Our daily roundup of retirement news your clients may be thinking about.
Divorce is expected to be different for couples who are in their advance years than when they were younger, writes an expert on Kiplinger. For example, they will no longer have to decide on child support and custody, as their children are already grown up. However, they should ensure that they follow the rules when dividing their 401(k) and IRA assets, as one spouse could owe a hefty tax bill, especially when they approach retirement. “You can’t afford to make mistakes,” says a divorce financial analyst.
Working in retirement is a great strategy for seniors to boost their prospects, but they have the option of negotiating for a part-time arrangement to give themselves time to enjoy the golden years, according to this article on Morningstar. "This is work as a patchwork quilt where you weave a little of this and a little of that," writes an expert. "You might do one thing for a few years and shift to something completely different, or you might do a couple of different types of work at the same time."
Seniors who consider relocating to a small town in retirement are advised to weigh their options before making a decision, writes an expert on The Wall Street Journal. That's because they may end up being an outsider in a closed-knit community, and they may have acquired character traits that do not suit the slow-paced environment of a small town, explains the expert. Small towns may not also provide the kind of healthcare services and transportation system that are found in more urbanized areas.
A retired couple join the sharing economy by opening their home to Airbnb clients, and in turn achieve the "Superhost" status, according to this article on Money. The couple says that they focus on the value that they provide to their clients, and give back to community by donating to food to homeless people and running a scholarship using their Airbnb earnings.
Seniors who intend to live in retirement on a $35,000 income per year can relocate to Porto, Portugal, and Basilicata, Italy, according to this article on CNBC. These European cities have a relatively low cost of living and offer many amenities that retirees will enjoy. Other cities in Europe where seniors with limited income can spend their golden years are Alicante, Spain, Valletta, Malta, and Aix-en-Provence, France.
