Some baby boomer clients hope to move near their grandchildren, according to a MarketWatch article based on Meyers Research data. Those who hope to relocate — as measured by Meyers' "Baby-chaser index" — may have priorities for their homes that are different from when they bought last. Houses less than 2,500 square feet, inexpensive cities and nearby activities are all factors, according to the article.
Clients deciding how much money to save should identify their goals, prioritize them and find out how to measure their progress toward them, according to a column by Morningstar's director of personal finance, Christine Benz. If their retirement is many years away, clients should use a sophisticated calculator tool that accounts for likely inflation and their portfolio. Regardless of goal date, clients should factor in how long they've been saving and the size of returns they expect, the columnist says.
To make the most of their income, clients should remember four rules that will maximize their savings and the personal freedom of retirement, according to this article in Motley Fool. To start, clients should withdraw money at a sustainable rate and remember to take their required minimum distributions. If possible, they should wait as long as possible to file for Social Security. Finally, clients should budget for Medicare's premiums, copays and deductibles, the article says.
Clients with Medicare should check whether their coverage applies while they travel, according to this CNBC article. Medicare Parts A and B cover nothing outside the country, while some Medigap and Medicare Advantage plans offer limited coverage. Medicare Advantage members must also check when they travel domestically — the provider's network may not include coverage in that region. Travel medical insurance can also help but is not always needed, the article says.
