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One of the biggest retirement mistakes investors are making: Retirement Scan

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One of the biggest — and often costliest — retirement mistakes investors are making today
Many retirement investors are including target-date funds in their 401(k) plans, but this strategy may not be a smart move, according to this article on CNBC. Some experts believe that this approach will prevent them from accounting for their life expectancy, risk tolerance, income changes and other factors. “Although they have substantial benefits, target-date funds ultimately provide too much of a cookie-cutter approach to asset allocation,” says a financial planner.

6 portfolio to-do's for retirees at midyear
The midyear is a great time for retirees to make financial moves in their portfolio, according to this article on Morningstar. For example, they may want to check their year-to-date withdrawal rate and account for the tax bite to determine if it is sustainable. Retirees should also consider an IRA conversion as it will trigger a lower tax bill under the new tax law and enable them to boost after-tax income in retirement. Having an action plan for required minimum distributions is also recommended, reinvesting the withdrawn amount they don't need in a taxable account.

Bull or bear market – who cares? With the right portfolio, it shouldn't matter
Investors need not worry about how market volatility will affect their portfolio if they have a strong investment plan in place, writes an expert on Kiplinger. This means that they diversify their portfolio by including other options, such as real estate, commodities and hedge funds. They should also determine their tolerance for risks and define their purpose for their investments, writes the expert. "If your portfolio is designed and implemented specifically for you — and is consistent with your financial situation, your needs and your personality — you should be able to ride out the market’s ups and down without letting emotions get the better of you."

Social Security: What to know, what to expect, how to make it better
Although Social Security will stay, the program faces financial woes that can lead to reduced retirement benefits in the future, according to this article on MarketWatch. While there are possible ways to fix the program, lawmakers are still not working on a solution. While some seniors contemplate on filing early, delaying the benefits remains a better strategy as it will boost the benefit payments, says an expert. "There’s every reason to wait if you can.”

I am my parents’ retirement — how this affects my savings strategy
An expert says that her parents retired without a plan and savings, forcing her and her siblings to support their elders through the golden years, according to this article on Yahoo Finance. Because of this, "I’m extremely conscious about my retirement and long-term investment goals," writes the expert. "I carefully plan, save and earn extra income. I am mindful of both spending and saving."

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