Broker Check

Tips for Clients Who Want to Consult After They Resign: Retirement Scan

Howard Hook, CFP, CPA Quoted in Financial Planning magazine’s Daily Roundup
December 21, 2015

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

Tips for clients who want to consult after they retire
Working as a consultant after retirement is a viable option for clients who acquired workplace skills and experience during their careers. Those who consider such an option are advised first to tell the department heads and hiring managers at their own companies that they are available to work with them in that capacity after retiring, determine their capabilities that they offer to prospective companies and build a network of colleagues in the industry. They also need to look for companies in other industries that are in need of professionals with similar credentials, put up a consultancy firm and do volunteer work using their professional expertise on per project basis.--MarketWatch

When clients should consider renting in retirement
Renting a house is a good option for retirees who consider living in a new location, cannot afford to acquire a property or have to move out immediately after selling their home. Retirees can gain more freedom and make use of the equity in their home if they decide to rent. Retirees may also rent if they consider moving into senior housing in their advance years or they don't qualify for a home mortgage.  --Yahoo Finance

A warning for retired boomers looking for work
A study by the Center for Retirement Research of Boston College indicates that retirees may have a hard time finding a job after leaving the labor force. Middle-skill employees who have plans to continue working past their retirement age are advised to upgrade their professional skills and stay in their current jobs. They also need to eye bigger retirement saving if they are willing to accept low-paying jobs or prepare for a reduced lifestyle if they expect a limited income in retirement.  --CBS Moneywatch

When a reverse mortgage is a good idea for retirement income
A reverse mortgage can be a good option for a childless couple who are both aged 54, have no mortgage on their home and intend to retire in two years, says Howard Hook, an expert with EKS Associates. While such an option is available when they turn 62, they are some considerations to make, says Hook, adding they won't need to apply for a reverse mortgage if their living expenses can be covered by the wife's pension, investment income and Social Security benefits. --Time Money

Four things people hide in retirement
People tend to hide certain secrets after they retire, such as decreased capacity to drive due to age-related visual defect. Some retirees also claim they are busy even when they are not just to avoid baby-sitting duties, while others will not admit they are hooked into vices or experiencing financial woes.  --Forbes