Briefing: Latest Retirement News (July 18 2019)

Here's the latest from the world of retirement-related news: Costly retirement planning mistakes, annuities, and factors to consider before retiring abroad.
By Anne Stanley ,

Here's the latest from the world of retirement-related news: Costly retirement planning mistakes, annuities, and factors to consider before retiring abroad.

How divorce affects retirement planning: Social Security, retirement accounts and housing are the three main areas of retirement planning that can be affected by divorce, writes Jamie Hopkins of Carson Group. He urges financial advisers to stay up to date on planning strategies for divorced couples and work with an attorney when needed.

SmartBrief/Investment News

Retired teachers recruited to reenter workforce: Some state leaders are looking to retirees to help fill teacher shortages, saying they have the expertise to reenter the classroom. In North Carolina, for example, Gov. Roy Cooper is considering a bill that would recruit retired teachers to work in Title I schools and underperforming schools.

SmartBrief/Education Dive

Many parents risking retirement to help adult kids purchase a home: Nearly 30% of U.S. parents and grandparents have assisted younger family members with a real estate purchase, and 54% of those who did took the funds from their retirement savings, according to a survey by Legal & General. The survey also showed many parents do not seek advice from financial experts before making such decisions.

SmartBrief/ThinkAdvisor

Young advisers can learn from baby boomer advisers' retirement choices: Millennial advisers can learn from watching their baby boomer predecessors as they approach retirement age but choose not to retire, writes Joni Youngwirth, the managing principal of practice management at Commonwealth Financial Network. She advises emerging advisers to stay well-rounded outside of work and to hire and delegate to smart coworkers, among other advice.

SmartBrief/FPA Practice Management Blog

7 expensive retirement-planning missteps: Mistakes retirees make can wind up costing them hundreds of thousands of dollars over time, writes Selena Maranjian. She looks at seven common missteps, including not signing up for Medicare on time, failing to take required minimum distributions and not accounting for long-term-care costs.

SmartBrief/The Motley Fool

Legislative review tracks impact on retirement funding: An Employee Benefit Research Institute analysis of legislative proposals involving retirement found that including part-time workers in retirement plans was associated with a 17.3% reduction in retirement funding deficits for the youngest workers, a 14.5% decrease for those ages 40 to 44, and an 11.9% drop for those age 45 to 49. Requiring most companies to offer retirement plans would benefit employees ages 35 to 39 the most, while older employees would benefit most from offering guaranteed income for life with defined contribution plans.

SmartBrief/PlanSponsor Online

What business owners can do to boost retirement savings: According to a Paychex survey, many small-business owners lack confidence about retirement readiness and their current savings, writes Steve Strauss. Small-business owners can address the issue by automatically transferring money into their savings accounts each month and selecting the right retirement account for their needs, he writes.

SmartBrief/USA Today

Annuities likely to play bigger part in retirement: Employers increasingly want ways to help employees participating in 401(k) plans turn account balances into reliable retirement income. While legislation making its way through Congress might help with that, a handful of companies, including United Technologies, already offer 401(k) participants an annuity option.

SmartBrief/The Wall Street Journal (Subscription)

Phased retirement may help employees, workplaces: What retirement looks like, and to whom, has changed as many older employees now seek to postpone their retirement due to finances. Some companies are adopting phased retirement programs, where employees may be allowed to work part time and collect some benefits, continuing to bring their experience and knowledge to the organization in return for desired financial stability.

SmartBrief/HR Dive

Building blocks for a successful exit to retirement: Findings from a recent survey indicate that less than 30% of small business owners have a written succession plan, writes columnist Jane Clarck. To be best prepared for retirement, Clarck suggests small business owners use calculation tools to understand the cost of retirement and choose the right retirement plan option to invest in based on projected retirement date.

SmartBrief/Thrive Global

Companies collaborate on retirement-income tool: Allianz, Capital Group and Cetera have partnered to create SetIncome, a retirement-income tool that generates plans combining guaranteed fixed annuities and traditional asset portfolios. The tool incorporates a person's age, income goal, initial investment and risk tolerance.

SmartBrief/Investment News

Four factors to consider before retiring abroad: Moving overseas is one way Americans who are squeezed financially can retire in comfort, but it's not for everyone, write Edd and Cynthia Staton, creators of Retirement Reimagined. They explore four factors to consider before making the move, including distance from family and health considerations.

SmartBrief/Next Avenue

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