Boomers with little savings can still get retirement income boost
Retired boomers with little savings usually have three alternatives to supplement their Social Security benefits and stretch their retirement income, according to this article in MarketWatch. Those with retirement savings of $150,000 can opt to buy an inflation-adjusted immediate annuity, collect their Social Security benefits early or delay their Social Security until the maximum collection age. Boomers with less retirement savings are advised to remain employed for a few more years to increase savings, delay Social Security and take advantage of spousal benefits.  --MarketWatch

Retirement planning wishes vs. reality
Almost two-thirds of survey respondents say they are confident they would have a comfortable retirement even when they had small amounts saved for retirement savings and lacked planning, according to CBS Moneywatch. People should educate themselves about their Social Security benefits and determine how much savings is need for a comfortable retirement so that they can increase savings accordingly.  --CBS Moneywatch

Taking the first required minimum distribution
Clients who are going to take their first required minimum distribution can wait until April 1 the year after they turn 70 years and six months old, although they would have to take a second RMD counted for age 71 by Dec. 31 of that same year. This article notes that taking two RMDs in the same year can lead to a large taxable income, a higher tax bracket, a larger portion of taxable Social Security benefits or even higher Medicare premiums for single seniors. Clients who want to lessen their taxable income can transfer up to $100,000 from their IRA to a charity of their choice without paying any taxes.  --Kiplinger

Spousal IRA rules for couples in 2016
Married couples, particularly families with a non-working spouse, can still increase their savings through IRAs by understanding the rules about how spousal IRAs work. The key is to have enough income to put into the IRA whether or not both spouses are still working. Couples must take note of one important requirement for spousal IRAs, and that is they must file a joint tax return, otherwise eligibility to contribute to a spousal IRA will be nullified if they file a return separately.  --Motley Fool

Smart strategies for making savings last in retirement
Retirees should be able to adjust their spending so their nest egg would last through retirement even in a bear market, according to Money. Retirees should settle on a conservative initial withdrawal rate with adjustments for inflation in subsequent years and they should also slowdown, which could include skipping an annual inflation increase, when facing roadblocks such as when a portfolio falls. Retirees can also reduce your withdrawal rate when the market falls and then do the opposite when stocks are rising.  --Money

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