Older Americans are sicker and poorer than seniors in other wealthy countries
A survey by the Commonwealth Fund has found that the seniors in the U.S. are sicker and poorer compared with their counterparts in Canada, Australia and eight other countries, according to this article on MarketWatch. Moreover, 25% of older Americans were also worried about having enough funds for housing, utilities, medical bills and other necessities. “That has a lot to do with the safety nets and income disparities,” says an expert with Commonwealth Fund.

Image: Bloomberg
Image: Bloomberg

QLACs: A secret weapon to help reduce RMDs
Clients who have substantial savings in a 401(k) or IRA are expected to face a bigger tax bill because of required minimum distributions that they start to take at 70 1/2, according to this article on Kiplinger. To avoid hefty tax bite, they may want to use up to 25% of their assets to buy a qualified longevity annuity contract within the plan. A QLAC can help clients save on taxes, hedge against longevity risk and have a replacement for an employer pension.

3 reasons to keep saving money in retirement
Retirees should continue saving in the golden years because their circumstances may change and require an increase in withdrawal rate in the future, according to this article on Motley Fool. Having adequate savings will also give them greater flexibility to make decisions. Retirees who have a family should also continue saving to help fund their expenses or have a legacy to leave behind when they die.

Ask Larry: How should I file as a new widow?
A 62-year-old client who recently lost her husband cannot file for a Social Security widow's benefit if her spouse did not start receiving retirement benefit before his death, according to this article on Forbes. However, she can start collecting widow's benefit if he had been on Social Security before he died.

Got a will? Here are 11 more end-of-life documents you may need
Aside from a last will and testament, clients also need to secure 11 other end-of-life documents, according to this article on CNBC. These documents are a living will, a "physician orders for life sustaining treatment", a power of attorney for healthcare/healthcare proxy and a durable power of attorney. "Do not resuscitate" or "do not intubate" orders, a diminishing capacity letter, an organ donor designation, life insurance, a personal property memorandum, and a digital assets memorandum are other end-of-life documents that clients should prepare.