Baby boomers make this retirement mistake more than other generations
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Boomers makes this retirement mistake more than other generations
Many retirement savers are investing more than they should in the stock market, exposing them to unnecessary levels of risk, according to analysis from Fidelity in this MarketWatch article. “There’s a risk to this, especially for boomers,” says Fidelity's Meghan Murphy. “The concern there is they are already in or approaching retirement and need to be thinking about guaranteed income streams. There’s not a lot of time for recovery.”
3 reasons why clients should plan for an early retirement
Clients should develop a retirement plan as if they intend to leave the labor force earlier than expected, according to this Motley Fool. That's because it is possible that they would be compelled to retire early, the article says. Such an approach also encourages them to start saving as soon as possible and make early retirement a feasible option.
What happens if a client’s parents outlive their resources?
Adult children are advised to begin preparing for ways to financially support their aging parents, as an increase in the average life span makes it more likely for elders to outlive their savings, according to a study in this Forbes article. Clients should ensure that their aging parents organize their finances and have long-term care plans, an expert says. They may also need to discuss the possibility with their siblings and have their parents consult a professional financial advisor to address the risk.
The workplace of the future must include older workers
With longer lifespans expected in the future, employers are advised to drop their biases against older workers, according to this article in MarketWatch. A report from global consulting firm Mercer shows companies are in a better position to hurdle the future challenges of work if they leverage their older workforce. “The benefits of embracing a multigenerational workforce have been demonstrated, and employers who actively embrace age diversity will be able to open their doors to a huge incremental talent pool of older workers that may have previously been ignored,” an expert says.