Our daily roundup of retirement news your clients may be thinking about.
Many parents of top athletes sacrificed their own retirement savings in order to finance their children's athletic pursuits and help them realize their Olympic dream, according to a survey. While it is understandable for parents to support their children's athletic goals, they should learn to cut back on other expenses so they can continue building their nest egg, an expert says. "You have to put the money away for retirement or whatever your financial goal is, and then put away money for the passion. Then you have to learn to live on whatever is left over." –USA Today
The number of workers aged 66 and above who opt to remain in the labor force increased 18.8% in May this year from 12.8% in the same month in 2000, according to an analysis by the Pew Research Center. Economists attribute the steady increase to numerous factors, including the gradual disappearance of pension plans. “In contrast, there’s no such age with 401(k)s. People are nervous about that. They want their pile to grow, so they stay in the work force longer,” says an expert. –The New York Times
As people's longevity continues to increase, the federal government should develop a national policy framework that will reject traditional retirement and offer initiatives aimed at supporting older people who live and work past the age of 60, according to this article on Forbes. These initiatives should include the creation of funds to assist seniors in launching their own business, and the passage of new tax policies that will incentivize older workers. Employers should also get incentives for providing in-house training programs that will allow older employees to continue working with them. –Forbes
Seniors can sign up for Medicare without applying for Social Security retirement benefits, according to this article on U.S. News & World Report. Those who are already on Social Security are enrolled automatically in Medicare Parts A and B when they turn 65. Seniors who need to enroll in Medicare are advised to sign up during the seven-month period that begins three months before they reach the age of 65 to avoid higher lifetime premiums. –U.S. News & World Report
The Social Security Administration has added a new layer of protection for personal information on its website, according to this article on MarketWatch. People are required to enter a cellphone security code texted to them by the SSA when logging on to the "my Social Security" website so they can view their personal statements. The SSA is now working to address the complaints from some people who could not obtain the security code to view their Social Security statements. –MarketWatch
