How clients can grow their retirement savings without too much risk: Retirement Scan

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

How can I grow my retirement savings without too much risk?
Retirement investors should learn how to balance the different risks to their portfolio instead of avoiding them altogether, according to this article on CNNMoney. To do this, they may use Vanguard's risk tolerance-asset allocation questionnaire, which will enable them to see how their portfolio performs based on different allocations. They may also want to use an online retirement income calculator to determine how long their nest egg will last based on various levels of withdrawals and life expectancies.
Does it pay to return to work to boost future Social Security benefits?
People with short- and low-earnings records gain substantially from Social Security if they know where to look, according to this article on Forbes. A good example is a female worker who does not qualify for a divorce or survivor benefit, but can collect an extra $34,000 in lifetime benefits if she opts to work for at least three years and waits until the age of 70 to claim her retirement benefits. She would collect only $26,000 more in lifetime benefits if she decides to work for three years and file for retirement benefits when she turns 62.

Six steps women can take to achieve retirement security
Research has found that retirement saving is tougher for women than it is for men, as women need to save a bigger portion of their salary to secure their golden years, according to this article on MarketWatch. This is because women have a longer life span and lower salary compared with men, and female workers have shorter working years as they take a time off to look after their loved ones. A certified financial planner offers tips for women to improve their retirement prospects.

How not to mess up your Medicare enrollment
Seniors who are turning 65 are required to sign up for Medicare, and they are advised to understand the rules to make smart choices and avoid costly mistakes, according to an article in Money. This means knowing the basic information about Medicare, including eligibility, coverage options, enrollment rules, and the costs involved, says the expert.

10 worst states for taxes on your retirement nest egg
Vermont, Connecticut, Minnesota and Oregon lead the states that impose the heaviest tax burden on retirees, according to Kiplinger. Retirees are also heavily taxed in Montana, California, Nebraska, New Jersey, New York and Utah. The ranking is based on the amount of state income taxes, property taxes, estate and inheritance taxes that retirees pay.

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Retirement planning Social Security