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

Could these policy fixes help you save for retirement?

Many retirees in the U.S. are facing challenges and while the overall system is not a lost cause, a few improvements could make a big difference, experts say. Indeed, a number of proposals have been introduced to help improve the country's retirement system and to enable workers to boost their nest egg, according to this article on CNBC. Experts say that changes are necessary as people need guidance on how to grow their nest egg, the "retirement system—made up of Social Security, 401(k) plans, pensions, IRAs and homeownership—is strong and working for the vast majority of Americans," says a spokesperson for the Investment Company Institute. "Any changes should build on the system's successes by expanding access to savings opportunities for employers and workers."  --CNBC

For millions, 401(k) plans have fallen short

The median amount in a 401(k) plan account is $18,433, but almost 40% of workers have assets less than $10,000, according to a report from the Employee Benefit Research Institute. The transfer of responsibility for growing retirement savings to workers has become a problem as most people face no wage increase and have no expertise in investing, experts say. "401(k)s were never designed as the nation's primary retirement system. They came to be that as a historical accident," says Anthony Webb, an economist with the Center for Retirement Research.  --USA Today

The surprising amount retirees spend

Although many experts recommend a 4% retirement withdrawal rate, many retirees decide to withdraw "chunks" to cover major one-time expenses or avoid tapping their savings at all for fear that their nest egg will not last, according to a survey by Hearts and Wallets. Read the steps that retirees need to take to develop a retirement withdrawal strategy that will allow them to live comfortably and ensure they won't outlive their savings.  --MarketWatch

How to max out Social Security benefits for your family

The family maximum benefit that a married couple can receive is based on the combined income records of the spouses, according to this article on Time Money. The FMB is somewhere between 150% and 187% of the primary insurance amount of an individual. The combined family maximum is a formula used to determine the benefit cap for the couples' dependents and can significantly boost auxiliary benefits of children of retired or deceased beneficiaries.  --Time Money

The giant retirement community that explains where Americans are moving

Retirees are more likely to live in warm-weather locations that also offer affordable housing, driving the population of these areas to soar, according to this article in The New York Times. There is a high correlation between the population growth in major urban centers last year and the increase in these cities from 1980 to 2000, based on calculations by Jed Kolko, Trulia's chief economist. "What's striking is how high that correlation is despite all of the effects of the housing market and migration that the housing bubble and bust had."  --The New York Times

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