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

For many seniors, retirement gets more expensive if Senate’s health-care bill is passed
An expert with AARP says that older Americans would be subject to an "age tax" under Senate legislation that seeks to revamp the Affordable Care Act, according to this article on Washington Post. This would increase the cost of health insurance for seniors and scrap certain tax credits. “AARP is also deeply concerned that the Senate bill cuts Medicaid funding that would strip health coverage from millions of low-income and vulnerable Americans who depend on the coverage, including 17 million poor seniors and children and adults with disabilities,” the expert said in a statement. “The proposed Medicaid cuts would leave millions, including our most vulnerable seniors, at risk of losing the care they need and erode seniors’ ability to live in their homes and communities.”

4 key steps for people in their 20s who have nothing saved for retirement
Younger workers who want to get on track for retirement may start by dropping by their HR department to inquire about their employer's retirement plan and take advantage of its benefits, according to this article on CNBC. They should also start contributing as soon as possible even with a small amount and create a budget to free up more money to set aside for the golden years. Millennials are advised to pursue a lifestyle that reflects their current circumstances to spend their money wisely.

Want to retire early? Here are a few things to consider
Clients who intend to retire early are advised to set their goals, build an emergency fund, and diversify their investment portfolio, according to this article on CBS Moneywatch. "Based on the various tax laws and the chance that they may change in the future, we want to prepare for all outcomes. A good rule of thumb is to have some tax-deferred -- a traditional 401(k) and/or traditional IRA, tax-free Roth 401(k) or Roth IRA -- and a taxable brokerage account," says a financial planner. "With those three account types set up, you can then figure out how much to save to achieve your retirement goals."

What to consider before filing for Social Security early
Although seniors are beginning to see the advantages of delaying Social Security benefits until full retirement age, many clients opt to retire before reaching this age and collect reduced benefits, according to this article on Kiplinger. While the reasons sound valid, an early retirement results in lower payments for life and limited earnings on future employment, with their spouse facing a big income hit. Clients are advised to integrate their Social Security benefits into their retirement income and distribution plan to make the best-educated decision on when to file for their Social Security benefit.

This is the most helpful thing clients can do for their families before they die
Seniors should consider organizing their personal information, put their records in one place and designate a person to handle their files to help their family do their duties after they pass away, according to this article on MarketWatch. Doing this paperwork will also make them financially fit, says an expert. “There’s likely a correlation between the two — the people who are going to be buttoned up and organized in regards to an emergency with necessary paperwork are going to be the same people buttoned up for their finances altogether,” says the expert. “All of those take a lot of foresight and forethought, and confronting thoughts about uncomfortable scenarios.”

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