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

It's not too late to save for retirement
Forty-six percent of Americans polled by TIAA-CREF said they fear they would outlive their nest eggs, according to this article on CNBC. It noted that more than half of U.S. workers last year had less than $10,000 saved for retirement, citing a study by the Employee Benefit Research Institute. Wherever your nest egg stands now, it's time to start catching up, it says. And the good news is, that's a realistic goal for most people. According to a different EBRI study, almost 6 out of 10 baby boomers and Gen Xers will make it to the finish line without running out of cash. The first tip in the story is to maximize the benefits from any tax advantaged account, such as a 401(k) plan at work. If there are matching funds from the employer, the article suggest that you not stop at that point. If possible, go to the maximum, which now is $18,000 a year, plus $6,000 more if you're 50 or older.  --CNBC

President Obama’s 2016 budget targets retirement accounts
President Barack Obama's proposed budget for 2016 has more than a dozen provisions that seek changes to retirement accounts, and they could adversely affect people's nest eggs, according to this article on MarketWatch. Some of these provisions include scrapping the special tax break for net unrealized appreciation, limiting Roth conversions to pretax dollars, and merging the required minimum distribution rules for Roth IRAs and other retirement accounts. Scrapping RMDs if total savings in tax-favored retirement accounts is $100,000 or less, offering a 28% maximum tax benefit for contributions to retirement accounts, and providing a ‘cap’ on retirement savings prohibiting additional contributions are also provisions of the budget that will hurt people's retirement savings.  --MarketWatch

4 dangerous assumptions that could hurt your retirement plan
Assuming that the stock and bond market returns will get better can hurt investors' retirement plan, according to this article on Morningstar. Retirement investors can put their plan at risk if they assume that inflation will be moderate or zero, and that they can work even in old age. Expecting to get an inheritance is another assumption that can also harm their plans for retirement.   --Morningstar

Social Security Q&A: What happens to my disability if I collect widow's benefits?
A client who is receiving Social Security Disability Insurance is entitled to a survivor's benefit in case her husband dies, according to this article on Forbes. However, the benefit will be excess survivor benefit, which is the amount of her survivor's benefit less her SSDI. The value of her survivor benefit will depend on the value of her husband's Social Security retirement benefits at the time of this death.  --Forbes

Good reasons to work past retirement age
Continue working after reaching the retirement age is a good option for workers, as it will enable them to enjoy employer benefits, according to this article on Kiplinger. Those who opt to forgo retirement by staying at work will see an 8% increase in Social Security benefits for every year of deferring their benefits. Another reason for retirees to stay at work is the fulfillment they get for doing the work they've been doing for many years and for being around with the co-workers.  --Kiplinger

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