Our daily roundup of retirement news your clients may be thinking about.

Fresh approaches to paying for long-term care
Experts are calling for better long-term care insurance since only the wealthiest people are capable of paying for the costs, which pose a significant risk to any retirement plan, according to Morningstar. According to the Bipartisan Policy Center, this new type of coverage --dubbed "retirement long-term care"-- could be bought using people's 401(k) funds and should impose no penalty for early withdrawals. This insurance type also should be offered on federal and state health insurance exchanges, with options limited to the level of daily benefits, length of coverage, and length of waiting period before the start of coverage. –Morningstar

Image: Bloomberg
Image: Bloomberg

A new meaning for 'Social Security'
Based on a survey, seniors go through four stages of retirement leisure, with starts when they feel overwhelmed with work in the five years prior to retiring and ends with making their lives simple, according to this article on Fox Business. "Americans prioritize their social relationships in retirement more than at any other point in their lives," says an expert. "This is particularly true when it comes to leisure experiences, with 61 percent of retirees saying 'who you’re with' is more important than 'what you do.'" –Fox Business
A retirement withdrawal strategy that can save your sanity
Shifting from accumulation to withdrawal mode can be tough and complicated for new retirees, so clients are advised to hold a separate withdrawal account to help them manage their finances, according to Forbes. This strategy would prompt retirees to take distributions from their retirement accounts equivalent to six months to a year, transfer the money to the account and set up a monthly net distribution that would be sent to their checking account. This way, retirees would be confident they could go on with their lifestyle amid market volatility, monitor their portfolio's performance, and realize how important it is to continue saving throughout retirement. –Forbes
Saving for retirement when you're in the military
Men and women in uniform need to start building a nest egg to secure their retirement since they will have pension benefits only when they serve in the military for at least 20 years, according to Kiplinger. If they don't intend to stay that long in the military, they can stash their savings in a Thrift Saving Plan, which offers them special tax breaks. They also can contribute in a Roth IRA, which provides double tax benefits for military service members, or invest in the military's Savings Deposit Program. –Kiplinger
3 things millennials should know about their 401k
Millennials should take advantage of the time ahead of them when saving for their retirement so their money will have a longer period to grow through compounding and they will end up with a bigger nest egg by the time they retire, according to Nasdaq. Also, they also need to consider their savings rate as well as the investments they choose within their taxable and nontaxable accounts, which, when combined with time, will maximize their investment returns. –Nasdaq

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