Don't let clients fall for Medicare scams
Seniors are warned to watch out for scams by when collecting their new Medicare cards, according to CBS Moneywatch. For instance, fraudsters are likely to call clients and request their Social Security number or request that they pay a processing fee for the new card using their bank information. "The cards are coming. You'll get a new one automatically. You don't have to pay for it. You don't have to verify your identity. You don't have to do anything to transfer your balance from one card to another," says a fraud expert with AARP.
What clients should consider before taking a distribution from a self-directed IRA
Investors who consider taking a distribution from their self-directed IRA should account for the tax ramifications before making a decision, according to Forbes. They should also know the process, which will require them to go through the IRA custodian to take a distribution from their accounts. Investors may have more tax-efficient options other than taking a distribution from their self-directed IRAs, such as taking a 401(k) plan loan, preferring the Substantial Equal Periodic Payment, and hardship distributions.
65% of Americans aren't saving enough
65% of Americans are saving just 10% or less of their income for retirement, a survey by Bankrate has found, according to Motley Fool. The amount may not be enough to secure their retirement, as they should be saving more than 15% of their income to have a comfortable retirement, says Bankrate. To boost their retirement savings, clients should consider downsizing, getting a second job and minimize car costs.
The Tax Day retirement deadline clients shouldn’t miss
Taxpayers have until April 17 to make 2017 contributions to their IRAs, according to CNBC. However, they should ensure they make the contributions by the deadline even if they get an extension, says an IRA expert. "That's probably the No. 1 mistake people make, thinking, 'I'm on an extension. Everything else goes with it. But not this one."