Our daily roundup of retirement news your clients may be thinking about.
Technology is now prompting retirees take a renewed look at investing in rental property, according to this article on MarketWatch. That's because there are now software products and apps that now make it easier for property owners to market and find potential tenants. These technologies also enable rental property owners to streamline tenant management and oversee their finances.
More than half shows of middle income households (54%) cannot maintain their preferred lifestyle in retirement because they have not saved enough, according to this article from The Wall Street Journal, citing data from the Boston College Center for Retirement Research. Moreover, the wealth gap among middle-income retirees can become a source of social tension. For example, wealthy and not so wealthy retirees in a village sometimes will argue over additional fees and amenities because these costs add to the financial hurdles.
Seniors who have just retired are advised to avoid common pitfalls that could hurt their retirement nest egg, according to this article on Kiplinger. These mistakes include not protecting their portfolios from market declines, looking at bonds as safe investment options with no risks, and assuming a certain financial tool in absolute terms. New retirees should also ensure that they have the right plan and coverage for long-term care costs as well as create an income plan that maximizes their Social Security benefits.
It is important for clients to make their anticipated retirement expenses aligned to realities to secure their golden years, according to this article on personal finance website Motley Fool. To do this, seniors should create a retirement budget and check whether their savings will be enough to cover their expenses. This means that they have to make the necessary adjustments, such as making changes to their budget or raising their savings rates.
