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

How to help clients boost 401(k) balance
401(k) participants can boost their plan balance by raising their annual contributions and making the most of the catch-up feature of the plan, according to this article in The Wall Street Journal. They also need to take advantage of the employer match contribution and determine their vesting schedule, according to the article, which was written by an outside contributor. Participants should invest in low-cost investment options and avoid borrowing from the plan to ensure their balance will grow, he adds. --The Wall Street Journal

What millennials should know about retirement planning
Millennial investors are advised to get their finances organized in this article on CNBC. It stresses the importance of account aggregators that can display all the aspects of a financial account in a single location. Also, these young investors are reminded of the importance of tracking expenses. They are also advised to automate their contributions to retirement plans and obtain insurance for themselves and loved ones. Their retirement plans should contain financial goals expressed in percentages, not dollars, and these plans should be evaluated and monitored.  --CNBC

2 mental roadblocks that keep us from saving
Many people fail to save for retirement because they are inclined to procrastination, according to this article on Forbes. Another reason why people end up saving less than they actually need is because they don't truly appreciate the power of compounding interest and how much it can increase their savings. Clients are advised to use online tools to determine how their current savings will produce the needed income when they are retired, an expert says.  --Forbes

Retirement investing is all about one thing
Investing needs to be more disciplined when investors are only years away from retirement, according to this article on MarketWatch. As such, pre-retirees need to observe discipline when making decisions involving their target investment return and investment risk. Also, they need to practice discipline when handling the interplay between their cash flow and spending.  --MarketWatch

Some states focus on older workers
As the average life span has increased, many senior job seekers experience discrimination and are turned down because of their age, according to this article on USA Today. Minnesota and other states are addressing the problem by creating programs designed to assist older workers in finding employment without being discriminated against for their age.  --USA Today

Read More:

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access