Attention, seniors: Here's one mistake you can't afford to make in 2017
Retirees should ensure that they take their first required minimum distribution from their tax-deferred retirement account in the year they reach 70 1/2, according to this article on Motley Fool. That's because they will face a 50% penalty on top of taxes if they fail to take the RMD on time. Workers who turn 70 1/2 are not required to take their RMD from their employer-sponsored plan until they leave the workplace for good.
U.S. Mint’s gold and silver coins turn to lead for some retirement investors
Some clients decided to include U.S. Mint's gold- and silver-coin proofs in their retirement accounts, only to find later that the value has declined considerably, according to this article on The Wall Street Journal. A retiree lost nearly $100,000 a month after buying 1,135 pieces of gold and silver American Eagle coins and putting the coin treasure in his IRA.
Retiree's dream -- more $ for travel, less for health care -- tough to achieve
An Ipsos/USA Today survey has found that many older Americans are scaling back on their expenses on travel, dining out and other indulgences even if they wanted to spend more on these items, according to this article on USA Today. Financial planners attribute the gap between their desires and expectations partly to the recent market downturn. “Although the stock market has finally recovered, many people don’t feel like they did 10 years ago,” says a certified financial planner. “Their income is not up and it’s not keeping pace with inflation.”
9 best European retirement destinations
Portugal's Algarve region, Valletta, Malta, Saint-Chinian, France, and Lisbon, Portugal, top expat resource Live and Invest Overseas's list of most retiree-friendly destinations in Europe, according to this article on CNBC. The ranking is based on the these locations' cost of living, health care, recreations and other factors. Other places in Europe that made it to the list are Budapest, Hungary, Citta Sant'Angelo, Italy, Chania, Crete, Greece, and Bled, Slovenia.