Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about.
Clients who belong to the “sandwich generation” can help their retired parents without sacrificing their own retirement prospects, according to a Motley Fool article. They can assist their parents by helping them apply for financial assistance programs, reduce expenses and create a financial plan. Getting their parents life insurance can also be a great option, as the insurance payout when their elders die can add to their retirement savings.
Retirement insecurity isn’t something that seniors should ashamed about, as it is a more of a widespread and systemic issue, a Forbes contributor writes. “The key takeaway is that the retirement crisis is bigger than any one individual. As Washington Post columnist and author Helaine Olen told me, ‘This is not a personal problem—this is a political problem,’” she says.
Seniors must be mentally prepared before embarking on retirement, an expert from Kiplinger writes. These clients are advised to consider various aspects of retirement life by asking questions about health, family, work and long-term care. “Going through an exercise like this is really important, as each of these subjects can affect both retirement finances and satisfaction,” the expert says.
Here are the most critical retirement issues facing clients and their advisors.
Only 26% of workers aged 50 to 62 stayed in their traditional jobs with benefits a study has found, writes Alicia H. Munnell, director of Boston College Center for Retirement Research in an article from MarketWatch. This suggests that many older workers are “less secure” than expected. “If some older workers end up in nontraditional work for much of their later careers, then they likely will end up worse off financially,” she says.
