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

Why Some Private-Sector Workers Are Facing Big Pension Cuts
Millions of workers are likely to receive smaller retirement benefits as many multi-employer plans were underfunded as a result of the 2008-2009 financial crisis, according to CNN Money. Annual benefits could be reduced by $4,000 on average for multi-employer workers who have rendered at least 30 years of service, according to the Pension Benefit Guarantee Corp. Major plans and the multi-employer system would fail if Congress takes no action to fix the problem, says PBGC’s director Josh Gotbaum.  --CNN Money

4 reasons not to panic about Social Security's future
Americans need not worry about Social Security system's outlook because the endangered disability benefits can be extended by simple solutions, according to DailyFinance. Social Security's deficiency can also be covered by its interest income, while Social Security forecasts this year are based on more cautious assumptions. Workers also don’t have to fear that Social Security will run out of cash, because revenue through payroll taxes that are withheld from employees' paychecks and matched by employers will help it continue to function--DailyFinance

When to claim Social Security? How long will you live?
Clients who are planning for retirement need to consider longevity, which is important in deciding on the date to claim their Social Security benefits, according to MarketWatch. A 60-year-old man has a 75% chance of living until 74, while a woman the same age has a 75% probability of spending her golden years until 77, according to Social Security. People who have health problems or family history of diseases, such as diabetes and cancer, should plan financially for a potentially shorter life span.--MarketWatch 

The error-proof portfolio: What's the role of bonds in retirement portfolios?
Retirees can make the right decision in managing their investment portfolios if they assess the data available to them and look into the intangibles, according to Morningstar. Read about financial consultants who share their view on the role that bonds play in retirees' portfolios. For the experts, bonds act as a "shock absorber," as these options give investors a safety guarantee for their investments.--Morningstar

Education trumps retirement savings for single parents
Nearly 50% of single parents polled by Allianz claimed their children's education is the main reason why they have a long-term financial plan. The survey also found that 39% of traditional families and 26% of other modern families shared the same view. The results are a concern as people can get grants, scholarships and loans to fund their children's education, but no credit is available for retirement, an expert says.--USA Today

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