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Talk to your clients about a retirement test run

People considering retirement could benefit from doing a trial run to see how it feels, says Morningstar’s Christine Benz. This can include using vacation days to spend time at home and noting how lifestyle and spending habits change. Full Story: Morningstar

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Tell clients to update beneficiaries to avoid IRA headaches

Advisors should remind clients to update their designated beneficiary details on IRAs and trusts after major life events to avoid problems, says tax expert Ed Slott. He outlines a number of inherited IRA scenarios and how distribution rules apply in each one. Full Story: ThinkAdvisor

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Secure Act 2.0 Need to Know

Secure Act 2.0 passed May 5 here’s what you need to know: Secure Act 2.0 includes: A new required mininum distribution age of 75 Automatic employee enrollments Increased tax incentives to employers with reitrment plans 401k to annuity conversion expansion But that’s not all there is in the massive bill….

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Retirement Traps for Overseas Clients

If you’ve got clients who intend to retire abroad, check out these potential retirement traps covered in the latest MDRT annual meeting. Potential pitfalls include: Different tax rules and arrangements Adjusting life insurance to meet the new country’s tax rules and maintain the intended bequest amounts Issues of residence and…

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Potential issues with contributing to IRA after 70½

Just because the Setting Every Community Up for Retirement Enhancement Act eliminated restrictions on people contributing to a traditional IRA after age 70½ doesn’t necessarily mean they should. This article looks at potential issues for advisors and clients to consider. Full Story: ThinkAdvisor 

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Study: 75% of Gen X interested in guaranteed income

Members of Generation X have now lived through two market crashes and those experiences have influenced their thoughts about saving for retirement, says Allianz Life’s Matt Gray. A new study from Allianz Life shows 71% of overall retirement plan participants surveyed were interested in guaranteed lifetime income, while 75% of…

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How to help clients avoid a retirement fail

Financial advisors need to warn retirees and people nearing retirement about possible failures and how to avoid them, retirement coach Robert Laura says. “The reason people are failing in retirement is because they are not thinking about the nonfinancial decisions,” he says. Full Story: Financial Advisor online

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Expert: Annuity can cover Social Security shortfall

If Social Security income isn’t enough to take care of basic fixed costs in retirement, purchasing an annuity can be an effective way to close the gap, says retirement income expert Wade Pfau. He recommends a straightforward immediate or deferred income annuity for this purpose rather than a more complex…

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Money mistakes that can hurt clients’ retirement

Financial advisors can help clients avoid money mistakes that can hurt them in retirement. The AARP recently highlighted six such mistakes, including buying a timeshare, avoiding the stock market and pulling from retirement funds to cover children’s education costs. Full Story: ThinkAdvisor

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A state-by-state look at the cost of retirement

The amount you need to save for retirement can vary from about $666,000 to more than $2 million, depending on where you live, according to GOBankingRates. This analysis breaks down the cheapest and most expensive states for retirement. MarketWatch

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