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

Retirees face double Social Security-Medicare whammy next year

Retirees can expect no inflation adjustment in their Social Security benefits next year, according to this article from Reuters. Medicare premiums also are expected to increase 52% for 30% of beneficiaries or those unprotected from a "hold-harmless" provision in federal law that prevents any premium increase that results in a net reduction in Social Security benefits. These increases could mean an end to the moderate inflation in healthcare. –MSNBC

These are the cheapest and most costly states for retiree health care

Although most states share the same level of out-of-pocket health care costs for retirees, the difference between the cheapest and most expensive states can be substantial, according to a study by HealthView Services. In Maryland, Medicare supplemental insurance (covering co-pays and deductibles) is 57% higher than the same coverage offered in Vermont, while Medicare Part D premiums in Wisconsin are 51% higher than the same premiums in New York, the study found. Medicare Part B, Part D, and supplemental premiums are cheapest in Hawaii and the costliest in Michigan. –Time Money

Divorced? How to determine your Social Security spousal benefits

Married clients are entitled to up to 50% of their spouse's Social Security retirement benefit if the marriage lasted at least 10 years, according to this article in Consumer Reports. Divorced clients can file an ex-spouse benefit on their spouse's record if they were married for at least 10 years, turn 62 or older at the time of filing and never remarry. Also divorcees can get an ex-spouse benefit if the former spouse is eligible for retirement or disability benefit and their own retirement benefit is lower than their benefit on their former spouse's record. –Yahoo Finance

Will fixing Social Security hurt your retirement?

Social Security's financial woes could result in reduced benefits or an increase in retirement age, says Matthew Sadowsky, TD Ameritrade's director of Retirement and Annuities. To prepare for these outcomes, clients need to work toward retirement security, such as investing in employer-sponsored 401(k) and 403(b) plans, as well as IRAs, Sadowsky says. "For those who want to supplement the lifetime cash flow stream that Social Security provides, an income annuity might be something to consider." –Fox Business

A simple allocation example

Retirees can choose among bonds, income annuities, self-annuitization and stocks when allocating their assets, and each of them offers advantages and disadvantages, writes Wade Pfau, professor at The American College. Stock allocation offers greater growth potential but can be more risky, while annuitized assets provides no investment growth but scraps the spending risk, Pfau writes. With self-annuitization strategy, retirees will be compelled to lower spending while bonds alone offers no advantage since income annuity offers what bonds can give, the experts add. –Forbes

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