Among the best stories from Retirement Daily for Sept. 30 - Oct. 4: Creative housing solutions, another phone scam, and the best buys for October.
In a guest column this week, adviser Sandra Adams writes about what happens when people getting ready to enjoy retirement suddenly find themselves providing support and financial management to a parent, or an older adult family member or friend.
Most folks think about using the time leading up to retirement and into the early years of their retirement as a time to develop the activities and hobbies that they will enjoy for this phase of their lives, she writes. "But by choice or not, another activity we often find many of our clients in during this period is spending considerable time serving as a financial advocate for a family member or friend who can no longer handle their own financial affairs. We call the responsibility of handling the financial affairs for another person becoming a financial fiduciary."
If it sounds like a major responsibility, it's because it is. In An Unexpected Retirement Activity: Serving as a Financial Fiduciary she runs down the responsibilities of serving as a financial advocate for a family member or friend who can no longer handle their own affairs. It's a complex and sometimes difficult task, but she explains in detail how to not only do the job well, but to manage your own plans to make it easier for you and your loved ones in the future.
And in case you missed them, here are more great stories from Retirement Daily:
Need to know what Medicare covers? There's an app for that. Now's a great time to download Medicare's "What's covered" app -- available for free on the App Store and Google Play.
The following are new investments that those saving for or living in retirement might consider for their portfolios. This week: a new ETF that actively tries to shift from stocks to bonds when conditions favor one asset over the other.
Phone scammers are constantly trying to up their game to swindle you out of money and information. Don't let them trick you or the folks you care about. This week: Scammers impersonate the Chinese consulate.
Jeanette Pavini has your October shopping list. Start early and beat the chaos of the holiday sales.
This is the second in a four-part series from adviser Jeannette Bajalia about "Elder Orphans," in which she analyzes the challenges we face as we age -- often on our own -- from finances to housing and quality of life.