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

Americans fear Social Security will go broke
More than three-quarters of American workers over age 50 (78%) voiced concerns that Social Security would become insolvent and unable to pay future retirement benefits, according to this article on CBS Moneywatch. For those who retired in the past decade, that percentage is 63%. These findings come from a survey by the Nationwide Retirement Institute. Moreover, nearly two-thirds of future and recent retirees (63%) are worried that there will be cuts to the program under the Trump administration. To be sure, this doesn’t mean that most people surveyed “think the current situation is just fine,” writes CBS Moneywatch. More than four in five future retirees (82%) and 79% of recent retirees believe Social Security needs to change. And almost two-thirds of these groups cite the need for increased funding as Social Security's biggest problem.

(Getty Images)
(Getty Images)

5 ways to turn home equity into retirement savings
Selling a house and moving to a smaller home is one way for homeowners to tap their home equity for retirement income, according to this article from the San Diego Union-Tribune. Such a move would enable them to avoid costs, such as utilities, insurance, maintenance, and taxes. Other strategies to turn home equity into a retirement resource are renting out the extra bedroom and applying for a traditional home equity line of credit. Selling the home to an adult child and leasing the property back is another strategy.

Plot a smoother retirement journey with a written income plan
To ensure a smooth-sailing life in the golden years, retirees should have a written income plan, according to this article from Kiplinger. A written income plan includes different income sources, such as Social Security, savings, pensions, real estate, 401(k) and IRAs. These sources will be tapped based on a number of factors, such as the age at which the clients intend to retire, after-tax income goal and the tax situation now and in retirement.

How to hack your HSA: It's not just for medical costs anymore
A certified financial planner says that clients can use a health savings account alongside other vehicles to save for healthcare expenses and also for retirement, according to this article on CNBC. What's good about an HSA is that it provides triple tax advantages, says the financial planner. "Medical costs are the highest at or near retirement. So think about this being like an IRA for your health-care costs."

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