Among the best stories from Retirement Daily for July 29 - Aug. 2: Retirement and tax strategies for folks who are self-employed, ways to reduce your healthcare costs and best buys for August, including eye care, back-to-school deals and wine.
If you're self-employed or a small business owner, you need to be careful to not short-change yourself when it comes to saving and investing for retirement. A study from the Transamerica Center for Retirement Studies finds that 15% of self-employed Americans do not save for retirement at all, and that 30% of respondents save sporadically. Almost 70% of respondents plan to work past age 65, and 28% of respondents expect to never retire.
Read this and more in this week's review: Retirement savings for the self-employed, student loan debt, and healthcare benefits in Briefing: Latest Retirement News.
And in case you missed them, here are more great stories from Retirement Daily:
Adviser and physician Ken Waltzer writes in a guest column this week: "It should come as no surprise that one way to lower your healthcare bills is to be healthier so that you need fewer doctor visits, treatments and medications. While some people were dealt a lousy hand genetically or otherwise, and will always need a lot of medical care, health behavior can have a huge impact on how we feel and function, and on our medical spending as well. Below I describe a number of simple (though not always easy) things you can do to improve your health. First, let's look at how much control you might have over your healthcare expenses." Waltzer looks at the biggest out-of-pocket healthcare costs and some practical ways to help reduce those costs.
That sounds like a good shopping list. Jeanette Pavini ticks off some of the great sales and deals available in August. And you don't have to be a student to take advantage of back-to-school sales.
The following are new investments that those saving for or living in retirement might consider for their portfolios. This week: Five new iBond ETFs that can help diversify the fixed-income portion of a portfolio and offer a higher rate of income return.
If you have a family business and want to offer qualified retirement plans to your employees as a plan sponsor, it's wise to determine your likely attribution of ownership and that of your spouse.
Question: I understand the owner of a 529 account can change the beneficiary. Who are the approved beneficiaries? Does it have to be a family member? What are the dos and don'ts of changing the beneficiary?
Here are some of the latest reports, surveys, and studies related to retirement, including research into the impact of automation and globalization on retirement security, prescription drug prices and pension funds' reach for yield. This week we'd like to highlight a working paper from the Center for Retirement Research and Boston College titled, Will More Workers Have Nontraditional Jobs as Globalization and Automation Spread?