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

Many Americans go broke in retirement, but many grow their wealth
A study by the Employee Benefit Research Institute has found that about a third of seniors saw their assets increase over the first 18 months after they retired, according to this article on Forbes. Many retirees also kept their financial assets for at least 20 years since retirement, cutting their expenses to avoid making extra withdrawals from their accounts. Retirees with more than $500,000 in non-housing assets were also more likely to see their wealth expand in their advance age.


Retirees often make this major Social Security mistake
Filing for Social Security before the age of 70 and deferring distributions from a traditional IRA until the age of 70 1/2 are missteps that are to be avoided by retirees, according to this article on Kiplinger. That's because by doing so, they miss out on receiving a bigger retirement payout and they will still face a tax bill on withdrawals from tax-deferred accounts. They should also strive to maximize their Social Security benefit and reduce earnings from other sources to avoid taxation on retirement income. "[T]he bigger your Social Security check and the less “other income” you have (for the same total income), the less your adjusted gross income and the less tax you will pay," concludes this article.

10 best U.S. suburbs for retirement
Data from GOBankingRates show that Timber Pines, Fla., Green Valley, Ariz., Sunset Beach, N.C., Fairfield Harbour, N.C., and Sunc City, Ariz., among the 10 most friendly suburbs for retirees, according to this article on CNBC. The ranking is based on a number of factors, such cost of living, median home prices and property tax rates, with many of the suburbs landing on the list located in Southern states. "They offer both cheap costs of living and social conditions that are conducive to retirees," says an expert with GOBankingRates.

How to become financially independent and retire early in 10 easy steps
This article on Money provides a 10-step strategy for clients to achieve financial independence and take an early retirement, according to this article on Money. Based on the 1992 bestselling book on retirement, the strategy is being used by a group of young people who aim to retire early. Read the article to know these steps towards financial independence and early retirement.

Could tontines be an alternative to annuities?
Economists and finance experts say that tontines have the potential to become a less expensive alternative to annuity as longevity insurance, writes Alicia H. Munnell, director of Boston College Center for Retirement Research, on MarketWatch. However, the consumers' reception to tontines "remains unclear," writes the expert. "Yes, they are cheaper than annuities because they provide less insurance, but it is not clear whether cost is the key factor hindering the demand for lifetime income options."

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