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

Clients turning 62 next year? Here's what they need to know
People who intend to file for Social Security retirement benefit when they turn 62 next year can expect the amount of the benefit to be about 26% less than the amount they would get if they file at their full retirement age, according to this article on personal finance website Motley Fool. Before making a decision, they should also account for their spousal benefits, determine if they have accumulated 35 working years, and consider health insurance, as they don't qualify for Medicare until they reach the age of 65.

Clients get a raise? Suggest putting it in their 401(k)
Younger workers are encouraged to contribute to their employer-sponsored 401(k) plans and make the most of the benefits, according to this article on Forbes. A 401(k) plan provides an easy way to save, and may offer an employer's matching contribution, which is free money. Moreover, 401(k) participants are allowed to borrow from the plan, and the rules give a longer repayment period for loans used to cover the down payment of a primary home. “Even just putting away $10 or $20 a paycheck will make a difference, and will get you into the habit of saving,” says an expert.

How clients can save for retirement even without a 401(k)
People who have no access to a 401(k) plan have the option to contribute to a Thrift Savings Plan, a 457 plan or a 403(b) plan, according to this article on Kiplinger. Self-employed workers can build their nest egg using a SEP-IRA or a solo 401(k) plan. These accounts are subject to different rules, so clients are advised to understand how the plans work so they can choose the right account for them.

When it comes to annuities, why words matter
People who consider buying an annuity are advised to do due diligence and educate themselves on the different annuity products that are offered in the market, according to this article on MarketWatch. Each of these annuity types has a unique benefit proposition that may not suit the client's retirement situation.

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