Our daily roundup of retirement news your clients may be thinking about.
Which is better for retirement income: insurance or investments?
People who use probability-based approach to retirement income planning believe that investments will grow and generate the needed income in their golden years, an expert writes. Those who use the safety-first strategy rely on insurance and annuity products for guaranteed source of income, the expert adds. Clients should not choose one strategy over the other, and instead may consider combining investments with insurance to have a financially secure retirement. --Forbes
Considerations for clients looking for retirement jobs
Retirees who have specific industry experience and want to continue working in retirement may find consulting work, or find non-tenure teaching jobs at their local colleges and universities. Retirees who are receiving Social Security benefits can also expect a portion of their benefits to be subject to tax if their total income reaches a certain threshold. --Money
Retirement yield may return to norm in 10 years: TIAA CEO
An industry expert expects the yields from retirement accounts to normalize and bounce back to about 5% to 7% after 10 or 20 years, according to this article on CNBC. "I think 20 years from now, and maybe even 10, we'll get back to what we thought of as the norm," says TIAA president and CEO Roger Ferguson. He says he's not a big believer in the new normal. "I don't think we're going into a period of incredibly low rates," he says. --CNBC
When you look in on a senior, check their financial security too
Many seniors fall victim to financial abuse, specifically scams targeting taxpayers, according to the Washington Post. Family members are advised to protect their elders from these fraudulent schemes especially when the seniors are experiencing cognitive problems. People should help their elders verify information if things are unclear to them, gather as much information about them as possible and be updated about the latest scams. --Washington Post
How to retire early
Clients who want an early retirement are advised to determine the specific age they'd like to retire and decide where they can compromise in order to realize their dream, according to MarketWatch. Their next step is to write down their goals and work on a financial plan that accounts for the retirement costs so they can determine the income they will need to cover these costs. Once the plan is finalized, they should take certain actions to roll out their plan, such automating monthly savings and consulting a financial adviser. It also pays to have an accountability partner, perhaps their spouse or financial advisor, to make sure they are on track. --MarketWatch
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- Social Security for Nonprofit and Government Employees
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