If your retired clients want to move, here are suggestions: Retirement Scan
If your retired clients want to move, here are suggestions
A report from personal finance website Bankrate.com has named Pittsburgh as the best metro area to retire, “despite its poor ranking for local weather,” according to this article on Fox Business. “Oftentimes people focus their retirement search on warm weather locations, but there are many important factors to weigh when it comes to where to live in your later years," says an analyst with Bankrate.com. "Sun and sand are great, but finding high-quality medical care and an affordable cost-of-living are important, too.” Bankrate reviewed 50 metro areas and found that a low crime rate and cost-of-living helped the Steel City attain its No. 1 spot. Rounding out the top five cities are Boston, Los Angeles, Denver and Providence, R.I.
Year-end charitable giving strategies for retirees
Retirees can maximize the tax benefits of charitable giving by donating a portion of their IRA assets directly through a qualified charitable distribution, according to this article on Morningstar. A qualified charitable distribution is counted towards their required minimum distribution and will be excluded from their taxable income. Those who are sitting on appreciated securities may donate the investments to avoid the capital gains tax that they would incur if they sell them. They also have the option to use a donor-advised fund and name charities as beneficiaries of their retirement accounts.
Help clients avoid these mistakes in retirement planning
There are common mistakes that clients should avoid when engaged in retirement planning, according to this article on Kiplinger. Some of these mistakes include not having a plan to spend the golden years and a tax plan to minimize what they will owe the IRS. Many retirees underestimate the tax impact on their income, not knowing that their Social Security benefit could be subject to taxes and distributions from their tax-deferred accounts such as traditional IRA and 401(k) are taxable.
Clients want to retire early? Here's a plan
Clients can become financially independent and retire early if they maximize their savings and minimize spending, according to this article on CBS Moneywatch. They are also advised to invest wisely for better returns and investment growth. People are more likely to live longer, so they will need bigger funds for their health care expenses and longer horizon to plan for. "You can get bored and depressed very easily. Keeping yourself involved in full-time work or volunteering is very important," says an expert.