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

3 risks of investing in annuities

Inflation is one of the risks that clients who invested a portion of their retirement nest egg in annuities face since the increase in prices could lower the purchasing power of annuity payments. Clients also lose financial flexibility since they will no longer have access to the money used to buy annuities. Another issue with investing in annuities is the high fees and commissions that buyers need to pay. –Yahoo Finance

Changing strategies for Social Security

Couples need to rethink their approach on how to claim their Social Security retirement benefits after lawmakers decided to scrap strategies designed to optimize their benefits. Software programs, such as MaximizeMySocialSecurity, Social Security Solutions and SocialSecurityChoices.com, offer help for couples who need to change their approach and want to maximize their retirement benefits. Those who prefer professional advice are advised to contact the National Association of Personal Financial Advisors and the Garrett Planning Network to find certified financial planners who serve as fiduciaries to ensure their interests are put first. –The New York Times

3 positive ways to think about saving for retirement

Clients can enhance their attitude towards retirement planning if they give more focus on the monthly income they could have after they retire. They should also know that there are ways to have a guaranteed income stream in retirement, and annuities are one of them. To get a better perspective in retirement planning, clients will need to rethink their saving strategy and boost their savings rate to up to 15% of their pay. –MarketWatch

5 ways for stay-at-home spouses to plan for retirement

Clients who opt to stay home to attend to family needs should take an active part in the retirement planning process and work with their spouses to make sure they are on the same page. Stay-at-home spouses also should consider opening a spousal IRA and have their own credit cards. It is also important that they know their Social Security benefits and plan ahead for life-changing events that could ruin their finances, such as disability and death. –Forbes

This stealth Social Security cut will start in 2017

Clients are advised to account for a change in full retirement age as another round of two-month annual increases is expected to begin in 2017 based on a 1983 law. This means that the FRA of Americans who will reach 62 in 2022 or later will be 67 and that monthly benefits will be reduced. Also, maximum delayed retirement credits will drop from 32% to 24% for those who were born in 1960 or after. –The Motley Fool

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