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
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analysis of the 4% rule suggests it can still be a valuable guideline for determining the rate at which assets can be withdrawn in retirement, according to Capital Investment Advisors’ Wes Moss.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
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…
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
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
Four retirement experts offer tips for boosting your nest egg. These include treating your retirement savings like a business and focusing on income rather than assets. Forbes
Sixty percent of baby boomers surveyed fear they will run out of money in retirement, but advisors can help allay those fears. It’s vital for advisors to create a comprehensive plan for clients’ income and taxes in retirement, says Noble Capital founder Jadon Newman. InsuranceNewsNet online
The Social Security trust funds will run out of money by 2034 if no action is taken by lawmakers to remedy the funding shortfall, at which point benefits will be cut by more than 20%, according to the Social Security Administration’s annual report. The program is predicted to run a…
Sens. Todd Young, R-Ind., and Cory Booker, D-N.J., have introduced legislation to create a federal commission to look for ways to improve retirement security for private-sector workers. The commission would consider proposals to help the mobile workforce, and gig and part-time workers, and review policies from other countries, including the…
Ownership rates for employer-sponsored retirement plans have held steady over the past five years but the amount savers are contributing has dropped 5 percentage points, while taxable brokerage account ownership has risen 10 percentage points, according to Hearts & Wallets data. Roth retirement plans and 529 plans are in demand,…
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