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Scammers looking for vulnerability find it in older clients

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Scammers looking for vulnerability find it in older clients
Most older clients are falling victim to fraud as scammers target those most vulnerable to these schemes, according to this article from The New York Times. A report from the Consumer Financial Protection Bureau shows that most of the victims are seniors older than 70. “Those numbers are underreported because many times seniors are so embarrassed,” says an expert at the National Council on Aging.

Beware of ‘garbage in, garbage out’ in clients’ retirement planning
Retirement planners using the Monte Carlo-style analysis in helping Gen X clients develop a strategy should account for longevity — clients are expected to live longer than those before them, writes a Forbes contributor. “Living longer doesn’t mean living better,” he explains. “This is precisely what Gen X must remember when addressing their own retirement planning.”

5 ways to increase clients’ Social Security benefits with minimal effort
Clients who want to boost their Social Security retirement benefits should avoid filing as soon as they become eligible — at the age of 62, according to this Motley Fool article. Another strategy is to contribute to a Roth IRA, as distributions from this account will not be taxed. This will help reduce their taxable income, which in turn will reduce the odds that their retirement benefits will be subject to federal taxation.

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August 20

A more realistic way to look at clients’ health care costs in retirement
While many retirees aren't confident they have enough savings to cover their health care costs, experts say that medical expenses should be more predictible, according to this article in MarketWatch. Health care costs are likely to be within a certain range based on their income, health, residence, their parents’ medical history and whether they have supplemental coverage, experts say. Women, they added, are likely to face higher long-term care costs. “We live longer; we tend to care for our husbands. The risk is higher for women,” an expert says.

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