10 factors to consider before moving to a retirement community

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10 factors to consider before moving to a retirement community
Moving to a retirement community is a decision that requires clients to consider a number of factors, according to this article on Yahoo Finance. For example, they should ask themselves if a remote, self-contained community fits their personality and if they want to live with other seniors. Clients also need to determine whether the community has good maintenance policy, strong financial standing and less restrictive rules, and they should also check the facility's fees as well as amenities.
Plan for retirement using your biological, not your chronological, age
A study has found that people should consider using their biological age instead of chronological age when planning for retirement, according to this article on USA Today. “A person’s true age doesn’t move in lockstep with calendar time,” says the researcher. “Instead, biological age increases at a stochastic nonlinear rate in chronological age, which one can think of as working with a clock that occasionally moves backward in time.”

Ask Larry: Can my ex file based on my record?
A 60-year-old client who divorced her husband of 20 years qualifies for Social Security divorced spousal benefit on her former spouse's record as soon as she turns 62, according to this article on Forbes. However, she is deemed to have filed for her own retirement benefit, reducing both benefits in the process. She is advised to delay the benefits until she reaches the age of 70 to maximize the benefit value.

6 Roth IRA rules you need to know
Investors who consider socking away their retirement money in a Roth IRA should understand the rules to know if they need this account, according to this article on GoBankingRates. Unlike a traditional IRA, a Roth IRA is funded with after-tax dollars and offers no upfront tax deduction. Roth contributions are also capped at $5,500 this year and may vary depending on their modified adjusted gross income. Roth distributions are exempt from taxes, although certain requirements should be met to avoid a 10% penalty.

Yes, Roths are a great tool – even if you’re older
Older clients should consider contributing to a Roth IRA to achieve tax diversification in their retirement portfolio, according to this article on Cincinnati Enquirer. Unlike a traditional IRA, contributions to a Roth IRA are after-tax, so distributions are not taxable. Also, A Roth IRA is not subject to required minimum distributions that could force them to draw retirement funds and trigger tax liability.

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