Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about.
Yes, AI is saving many advisors time and helping them reach prospects. But some say the rapid rate of adoption and automation could put them out of a job in the future.
Brett Griffin was given two months' notice that he would lose his job when Charles Schwab closed the office where he was working in Temecula, California. Now the firm accuses him of using some of that time to help move client data to a rival RIA.
Blake Roberts served as the Deputy General Counsel of the U.S. Department of Commerce from 2022 to 2025. He is a partner in the Washington office of Eversheds Sutherland.
Clients with $1 million in retirement savings can make it stretch for more than 20 years in Mississippi, Arkansas, Oklahoma and Missouri, according to GOBankingRates data in an article from Business Insider. Retirees in New Mexico, Tennessee, Michigan and Kansas can also live on a similar amount of savings, data shows. Retirees with $1 million can expect their savings to last in average span of 19 years, GOBankingRates estimates.
The amount of income that seniors can replace in retirement is a good measure to determine whether there is a looming retirement crisis in the U.S., according to retirement expert Mark Miller in this article from Morningstar. However, it is hard to make generalizations, he explains. “I think it varies tremendously, depending which demographic group you’re looking at, you can do it generationally or otherwise,” Miller says.
As senior clients’ needs change in retirement, they should be ready to adjust their mindset and modify their investment strategies, an expert in Kiplinger writes. Retirees should focus more on preservation and distribution after the accumulation phase, the expert writes. “In retirement, it’s important to think of your savings as income rather than a lump sum. It’s not all about achieving maximum return on investment anymore," the expert says. "It’s about how you can get the maximum return from your portfolio and into your pocket."
Virginia and Colorado are among the most-appealing locations for retirees to spend their golden years, due in part to top scores in affordability, health-related factors and overall quality of life.
Seniors who intend to move to a new home in retirement should consider a property that offers low yard maintenance, a single-story open floor plan and easy access to loved ones and essential amenities, according to a Forbes article. They should ensure that the new house is cheap to maintain and won’t trigger a hefty tax bill, says one expert. “If those costs are low, it can be a great investment.”
