Our daily roundup of retirement news your clients may be thinking about.
Buying an annuity can guarantee clients and their spouses a guaranteed income stream for life, writes Stan Haithcock. Such a move will help improve relationships among couples, as the 2008 market downturn hurt many investments and caused a strain in relationships between investors and their spouses, Haithcock says. "Your better half will love you for making sure that everything is contractually taken care of when you pass away." MarketWatch
Raleigh, N.C., Pittsburgh, Pa., and Lexington, Ky., are among the five small cities that are affordable and tax-friendly to retirees, according to an article on Time Money.
The two other cities where retirees can enjoy lower taxes and commodity prices are St. Petersburg, Fla., and Boise, Idaho. Time Money
Although the 4% retirement withdrawal rate is the rule of thumb, the rule does not apply to all retirees because they have different circumstances, according to experts. "I do believe withdrawal rates need to be monitored continuously during retirement. It's not something you just set up once and not look at again," says Dan McElwee, executive vice president of CFP Ventura Wealth Management. USA Today
Some financial advisers share their New Year's resolutions as well as plans on how to carry out these resolutions. John Piershale, a wealth adviser with Illinois-based Piershale Financial Group, intends to tackle Social Security options with his clients more frequently, saying they need to "fully understand their Social Security options before they file for benefits. To achieve this goal, Piershale will broaden his knowledge about Social Security rules by attending more conferences and educational workshops. The Wall Street Journal
A client can collect a spousal benefit on her former spouse's record if their marriage lasted at least 10 years, according to an article on Forbes. Filing for a spousal benefit would mean claiming her own retirement benefit, and if she is below full retirement age, she would receive an excess spousal benefit, which could be a very small amount. The best strategy for her would be to get full spousal benefit at FRA and to defer her own retirement benefit until she reaches 70. Forbes
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
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access