Our daily roundup of retirement news your clients may be thinking about.
Seniors are better off enrolling in a Medicare Advantage plan to get coverage for their prescription medicine, which is not included in Medicare Part A and Part B. A Medicare Advantage plan is also recommended since it has better coverage for vision and hearing loss compared with traditional Medicare. Those who are mulling a Medicare Advantage plan have a number of considerations to make, such as getting Medicare Part B to qualify for the Advantage plan and possibly additional premiums. –The Motley Fool
Maxing out contributions to retirement plans and funding a health savings account are among the best strategies to save next year. Clients can also save by minimizing 401(k) and brokerage fees and use their flexible spending accounts. It also helps to have a general audit of their spending so they can cut their expenses on non-essential things. –Morningstar
Many pre-retirees want to continue working through their 70s but are concerned that they won't be able to do so because of disability. However, this concern is unfounded, as a government report shows that nearly 74% of people aged 65 to 74 had no disabilities, with 14% having one disability. There are ways to help improve the retirees' prospects of working in their golden years, such as investing more in public transportation, offering flexible schedules on the job and make the workplace friendly and more accommodating to disabled older workers. –MarketWatch
When planning for retirement, unmarried clients are advised to create a good estate plan even if they have no family to inherit their assets. They also need to have a reserve fund that can cover at least six months of expenses and get a better credit score. Their financial plan should also include building an adequate nest egg and preparations for disability. –USA Today
People can continue saving for retirement while paying student loan debt by ensuring they make minimum payments of their student loans. Paying student loans will not hurt retirement saving if people also open an emergency savings account, after which they can start increasing student loan payments using extra cash or returns from high-dividend investments. –Forbes