Our daily roundup of retirement news your clients may be thinking about.

Snowbirds need to keep track of their paperwork

Retirees who plan to go on a foreign trip in the early part of next year are advised to attend to their tax obligations before leaving, especially if they intend to return after mid-April. They need to keep track of tax and other year-end documents that they expect to receive via mail. For example, they won't receive their 1099s from brokerage firms until February 15, says Mary Kay Foss, a certified public accountant with Sweeney Kovar. –MarketWatch

An aging society changes the story on poverty for retirees

More people in the U.S. and other advanced industrial nations are likely to retire poor as future retirement benefits are expected to decline in the foreseeable future, based on an analysis by the Organization for Economic Cooperation and Development. The findings can be contributed to rising dependency rates in these countries because of an aging population. For every 100 workers in these countries, there were 14 who were aged 65 and older in 1950, but the number has risen to 28 this year and will continue to increase for the next five decades. –The New York Times

The importance of planning for long-term care

People who engage in retirement planning need to include the cost of long-term care, which is among the spending shocks or future needs that will require bigger funds than initially planned, writes Wade Pfau, professor at The American College and principal at McLean Asset Management. Long-term care expenses can be substantial and are increasing as more people are expected to live longer, Pfau writes. "[M]ost long-term care funding strategies will add significant expenses to a retirement plan, either in the form of insurance premiums or as investments that are set aside as reserves and not available for the rest of the population." –Forbes

5 ways to prepare your clients for retirement

Clients who want to be financially prepared for retirement need to start reducing their living expenses and pay off their debt by the time they retire. They also need to reduce their housing cost and have extra cash to cover unexpected health care expenses. Setting aside a bigger amount in an emergency account will also help ensure their finances remain stable after a costly unforeseen event. –Yahoo Finance

The value of having a trusted financial adviser on death's door

Having a good relationship with a financial adviser can be valuable for couples in case one of the spouses dies. A financial adviser can assist a surviving spouse continue the investment portfolio that her deceased spouse left and it will be an immense help especially if the surviving spouse lacks knowledge or knows little about investing. –Kiplinger

Lasagna as a retirement plan? Mamma mia!

A client is advised to keep his job as he attempts to pursue his dream of owning a restaurant, writes Carol Roth, an investment banker and entrepreneur. He should consider having a partner who has a solid experience in such a business and commitment to make the venture successful in the long term, Roth says. "A partnership could work out well for [the client] financially — getting paid more in salary and maybe less in equity so, as a 50-something entrepreneur, he can start saving for retirement while he gains his experience (and also provide an easier exit if it doesn't work out)." –CNBC

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