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

Separate finances can be a lot trickier for couples in retirement
Keeping separate finances may be a smart move for couples but this can complicate their situation once they enter the golden years, writes an expert on The Wall Street Journal. "One spouse may have enjoyed much greater investing success than the other. One may have lots of disposable income, while the other may have to rely on taxable distributions..." the expert explains. "And if spouses don’t communicate properly, conflicting ideas about spending on travel, helping family and leisure activities can create disagreements and other unpleasant issues."

Source: Bloomberg
Source: Bloomberg


Retirement planning for singles can be tough but fun
An expert says that retirement saving can be more challenging for singles and divorced clients, as they may have lower income than households with two income earners, according to this article from Morningstar. When creating a retirement income strategy, they should ensure that they account for the taxes, which can reduce their net withdrawals from tax-deferred accounts such as traditional 401(k)s, the expert explains. Aside from federal taxes, their retirement income may also be taxed at the state level.

Social Security's Earnings Test: How much money can you make?
Seniors who intend to file for Social Security benefits while working before reaching their full retirement age are advised to weigh their options before making a decision, according to this article on Motley Fool. That's because they will be subject to the program's earnings test which can reduce the amount of benefit payouts they will receive. Moreover, a portion of their retirement benefits will be subject to federal taxes if their combined income exceeds a certain threshold.

Ask Larry: Will filing And suspending increase my Social Security retirement benefit?
A 66-year-old worker does not need to file for and suspend his Social Security retirement benefits to enable his wife to receive survivor's benefits on his record, according to this Q-and-A article on Forbes. His spouse can still collect the benefits even if he dies without having applied for his retirement benefits. He will also get delayed retirement credits if he intends to delay his benefits until he turns 70.

63% of rich kids say they will rely on their inheritance for retirement
A survey commissioned by Merrill Edge has found that 63% of young clients from wealthy families viewed inheritance as a ticket to retirement security, according to this article on Money. As the younger generations struggle with student debt, longer life span and other competing financial priorities, millennials look to the wealth they will inherit from parents and grandparents as a safety net in the future, says an expert with Merrill Edge.

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