshorefund.com/cap_gains.asp
Sterling Capital Funds:
http://www.sterlingcapitalfunds.com/wp-content/uploads/2015/11/Estimated-Capital-Gains-2015.pdf
http://www.sterlingcapitalfunds.com/wp-content/uploads/2015/11/Estimated-Capital-Gains-2015-Stratton-Funds-v1.pdf (Stratton Funds)
SunAmerica Funds:
https://www.safunds.com/pdf/capital-gains-estimates-as-of-9-30-15-with-nav.aspx
TCW Funds:
https://www.tcw.com/~/media/Downloads/TCW_Funds/Distribution_and_Tax_Information/FUNDsb.ashx
T Rowe Price (financial intermediary link; individual link is below...figures look similar)
https://www4.troweprice.com/tpw/ivp/public/fiTaxInformationPage.do
Third Avenue Funds:
http://thirdave.com/top-news/2015-estimated-income-capital-gain-distributions/
Thornburg Funds:
http://www.thornburg.com/products-performance/mutual-funds/dividends-capital-gains/
Thrivent Funds:
https://www.thrivent.com/tax-resource-center/files/28341.pdf
TIAA-CREF Funds:
https://www.tiaa-cref.org/public/tcfpi/InvestResearch?shareclass=retail class&view=distributions&subview=projectedview
Tocqueville Funds:
http://www.tocqueville.com/sites/default/files/Distributions_2015_prelim_2015-10-09.pdf
Touchstone Funds:
https://www.touchstoneinvestments.com/documents/pdf/TSF618.pdf
Transamerica Funds:
https://www.transamerica.com/images/capital-gain-distributions_tcm73-37718.pdf
Turner Investments: (TMCGX another large payout)
http://www.turnerinvestments.com/tax-information/
USAA Funds:
http://www.advisorusaa.com/~/media/Files/U/USAA-RWD/documents/forms/pronotification-letter041115.pdf or
https://content.usaa.com/mcontent/static_assets/Media/MutualFundDist_PreNotification.pdf?cacheid=3881185387_p
Victory Funds:
http://www.vcm.com/docs/default-source/Victory-Fund-Forms-and-Documents/2015-estimated-capital-gains.pdf?sfvrsn=2
Virtus Investment Partners:
https://www.virtus.com/vsitemanager/Upload/Docs/7065_capgainsestimate.pdf
Vulcan Value Partners:
http://www.vulcanvaluepartners.com/wp-content/uploads/2015/10/MF-Estimated-Cap-Gains-2015.pdf
Waddell & Reed Funds:
http://fulfillment.dstweb.com/showpdf-sku.cfg?sku=WRCAPGAINS&clientcode=wrf
Walthausen Funds:
http://www.walthausenfunds.com/index.asp
Wasatch Funds:
http://www.wasatchfunds.com/Email/docs/2015_Yr_End_Dist_Est_Mobile_v1w0.pdf
Westchester Capital
http://www.westchestercapitalfunds.com/media/pdfs/2015_Est_Distributions.pdf
Westcore Funds:
http://westcore.com/wp-content/uploads/2015/11/2015-Distribution-Estimates.pdf
Westport Funds:
http://www.westportfunds.com/files/Tax.pdf
Westwood Funds:
http://www.westwoodfunds.com/pdf/2015-estimated-distribution.pdf
William Blair Funds:
https://www.williamblairfunds.com/resources/docs/funds/other/Estimated Distributions 2015 I and N.pdf
Wilmington Funds:
http://www.wilmingtonlit.com/downloads/performance/capitalgains/December_2015_Capital_Gains_Estimates.pdf
Wintergreen Fund:
http://www.wintergreenfund.com/reports/dividends/distribution.php
Van Eck Funds:
http://www.vaneck.com/van-eck-funds-2015-yearend-estimated-distributions-pdf.pdf
Vanguard:
https://personal.vanguard.com/us/insights/article/estimated-yearend-distributions-122015

@LewisBraham From what I've read of Lord Byron, he would be considered the modern-day equivalent of the drama queen. Several daguerreotypes I've seen of him showcase his full dark mane, and always draped with a long flowing cape (the Victorian "windbreaker"). Given your status as The People's Financial Champion, I suppose you could go with the cape, if you fancied taking another step in the Byron direction. After Bonfire of the Vanities, it worked for NYC dandy Tom Wolfe, remember? I'd say "hey, not such a stretch, it could work for you, too," except, in Pittsburgh, .....hmmm, perhaps that would be a stretch. :)

Crowdfunding for everyone. Pretty exciting, thinks wired.com. So now you and grandma can invest in startups.
http://fortune.com/2015/10/30/its-official-startups-can-soon-raise-money-from-your-grandma/
There will be some income limitations, and platforms set up by issuers to handle the investment can be held legally liable for issuer fraud against investors. Beyond that, however, not all issuers will be required to undergo and disclose an audited financial review, and I suspect you'll be on your own.
http://www.howardlindzon.com/crowdability-the-sec-approves-equity-crowdfunding/
"The media will tell you your Grandma is about to get gutted by hucksters.
She might.
But she was also getting pitched 3D printing stocks and the safety oil income trusts a few years back by her ‘registered’ financial advisor."
@bnath001 Are you a rational person? If so, then Jeffrey Carter believes in you, because he's "a huge fan of individual liberty." He'd tell you to go for it--- the Full Monty! :)
http://pointsandfigures.com/2015/11/01/sec-approves-crowdfunding-for-everyone/

Received proxy voting material for new advisory agreement due to change in ownership structure. Specifically, Mizuho (Japan) is buying a 16% stake - primarily from the founder and the current chairman - and placing a rep on the board. All advisory fees are supposed to remain the same.
Any thoughts?
http://www.mizuho-fg.co.jp/english/release/20150930_2release_eng.html
(1)Mizuho Bank will acquire approximately 16% of the equity interests in Matthews Asia.
(2)Along with this investment, Mizuho Bank will designate a member to the Matthews Asia Board of Directors.

Investor Ackman defends Valeant in 4-hour conference call
By Dean Starkman latimes.com
The brash billionaire activist investor, best known in California for his scorched-earth campaigns against Herbalife Ltd. and the management of drugmaker Allergan Inc., staged a high-stakes conference call to defend his latest cause: his huge investment in Valeant Pharmaceuticals International Inc.
Early last year, Ackman teamed up with Valeant in a bid to buy Allergan, the Irvine maker of Botox and other skin care products.
The bitter fight — including short-lived lawsuits — eventually sent Allergan into the arms of Irish firm Activis. Pershing Square walked away with a reported gain of more than $2 billion.
On Friday, Herbalife offered mock sympathy to Ackman over Valeant's woes.
"Unfortunately we have a great amount of experience in dealing with activist short-sellers," said Alan Hoffman, an Herbalife executive vice president. "We're happy to give Ackman some advice if he needs it."
In his long talk, Ackman answered nearly 200 questions sent by email from investors and reporters. But even as he talked, shares continued to fall. The stock has lost 63% of its value in the past three months, 48% of it this month. It lost $17.73, or 17.7% Friday, to $93.77 in U.S. trading.
Pershing Square's roughly 6% stake in Valeant represents one the largest positions in the $16-billion New York hedge fund operation.
Longtime Ackman-watchers said the conference call — so mobbed by investors and financial reporters that the call-in system suffered technical snafus — was emblematic of a high-risk, high-wire career made up of big bets punctuated by a series of dramatic public confrontations.
Ackman's investing style, while often riveting, is also source of frustration for his investors, said Erik Gordon, a professor at the University of Michigan's Ross School of Business.
"There are two Bill Ackmans," he said. "The public sees him as a guy who's obstinate to the point of ridiculous. Investors see him as a guy who can make them a lot of money. Their aggravation comes when they think about whether he could make them a lot more money if he wasn't so obstinate."
http://www.latimes.com/business/la-fi-ackman-investments-20151031-story.html
https://www.google.com/finance?q=OTCMKTS:PSHZF&ei=fSI0VsjcA6W3iAKw_pDAAg

"In times of increasing market volatility, one would expect money to flow into those companies best able to: 1) protect their revenue and earnings streams; 2) self-fund operations; 3) pay a competitive dividend yield; and, of course, 4) avoid financial distress. But this year I really haven't seen that flight to quality."
From: CNBC

With 17% in cash, and the fund assets at $2B as of 9/30/15 (which is higher than they said they'd let it get before closing), I'd say yes please to a closure for RNDLX, it's about time.
For those interested in the financial condition of Oaktree Capital, the subadvisor currently managing ~65% of RNOTX (RiverNorth's high income offering) and significant stakeholder in DoubleLine Capital (the subadvisor of RNDLX), OAK will being holding its earnings conference call today (10/29) at 11AM E.T.
http://ir.oaktreecapital.com/phoenix.zhtml?c=212597&p=irol-EventDetails&EventId=5206621
@TheShadow Probably should anticipate a liquidation notice re. RNEOX in the near future. The changes they made to the fund's modus operandi last year appear to have made no difference whatsoever; simply not a vehicle that is attracting any interest.

http://www.sec.gov/Archives/edgar/data/1370177/000139834415007116/fp0016523_497.htm
497 1 fp0016523_497.htm
RIVERNORTH FUNDS
RiverNorth/DoubleLine Strategic Income Fund
(Class I Ticker Symbol: RNSIX)
(Class R Ticker Symbol: RNDLX)
SUPPLEMENT DATED OCTOBER 28, 2015
TO THE PROSPECTUS DATED JANUARY 28, 2015
Effective after November 13, 2015, the RiverNorth/DoubleLine Strategic Income Fund (the "Fund") is closed to new investors. Unless you fit into one of the investor categories described below, you may not invest in the Fund.
You may purchase Fund shares through your existing Fund account and reinvest dividends and capital gains in the Fund if you are:
• A current Fund shareholder as of November 13, 2015;
• An investor who has previously entered into a letter of intent with the Fund or RiverNorth Capital Management, LLC prior to November 13, 2015;
• A participant in a qualified defined contribution retirement plan that offers the Fund as an investment option as of November 13, 2015;
• A wrap fee program or financial advisory firm charging asset-based fees with existing accounts as of November 13, 2015 purchasing shares on behalf of new and existing clients; or
• A client who maintains a managed account with RiverNorth Capital Management, LLC.
Except as otherwise noted, these restrictions apply to investments made directly with the RiverNorth/DoubleLine Strategic Income Fund through its Transfer Agent and investments made through financial institutions and/or intermediaries. Once an account is closed, the Fund will not accept additional investments unless you are one of the investors listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before the Fund accepts an investment. Management reserves the right to (i) make additional exceptions that, in its judgment, do not adversely affect its ability to manage the Fund, (ii) reject any investment or refuse any exception, including those detailed above, that it believes will adversely affect its ability to manage the Fund, and (iii) close and re-open the Fund to new or existing shareholders at any time.
Dated: October 28, 2015
RIVERNORTH FUNDS
c/o ALPS Fund Services, Inc.
1290 Broadway, Suite 1100
1-888-848-7569
Please retain this supplement with your Prospectus for future reference.

If life expectancy is currently at 83 for women, that means 50% will live beyond age 83, and a good portion of those will live way beyond 83. As we tell folks all the time, "Tell me when you are going to die, and we will tell you exactly the path to take."

I would venture a guess that life expectancy of 83 year old women who are wealthy enough to seek out the services of a financial planners is higher than 50%.
Wealth and health (life expectancy) often are highly correlated. Check out a quick search result on the topic of:
"A wealthy man, born in 1920 who retired at age 65, could expect to draw Social Security for 19 years. His son, born in 1940 and retired at age 67, could expect to draw benefits for 24 years. Yes, he retired later, but he’s living longer.
This would not be true for men and women at the bottom. They would draw Social Security for fewer years, if the retirement age rises, and their longevity does not."
The Richer You Are the Older You’ll Get

and,
this chart highlights the change in life expectancy for each subgroup (men and women):

@Crash: Well, historically you can make a very good case for religion(s) promoting what we would generally call ethical behavior in the general population, at least. I could even be persuaded that without the overall influence of religion, civilization would be in a lot worse shape than it is now, although that may hardly seem possible. But I still submit that religion is about some people attempting to control the beliefs and/or conduct of other people, by whatever means is expedient. That, of course, may not necessarily always be a bad thing.
Mixing religion and politics, or religion and financial affairs, is fraught with danger to all parties concerned. Gilead Eventide is an abomination, to keep this train on the correct track.

This comment is so nuts as to almost not be worth replying to but nevertheless, as a Christian, I felt the need. Clearly you do not understand the meaning of religion if you think it needs to be separated from other aspects of your life. If you want to know who's trying to control other people's lives, look no further than your secularist communist or socialist government. That's all they do is try to control other people's lives and thoughts.
Don't discredit those of us that have faith and want to live our lives according to that faith. That's what religion calls for. You have no right to discredit those people that are answering their natural call to God. I think funds like Eventide Gilead are wonderful alternatives for those of us that don't want our money promoting values contrary to our Christian beliefs.
Jim

"A failure by Washington leaders to raise the federal debt ceiling by next month could test whether new regulations have made money market mutual funds more robust. ...With $2.7 trillion in assets, money funds play a key role in the financial system as purchasers of corporate and government debt used to fund short-term operations. Some funds' managers were rattled when past debt showdowns cast doubt on the payment schedules of U.S. Treasury securities they held, though investors ultimately stayed with the funds."
http://www.reuters.com/article/2015/10/22/us-usa-funds-debtceiling-idUSKCN0SG2LQ20151022

If today's college graduates live to age 105 or 110, I don't see working to age 75 as a bad thing, assuming health continues to improve as it has over the last 50 years. There have always been a percentage of people who must work past what they would like to be their retirement age because of financial issues. That is not going to change.

There are two aspects missing - 1. will there be jobs for under 75 y/o and 2. if there is a job will an employer higher them? I don't think there will be, especially when you take into account automation, artificial intelligence and outsourcing of jobs. I'm sure there are many 63 y/o today who would like a job but can't get one.

Life expectancy when Social Security was started was about 58 for men and 62 for women. The government figured they would not have to provide many folks with benefits, since most were expected to die before age 65. Now it is 76 and 81. And that is the average, which means many are expected to live much longer. We run our lifetime income projections to age 100 and are considering using longer numbers for our younger clients. Very few of our clients stop their lives and sit in a rocking chair at age 65. Many work because they want to...they like what they do, they own a business. Many retire from their main job and take a part-time job, often what they call a 'fun' job. There are a lot of folks who are unable to retire financially because of various circumstances. The definition of retirement is vastly different from today than it was for our grandparents. If today's college graduates live to age 105 or 110, I don't see working to age 75 as a bad thing, assuming health continues to improve as it has over the last 50 years. There have always been a percentage of people who must work past what they would like to be their retirement age because of financial issues. That is not going to change.