FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.  

The US retirement picture is darkening (Financial Advisor)

A recent study by the National Institute on Retirement Security concluded 40 million, or 45%, of working Americans do not have a single penny saved for retirement. Those who do have money saved up have an average of $2,500 put away, a 16.7% drop from 2013. The statistics are particularly troubling for those nearing retirement, aged 55 to 64, as the median account balance for the group is just $14,500. «It's no wonder Americans believe the nation faces a retirement crisis [because] the evidence is irrefutable that the hope of retirement is out of reach for millions of middle-class Americans,» noted Diane Oakley, NIRS executive director. 

The Fed warns rate hikes will be slower and lower (Charles Schwab)

The Federal Open Market Committee removed 'patient' from Wednesday's Statement, and noted it must have 'reasonable confidence' inflation near the 2% target before it goes ahead and raises the Fed Funds Rate. In Charles Schwab's view, the current pace of economic growth remains too weak for a June rate hike, and instead suggests the Fed will move at some point in the second half of the year. Kathy A. Jones, Senior Vice President and Chief Fixed Income Strategist of Schwab Center for Financial Research suggest, «Most notable in the Fed’s release was the sharp drop in the expected path of rate hikes over the next few years.» She continued, «The median projection for the Fed funds rate at the end of 2015 declined from 1.125% to 0.625%, while each subsequent year’s estimate declined by 50 basis points or more.»

A Wichita Falls man made news last week when he was arrested while trying to pay his property taxes.

www.forbes.com/sites/kellyphillipserb/2015/02/03/texas-man-arrested-after-attempt-to-pay-taxes-with-dollar-bills/