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

The retirement plan that never happened
Baby boomers are changing the definition of retirement as most of them remain in the workforce and have no plans of leaving, according to this article on CNBC. The Census Bureau indicates workers aged 65 and above accounted for more than 16% of the labor force in 2010, up from 12.1% in 1990. "To think that you can finance a 40-year retirement is mathematically impossible. ... Baby boomers do not envision not working," says Catherine Collinson, president of the Transamerica Center for Retirement Studies. --CNBC

Workers count on Social Security more now than in past 15 years: Gallup
The number of workers who consider Social Security a "major source" of income in retirement rose to 36%, the highest in 15 years, according to a survey by Gallup. And the number of young workers who include Social Security as a major component of retirement income doubled. The expected dependence of workers on the program suggests that the number of people with a traditional employer paid pension is decreasing, there is a lack of confidence in the 401(k)s and people are concerned that political changes could affect their retirement prospects.  --Forbes

Use these 10 questions to see if clients are on track to retirement
Clients can expect a financially secure retirement if they have set a savings goal and are taking advantage of their tax-advantaged plans, according to this article on Time Money. They also need to know their tolerance for risk, get the right mix of stocks and bonds and determine the status of their investments. They are also advised to plan on the lifestyle they want to have in retirement, weigh their Social Security options and create a fallback plan in case their first plan doesn't work.--Time Money

Raid IRA to get into a senior retirement community?
A retiree who intends to move into a Continuing Care Retirement Community considers tapping his IRA assets to pay the hefty entrance fee, but such a move could trigger a hefty tax bill unless he returns the withdrawn amount within 60 days, according to this article on Bankrate. A big distribution also could push him to a higher tax bracket. If he puts his house in the market, the client may opt to get a home equity line of credit or a bridge loan.--Yahoo Finance

Social Security Q&A: Should I collect on my own record before my widow's benefit?
A client who will turn 64 this year is advised to file for her own retirement benefit before collecting a widow's benefit on her husband's record, which is bigger than her retirement benefit, according to this article on Forbes. She may apply for her widow's benefit when she reaches her full retirement age of 66, when the benefit is at its highest value.--Forbes

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