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

Tough news about interest rates for savers

To ensure they will have a comfortable life in their golden years, retirement savers should raise their savings rate instead of relying on their investment yields to boost their nest egg, according to Fortune. Shifts in global demographics could result in a decline in long-term interest rates below historical averages, according to some experts. — Fortune

Will change come to the Social Security windfall elimination provision?

Some federal government officials and lawmakers are open to rewriting the Social Security windfall elimination provision rules, according to this article on MarketWatch. Although the WEP lowers the retirement benefits of clients who receive a government pension, some high-income earners get the same treatment as those in low-income groups. As a result, some people with high lifetime combined earnings received a greater replacement rate compared to those with low lifetime earnings. — MarketWatch

Do your clients have what it takes to retire early?

Clients who want an early retirement are advised to build a plan based on a reasonable estimate of income and expenses using a retirement estimator calculator, according to Forbes. They also should develop a spending plan and check its impact on their retirement plan while maxing out contributions and boosting their savings rate using the contribution rate escalator. They should also make the maximum contributions to their health savings account, take advantage of workplace life insurance and continue saving in their Roth IRA. — Forbes

How I lowered the taxes on my retirement income

One taxpayer shares how he and his wife used most of their tax deductions and exemptions to reduce their tax liability in 2015. Their tax bill is relatively low because half of their net worth in taxable accounts, while their capital gains and qualified dividends are not taxed because they are in the 10% or 15% tax bracket. Their taxable income is further reduced by claiming the retirement savings contributions credit for their IRA contributions. — Money

Social Security: 3 smart ways to get more benefits

Clients who want to boost their benefits from Social Security are advised to raise their primary insurance amount by working for at least 35 years and striving to raise their wage income, according to the personal finance website Motley Fool. They also should take advantage of the benefits that their family members can claim on their record, such as spousal and child benefits. Delaying their retirement benefits until the age of 70 can also increase the benefit payout. — Motley Fool

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