Our daily roundup of retirement news your clients may be thinking about.
People planning for retirement should ensure that the benefit estimates provided by the Social Security Administration are accurate, writes a Forbes contributor. "Some analysts have argued for years that the SSA’s estimates systematically underestimate future benefits for most people, because the estimates use some short cuts that aren’t used when you apply for benefits and the official computation is done," writes the expert. "In other situations, the estimates could be higher than your eventual benefits."
A survey by TD Ameritrade has found that more women than men (73% vs. 59%) consider age 70 to be the new 50, according to this article on MarketWatch. “While women realize there are financial challenges … we really see a vast majority who see retirement as their time to focus on themselves,” says TD Ameritrade's Christine Russell, senior manager of retirement and annuities. “For years, people have been thinking, ‘I don’t want to just sit in a rocking chair and wait.’ Here, we actually see women saying, ‘Not only do I know what I don’t want; I know what I do want.'"
Seniors should consider using "identity bridging" strategies to retain their sense of self after leaving the labor force for good, writes Boston University professor Kathy E. Kram for The Wall Street Journal. "Just as a physical bridge helps a person cross over a physical divide, identity bridging helps an individual maintain aspects of his or her identity while experiencing a major life transition such as retirement," the expert explains.
