Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about.
Retirement risk is greater with married women than single women, according to a study by the Boston College Center for Retirement Research in this Morningstar article. “The big issue here is being able to maintain your standard of living in retirement. It’s true that single women are more likely to find themselves living in poverty, but ... [m]arried women tend to be less prepared, because of the need to replace two incomes,” says one of the researchers.
Huntsville, Alabama; Anchorage, Alaska; Phoenix; and Fayetteville, Arkansas are among the top 50 U.S. locations for Americans to retire, according to this article from Kiplinger. The list is based on factors that include living costs, safety, median incomes and poverty rates for seniors. Other localities on the list include Carlsbad, California; Denver; Middletown, Connecticut; and Milford, Delaware.
A majority of Americans polled by the National Institute on Retirement Security claimed they do not have the necessary skills to manage their finances and investments in retirement, according to this article from Forbes. “Choosing the best way to convert retirement savings into a stream of income is one of the most complex financial decisions individuals have to make,” the researchers write, offering a new income proposal that would allow clients to convert account balances into “automatic and flexible” income in retirement.
Although many underperformed the broader market, just over half posted double-digit gains.
Senior clients will be better off claiming their Social Security benefits early if they suffer from a serious illness and don’t expect to live long, according to this article from Motley Fool. This will enable them to make the most of their benefits. However, married couples may need to think twice before filing early, as the benefit for their surviving spouse would also be reduced as a result.
