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

Millennials can exit workforce by 50 with careful planning
A financial expert says that making the most of 401(k)s and paying off student loan debt could help millennials retire as planned, according to this article on Fox Business. “Retirement now has nothing to do with an age, it has everything to do with a financial number," says the expert. "So I’m trying to get millennials to really wake up and look at this. Start to utilize their 401(k)s like never before, which will put them actually in a position to be able to retire in their 50s.” Many millennials find it difficult to think beyond their student debt, which averages $32,731 with an average monthly payment of $393, according to the Federal Reserve. The expert quoted in the story says millennials should indeed tackle student debt before addressing anything else, but with a laser-like focus. “What I want them to do is attack that debt, I mean with a vengeance, get your money back. You give yourself a raise when you get out of debt.”

Bloomberg News
Bloomberg News

Why clients will need more retirement savings than they think
Clients are advised to save more for retirement, as they will end up with insufficient nest eggs given the typical savings rates of most workers, according to this article on personal finance website Motley Fool. They cannot rely on Social Security, as the benefits are not meant to replace what they are earning before retirement. To boost their retirement savings, clients should raise their 401(k) contributions, delay their Social Security and determine other possible sources of income, such as a part-time job.

Why clients shouldn't add Bitcoin to their retirement portfolios
Clients who want to improve their investment returns are advised to avoid including bitcoin in their portfolios, according to this article on CNNMoney. That's because it is difficult to determine bitcoin's fundamental value. Instead, clients should work to diversify their portfolio and get help from a competent advisor to enhance their returns.

Managing the transition to retirement
A certified financial planner says that advisors should help their clients prepare emotionally for retirement, as these clients become more anxious as they approach the big date, according to this article from The Wall Street Journal. “You might be surprised how many people struggle with depression in the early stages of retirement as they lose their social connections with clients or colleagues, and often their sense of purpose or identity,” says the expert.

Personal finance expert: Here's what to do with the money you may save on taxes
Clients are advised to be smart about spending the potential tax savings they would incur under the final GOP tax plan, according to this article on CNBC. They may want to use the windfall to create an emergency fund or boost their 401(k) contributions. They may also set up a "dream account" where they can sock away money for future purchases.

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