10 ways to get ready for retirement after age 50
Clients in their 50s need to maximize the growth potential of their savings as they get close to retirement, according to this article on Yahoo Finance. To accomplish this, they need to save aggressively, pay off their mortgage and other debt, downsize and make the most of the tax breaks they deserve. Also, they should take advantage of catch-up contributions, close the gaps in their health insurance coverage, develop a strategy for claiming Social Security benefits, secure their status in the company and create a good job exit plan. –Yahoo Finance

(Bloomberg News)
(Bloomberg News)

Sustainable retirement spending and market returns
An analysis by a retirement expert attempts to determine how sustainable spending rates would be affected by a longer planning horizon and wealth preservation mechanism at the end of this horizon, according to this article on Forbes. The analysis shows that sustainable spending rates would decrease as time horizon gets longer, with spending rates likely to drop to 5% for a 20-year horizon with 0% investment returns. The sustainable spending rate would be 0% for any planning horizon if the investments produce 0% return and a provision is in place to preserve the portfolio, the analysis found. –Forbes

4 simple steps to designing your retirement roadmap
While clients have various options on how to prepare for retirement, they will need to strike the right balance between what they want and what they actually afford, according to Money. Clients are likely to live comfortably in retirement if they would replace 70% of their pre-retirement income after they retire, or their retirement funds are eight to 10 times their earnings before retirement. An expert offers four steps to help retirement savers make a good estimate of how much income they need in their golden years. –Money

How to keep your cash from leaving the nest when your kids do
Going through the empty-nesthood could mean changes to finances, so seniors going through this period are advised to revisit their financial plan, according to Washington Post. They will need to come up with a new grocery list, consider renovating their house, and update their insurance coverage. Also, the empty nest phase may be the right time to increase their retirement savings rate, downsize, pursue other goals, and sit down with adult children who are still living with them and talks about assuming some of the expenses. –Washington Post

5 facts about Social Security benefits baby boomers should know
Pre-retirees need to understand that Social Security is not bankrupt despite its financial woes, according to The Motley Fool. They also need to know that no lawmaker is mulling a reduction in benefits, while a file-and-suspend is already phased out. Those who will file a spousal benefit on their spouse's record are deemed to have filed for their own retirement benefit. Clients should know how to calculate their retirement benefits so they can decide when to retire and maximize their benefits. –The Motley Fool

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access