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

Single? Married? Divorced? How and when to claim Social Security
Clients have a hundred—if not a thousand—possible options to consider when claiming Social Security benefits, but these strategies depend on their unique circumstances, according to this article on CNBC. For example, these options are narrowed down to 10 to 15 if they are married couples. Clients should ensure that they coordinate their Social Security claiming decision with their other assets, says an expert. "When and how you elect can have a major impact on your income in retirement."

Image: Bloomberg
Image: Bloomberg

The big mistake investors make once they hit that first $1 million
Well-off investors should reconsider making 401(k) withdrawals once their balance grows into $1 million, as such a move could be too costly, according to this article on MarketWatch. Early withdrawals could trigger taxes and penalty that could reduce their targeted withdrawals by 40%. They should not assume their remaining investments will grow. “I think one of the cardinal rules of investing is don’t try to time the market,” says an expert, saying that such a move is very dangerous.

The shocking cost of putting off retirement saving for a year
Putting off retirement saving could mean substantial losses even if clients skip just one year in building their nest egg, according to this article on personal finance website Motley Fool. That's because they will miss out on the potential returns generated by the power of compounding in their retirement accounts. For example, clients will end up with $497,000 at age 65 if they start saving $200 at 25 under a 7% annual rate of return, but their savings would drop to $462,000 if they start saving at 26.

How to take control of your retirement
Clients are more likely to be in charge of their golden years if they plan to have diversified income sources in retirement, according to this article from Kiplinger. They can also control the age at which they can start collecting Social Security retirement benefits. With multiple sources of income, clients will have more flexibility in choosing when and how they will pay taxes on their assets. For example, they will start tapping into their taxable accounts first, then their 401(k) and other tax-deferred accounts, after which they can move on to tax-free investments, such as a Roth IRA and municipal bonds.

New guidelines for young retirement savers
An analysis by Fidelity Investments offers a list of savings factors that will help clients determine the amount of retirement savings they should have at a certain age, according to this article on CBS Moneywatch. For example, clients should have socked away an amount equivalent to their annual income by the time they reach the age 30. To ensure they are on track in their retirement saving, clients should use their 401(k) plan or open an IRA if they have no access to workplace plan.