3 money mistakes that could ruin your retirement
Clients are advised to avoid making a loan from their 401(k) plan, as it could decrease the odds of securing their retirement, according to this article on Motley Fool. They should not also cosign for their child's student loan, as Social Security could garnish their retirement benefits if the child defaults on the loan payments. While early retirement can be an option, clients should consider working longer or lowering their cost of living if they would outlive their nest egg based on cost and income projections.

(Bloomberg News)
(Bloomberg News)

The one form that IRA holders should scrutinize
Clients should ensure that their details in their IRS Form 5498 are accurate, as a single wrong entry could cost them dearly at tax time, writes an expert on Morningstar. The form provides the prior year-end fair market value of the account, including "hard to value" assets such as hedge funds and parcel of real estate, writes the expert. "If you have such investments in your IRA, you should proactively work with your IRA provider to make sure it has the correct codes and current valuations for those investments."

How to balance using retirement savings wisely with enjoying what you've earned
A retired couple with substantial retirement savings should not worry so much about outliving their nest egg and consider going on a vacation to enjoy the golden years, according to this article on Los Angeles Times. To ensure that they will not run out of money, the couple should prepare for the financial risk of reduction in income when one of them passes away. They should also prepare for the cost of custodial care, which is another threat to their financial well-being.

Ask Larry: Can my wife file a restricted application?
A wife who was born before Jan. 2, 1954 is allowed to file a restricted application for Social Security spousal benefits at age 66, according to this article on Forbes. She can then defer her own retirement benefit until she turns 70. This is her best filing option, as it will maximize her Social Security benefits.

How to have a proper parental fight over college costs
Parents may want to get help from a certified financial planner to plan for their child's college costs, according to this article on USA Today. The professional can help them find appropriate sources to fund their child's education, even estimating the number of years they need to delay their retirement so they can cover tuition and other expenses. Experts say that parents should put their retirement ahead of their child's college costs, as they do not have enough time to replenish their savings.

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