Our daily roundup of retirement news your clients may be thinking about.
4 scams that target boomers
Families can avoid the vicious scheme of fraudsters who target their parents' nest eggs by knowing how these unscrupulous people work and by tackling the risk with the retirees, according to this article on MarketWatch. The most widespread scheme is the "grandchild" scam, in which the fraudster will pose as a grandchild who is stuck in some unfamiliar place and need financial help. Other scams that prey on retirees include the Medicare discount-drug card fraud, charity email scams, and magazine subscription and sweepstakes pitches. -- MarketWatch
Pension dropouts cause pinch
The federal government is at risk of losing its ability to protect employers' pension payouts to retired employees as more major companies decide to transfer billions in pension obligations to private insurers, according to an article in The Wall Street Journal. The latest firms to join the trend are Motorola Solutions and Bristol-Myers Squibb Co. This has identified a fundamental flaw with the pension system, says Brad Belt of the PBGC, adding that inevitably, theres going to be a taxpayer bailout [of the PBGC] in the future. -- The Wall Street Journal
Baby boomers face doctor shortage
The country's medical system has a lot to do to address the increasing health care needs of the aging population, as there is only one certified geriatrician per 9,400 people age 65 and above, according to this article on CBS Moneywatch. Of 159 medical schools surveyed across the U.S., only 14 have a department dedicated to geriatrics. More people across age groups support medical innovations to address Alzheimer's and old age-related diseases, according to a report from Merrill Lynch/Age Wave. -- CBS Moneywatch
5 things to know before applying for Social Security benefits
Clients who intend to file for Social Security benefits should not worry about the system's insolvency issue as their benefits are secure, according to an article on Motley Fool. While the Social Security Administration has made the application easier, workers need to know that they should have 40 credits to qualify for retirement benefits. They should also know that they can file their application three months before the benefits kick in to give time to address any issues, and that their primary insurance amount is a major factor in computing their benefits. -- Motley Fool
Why we need a real retirement
While delaying retirement until 70 is a good strategy to secure finances, it won't necessarily make you happier, according to an article on Time Money. Retiring earlier will carry the added benefit of allowing people to pursue the things they want to do while still healthy. This stands opposed to the pervading notion that people maintain their mental health by working longer, retirement helps curb depression, according to a study by experts at the University of Southern California. As people compromises their well-being by working longer, the increase in health-related costs can offset the savings and income from delayed retirement. -- Time Money
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