Our daily roundup of retirement news your clients may be thinking about.
How to avoid retirement burnout
Clients may experience burnout after they retire, as this stage of life may turn out to be lonely and monotonous for them, according to an article in US News & World Report. Retirees can avoid this if they keep on challenging themselves by experimenting and learning new things and being committed to keeping their social relationships as well as building new ones. They can also keep retirement burnout at bay by exploring new activity areas, doing charitable work, and having positive and carefree attitude towards life. --Yahoo Finance
6 ways low-savers can save their retirement
People who haven't saved enough for retirement can avoid going poor in their golden years if they retire without any existing debt, and maximize their Social Security benefits by deferring the benefits until they reach the full retirement age, according to MarketWatch. They can also continue saving through retirement and reduce costs by downsizing. They are also advised to learn to turn down their adult children who seek financial help from them, as their children still have the chance to start from scratch, while they don't. --MarketWatch
The pitfalls of longevity annuities in 401(k)s
Buying longevity annuities can have pitfalls, so clients need to know the terms of the plan, as well as protection they will get before signing any contract, according to Motley Fool. Clients are also advised to ask insurers that offer these products about what will happen to the account if they die before receiving their first payment. They should also ask insurers if the longevity annuities they offer are adjusted to cope with inflation. --Motley Fool
50 must-know statistics about long-term care
Clients can make the right decisions in determining the best long-term care strategy if they are aware of their own need of such care in the future, the costs and benefits of carrying an insurance, and the coverage limits provided by the government, according to Morningstar. They also need to realize other things related to long-term care, such as the caregiving burden their loved ones will have to bear, and the opportunity cost of long-term care coverage. The article provides important data, such as demographics of retirees and usage of nursing homes. --Morningstar
Secrets of a happy retirement
Retirees who are leading a happy life are those who retire at 62 or at an earlier date than most people, according to an article in USA Today. Happy retirees are inclined to manage their finances well, particularly their mortgage, and may have at least three sources of income. Retirees who keep themselves busy with more than three core pursuits or hobbies are likely to be happier than those who have fewer pursuits, the expert adds. --USA Today
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