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

Will Social Security be standing by the time clients can take it?
Contrary to what many people think, Social Security will continue to pay benefit payouts to future retirees even after the program exhausts its trust funds by 2034, according to this article on Motley Fool. That's because most of the revenue that Social Security uses to make the payouts come from payroll taxes. However, the payouts could be reduced by up to 23% if no action is taken by Congress.

Social Security checks (Bloomberg News)


Confronting financial challenges after the death of a spouse
An expert says that husbands usually take the rein of retirement investing, leaving their wives in the dark about their investments when they die, according to this article on Morningstar. Women who outlive their spouses tend to move their assets to more conservative investments, which can be a wrong move, explains the expert. "The risk that they are fearful of is actually what sometimes could happen is because they are not earning enough to keep pace with inflation and taxes, they stand the risk of running out of money."

If you want to retire a millionaire, don’t overlook this critical part of investing
Even the best investing strategy and the right investments won't be enough to secure retirement if clients fail to fund their investment accounts, according to this article on CNBC. "Investing in the stock market, historically, has been the best way to build wealth for every investor out there," says a certified financial planner. "But the thing that people don't remember all the time is that just because you pick the right investments, if you don't save enough into those investments, it's not going to matter."

Over 60% Of Americans don't know what they need to retire
A study by Bankrate has found that more than 60% of Americans have no idea how much savings they need to be able to retire comfortably, according to this article on Nasdaq. To ensure clients save enough for the golden years, they should set aside at least 15% of their salary in retirement accounts and make a good estimate of their retirement needs. Those who lag behind in their retirement targets should also focus on boosting their savings as soon as they can.

Your Social Security is worth more than you think
For most older workers, delaying Social Security retirement benefits as long as they can is the best financial advice they can receive, writes a Forbes contributor. That's because this move will increase their retirement benefit payouts at a time when they will need a bigger income to cover their needs, writes the expert. "For people born after 1960, the Social Security system boosts benefits by about 7.41% per year between ages 62-70. If you were born before 1960, it’s more generous."

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