Employees don’t need to be millionaires to retire comfortably

Welcome to Retirement Scan, our daily roundup of retirement news.

CNBC: You don’t need a million dollars to live a luxurious retirement

Employees can live comfortably in their golden years even without a million dollars in savings — provided they are willing to relocate overseas, according to an article from CNBC. Retirees can live off on their Social Security benefits and still enjoy a luxurious life if they move to retirement destinations including Bali, Indonesia, Costa Rica, Italy, Portugal and Colombia.

Kiplinger: How can employees estimate the income they’ll need in retirement?

Calculating clients’ income replacement rate is an important and easy tool to use when planning for retirement, writes CFP Roger Young for Kiplinger. “This simple metric, which doesn’t require you to do any tricky tax calculations, may help you put your retirement finances into clearer context,” Young says. “The key to making this percentage useful is to estimate it with your specific financial situation in mind.”

Motley Fool: Set employees up for a secure retirement with these smart IRA moves

Opening an IRA is a smart move for workers who have no access to a workplace retirement plan, according to an article on Motley Fool. Employees should max out their contributions and take care to ensure their investments meet their needs in order to make the most of their savings. Some clients should also consider socking away money in a Roth IRA — especially if they expect to move to a higher tax bracket in retirement, since the accounts provide tax-free distributions.

The Washington Post: Here’s one of the biggest threats to having enough money in retirement

Unforeseen expenses can cause employees to outlive their nest eggs — and even those who have sufficient savings for retirement should consider diversifying their investment portfolio so it can keep up with inflation over time, according to an article on The Washington Post. Workers should also make extra considerations regarding the cost of healthcare and the legacies they’d like to leave behind for their loved ones.