Six Ways Pension Annuities Almost Always Beat a Lump Sum
You have a client who participates in a defined benefit pension plan at work. She's near retirement, and needs to make a decision: take the money as a lump sum, or receive a monthly lifetime annuity-style payment? What advice should you give?
When You're 66: A Checklist on Social Security and Medicare
The oldest baby boomers will turn 66 this year. And, with all due apologies to Sir Paul McCartney, it's a much more significant number than 64 for retirement planning. As you advisors know, when you're 66, you can claim full Social Security benefits; 65 is a close runner-up, since it's the year most seniors will file for Medicare.
How Reverse Mortgages Can Help Your Older Clients
Lenders hope to convince financial planners who reverse loans can be a safe, flexible financial tool for seniors. Many planners are skeptical of reverse loans due to their high fees; the industry also has been dogged lately by headlines about litigation focused on foreclosure risks facing seniors, and market exits by several major lenders.
Target Date Funds: Not So Bad After All?
A fee-only financial advisor for both retirement plans and individuals, Roger Wohlner worries that target date funds—which invest in a mix of assets with the aim of reducing equity exposure as participants approach retirement—just can't do as good a job as professional advisors managing client funds.
Retirement: Determining Your Elderly Clients’ Best-Fit in Medicare Plans
What's the best move you can make on behalf of older clients this month? Hint: It has nothing to do with the money you manage for them.
But you may be able to help senior clients save thousands of dollars in out-of-pocket health care costs by encouraging them to comparison shop for Medicare prescription drug and managed care options during the program's annual fall enrollment season.
How to Protect Aging Clients’ Finances
Bob Morrison was working up a comprehensive financial plan last year for new clients when he began noticing some odd behavior. Morrison, a planner based in Littleton, Colo., had been working with the couple—a 64-year-old man and his 52-year-old wife—over a four-month period, and several conversations with the husband concerned him.
About the Future of Those Social Security Benefits
The Social Security Administration sends a statement every year to workers that projects their future benefits. Financial planners look at those statements when they project future retirement income—but most are advising clients not to believe what they ...
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