One reason not to delay Social Security

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

The 1 reason not to delay Social Security
For many seniors, delaying Social Security retirement benefits is usually a wise decision, as it could boost their monthly payouts by 8% each year they defer the benefit, according to this article on personal finance website Motley fool. However, there are some exceptions to the rule. For instance, retirees should consider claiming Social Security as soon as they can if they are in very poor health or have a terminal illness. Although the benefit will be reduced if they file early, the greater number of individual payments will help offset the lower amount of their benefits.

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Social Security checks are printed at the U.S. Treasury Philadelphia Finance Center in Philadelphia, Pennsylvania on February 11, 2005. Photographer: Dennis Brack/Bloomberg News

3 ways women can plan for a better retirement
Women should not rely solely on their spouses when planning for retirement. Instead, they should be more directly involved in how they will secure their golden years, as they are likely to live longer than their partners, according to an article on MarketWatch. They should determine how much income they expect to get in retirement and consider other income streams and discuss estate plans with their spouses and family members. Looking for alternative income sources such as immediate annuities can also be a great strategy to improve their retirement prospects.

Even without a 401(k), clients can still save for retirement.
Workers who have no access to a workplace retirement plan should encourage their employer to set up one on the basis of incentives that the company will receive, according to an article on CNBC. They should also open a health savings account and an individual retirement account, preferably a Roth IRA, which offers tax-free growth on savings and penalty-free early withdrawals. Workers also have the option of switching their status to a 1099 from a W-2 employee so they can establish a SEP IRA. "The good news is it's not too complicated," says an expert.

How to live well with a partner in retirement
Living together in retirement can be a challenge for couples who are used to having work as a diversion, writes a Forbes contributor. To hurdle the obstacles, couples should discuss retirement and be honest about their expectations, rules and disappointments. They should also find a common ground if they have different interests, writes the expert. "I should mention that it’s healthy for husbands and wives to pursue their own interests and have some separate friendships."

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