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3 simple steps to help protect your client’s legacy: Retirement Scan

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

3 simple steps to help protect your legacy
Clients who want to protect their legacy are advised to keep track of their financial information and have a trusted person who knows where to locate it, according to this article on MarketWatch. They should also ensure that the beneficiary information on their accounts are updated. Writing a will and updating it every major life event is also recommended.

Two big ways to boost your retirement savings
A report from EBRI has found that nearly 43% of Americans would be unable to realize their goals for retirement, according to this article on Forbes. Many 401(k) participants also opt to cash out their assets within the plans even before they retire. "Eliminating pre-retirement cashouts would enable an additional 20 percent of low-income workers currently ages 25–29 who will have more than 30 years of simulated eligibility for participation in a 401(k) plan to attain an 80 percent real replacement rate from Social Security, 401(k) plan balances and IRA rollover balances that originated in 401(k) plans."

These two changes may radically improve your retirement prospects
A study by Morningstar has found that waiting until 67 to retire and setting aside at least 6% of their pay can go a long way in boosting retirement prospects, according to this article on CNBC. These strategies would enable households to boost their nest egg by 71.2% from 25.6%. “It’s a tremendous improvement from these relatively non-extreme actions,” says an expert with Morningstar.

7 ways to retire without Social Security
Clients will need to take the reins in their retirement security as they cannot rely solely on Social Security for income in the golden years, according to this article on U.S. News & World Report. To create income streams aside from Social Security, they have the option of buying an annuity, invest in real estate for inflation protection or tap their home equity by applying for reverse mortgage. Other income strategies include investing in bonds, dividend stocks and capital gains from growth stocks.

3 questions to help grow your retirement savings
Clients will need to build their nest egg, as Social Security benefits can only replace 40% of pre-retirement income, according to this article on NerdWallet. To ensure that they will generate the needed income from their portfolio, clients should ensure that they hold the right type of investments in the right accounts and ascertain their expenses. They should make sure that their savings are invested properly.

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