Be Sure Clients Are Having the Proper End-of-Life Conversations: Retirement Scan
Our daily roundup of retirement news your clients may be thinking about.
Although end-of-life care is not getting much attention as it should, seniors and physicians need to overcome their fears and apprehensions about the topic so they can prepare properly for the inevitable event, according to this article on MarketWatch. Seniors are advised to consult their family about their end-of-life care plan before initiating a discussion with their doctors even if they still are not on Medicare. Putting their wishes in writing is recommended so the physician can start working on the arrangements and treatments. — MarketWatch
Clients who are in their 60s are advised to continue working if they haven't achieved their retirement saving goals, according to The Motley Fool. By this time, they need to find ways to lower their living expenses, such as downsizing. Contrary to what some experts think, seniors should hold on to their stock investments and invest more funds in their retirement plans and brokerage accounts. — The Motley Fool
Many people make decisions that adversely affect their retirement, such as claiming Social Security retirement benefits and continue working even they are receiving the benefits, according to Money. Also, many seniors carry debt into their golden years, become too aggressive or too conservative when investing, and have no plan about how they will tap their savings. Know more about the common retirement mistakes that seniors make and what they should do to avoid these missteps. — Money
Stashing a million dollars for retirement is feasible if clients start saving early on in their career, according to this article on Yahoo Finance. They also need to take advantage of their employers' match contributions in their retirement plans, employ tax-saving strategies and prefer low-cost funds to those that charge hefty fees. Retirement savers should avoid penalties whenever they can and plan a retirement around a modest income. — Yahoo Finance
A sitcom in the 80s, which tackles the lives of four old women, offers valuable lessons about retirement, such as sharing a house with friends the same age and splitting the bills, according to Kiplinger. Also, the sitcom shows that they may need to work in retirement and date after a divorce or death of their spouses. Retirees may still find a purpose in life even after a fulfilling career and will need to keep their act together even things don't work out as planned in retirement. — Kiplinger