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3 major retirement bills await action by the Senate

The lives of millions of Americans in retirement could be shaped by three major pieces of legislation awaiting action in the Senate, the Setting Every Community Up for Retirement Enhancement Act, the Rehabilitation for Multiemployer Pensions Act and the Retirement Security and Savings Act. It isn’t clear whether any of…

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Emotional insights make for better retirement planning

An understanding of emotional and personal issues can help advisors provide additional value for clients and help them make a successful transition to retired life. Clients may face certain challenges after leaving the workforce, including a potentially diminished social circle. Financial Advisor online

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Life insurance among tax-efficient ways to spend down an IRA

People looking to minimize taxes or pass their retirement savings on to heirs have a few tax-efficient options, writes F. Michael Zovistoski of UHY Advisors NY. He suggests using IRA funds to buy life insurance then hold the policy in a trust and using qualified charitable distributions. WealthManagement

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Not everyone will be able to work into old age

Working longer to boost retirement savings can be a good idea, but health conditions often force people to leave their jobs. Most Americans who are at least 65 years old have multiple chronic conditions, according to the CDC. CNBC

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Advisors share 11 common mistakes made by retirees

Financial advisors reveal some of the mistakes they see retirees make, including not having a realistic budget and taking pensions or Social Security too early. Many retirees also do not mentally prepare for retirement, says Brandon Garrett of Snow Garrett Wealth Management. ThinkAdvisor

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Maximizing Social Security benefits after 70

The way retirees can maximize their Social Security benefits after age 70 depends greatly on each individual’s circumstances, writes financial editor Mary Beth Franklin. “By delaying until age 70, the spouse with the maximum benefits is potentially increasing the future survivor benefit for the remaining spouse,” she adds. InvestmentNews

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Analysis shows 4% rule can still be useful

An analysis of the 4% rule suggests it can still be a valuable guideline for determining the rate at which assets can be withdrawn in retirement, according to Capital Investment Advisors’ Wes Moss. He explains how he uses the rule to develop spending guidelines for clients. InvestmentNews

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Expert: Annuity-life insurance strategy boosts retirement income

Under several scenarios, computer modeling shows that retirees can increase their income by 10% or more by using a strategy that combines annuities with life insurance, according to Barnum Financial Group’s Matthew Teel. He notes that what makes the strategy especially attractive is “the psychological benefit of knowing that short-term…

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Longevity risk creates challenge in retirement-income planning

Longevity risk makes retirement-income planning much more difficult for advisors, writes Jamie Hopkins of Carson Wealth. However, he argues that retirement-income planning “has gone from a niche area of planning to an essential offering for many advisors.” Advisor News

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Do people truly need $1M to retire?

Salting away $1 million for retirement is an oft-cited goal, but a person can save less and still have comfortable senior years, while others might need more. Variables to consider include inflation, household expenses and a possible need to aid family members. U.S. News & World Report

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