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

Can’t wait until 70? This is the next best age to claim Social Security
Delaying Social Security retirement benefits until the age of 70 can be more beneficial for the higher-income spouses but not those with the lower income, according to this article on CNBC.com. That's because the spousal and survivor benefits will be bigger with the record of the spouse with the higher income, and delaying the retirement benefit will also boost these benefits. Single claimants who cannot wait until 70 may opt to file at age 69. “If you’re single, we’ll tell you, ‘you should wait until 70.’ ... But it’s not quite as critical as it is going from 66 to 67, or 67 to 68,” says an expert.

Social Security checks (Bloomberg News)


Don't let peer pressure spoil your retirement
Seniors are advised to avoid the misconceptions that some of their peers may have about retirement so they are better able to make decisions that are right for them, according to this article from Kiplinger. For example, seniors should not automatically assume that retirement will give them freedom from work, or that they should travel to live fully in the golden years. Moreover, seniors should not expect that retirement will allow them to redefine themselves or that they will automatically experience a smooth transition from work to retirement.

How to maximize your IRA income
Investors who want to stretch their retirement accounts should choose carefully the types of accounts they want to use, writes an expert for U.S. News & World Report. This means choosing between traditional 401(k) or IRA, which offers an upfront tax deduction, and a Roth account, which provides tax-free distributions in retirement, the expert says. Investors then need to be dedicated. "Saving early and often in a Roth account – should that prove to be the optimal strategy for the saver based upon their needs, income level, taxes, etc. – is important to growing a substantial Roth balance."

Why do baby boomers start their own business later in life?
An expert says that more baby boomers are starting their own businesses, as they begin to see the advantages of doing so, according to this article on Fox Business. One of the major challenges that these seniors face when launching their own business is access to capital, says the expert, citing a new survey. "The majority of boomer business owners chose to fund their businesses without taking on debt. Cash was the most popular funding method, followed by 401(k) business financing... and then friends & family."

Annuity vs. IRA: Which is best for my retirement?
IRAs and annuities are options that will provide income and potential tax benefits in retirement, according to this article on personal finance website NerdWallet. However, clients need to do their research, as both strategies can have advantages and disadvantages depending on their circumstances. For example, clients can choose the IRA that can help them improve their tax situation or opt for an annuity if they want to save on a tax-deferred basis after maxing out their 401(k) and IRA contributions.