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

What Americans need: An 'idiot-proof' retirement system

Recent volatility in the stock market shows that people need an "idiot proof" safety blanket such as Social Security to ensure they will be guaranteed an income after they leave the workforce, according to this opinion piece in Los Angeles Times. "Social Security is there for us no matter what mistakes we make in our financial planning. If we buy high and sell low, it's a safety net," the opinion says. –Los Angeles Times

3 moves to make in a crazy market

Retirees are advised to make an assessment of the actual impact of the market meltdown on their investments before deciding to leave the stock market and protect their retirement assets, according to this article on CNNMoney. They also need to check how their portfolio's longevity would be affected by changing it asset allocation. Using a portion of the portfolio to buy an immediate annuity is another option for retirees to secure their nest egg. –CNNMoney

Facing retirement, but easing your way out the door

Many senior Americans decide to go on a "phased" retirement --or transition to retirement on a gradual basis-- as they expect to live longer and stay healthy in old age, according to this article in The New York Times. This strategy enables them to have a flexible schedule, remain connected to their job and friends in the workplace or work while having time with loved ones and their communities. "Phased retirement can look quite different across organizations, although the biggest challenge employers are trying to address is simple: replacing people with critical skills,” said Helen Friedman of Towers Watson. –The New York Times

Is a target-date fund a bull's-eye for your retirement plan?

Target-date funds are a good option for retirement investors because they offer instant diversification and their fees are decreasing, according to this article on CNBC. Also, investing in TDFs is a smart move for new investors since the funds don't require too much knowledge in investing. However, clients will have limited fund choices if they invest in TDFs, which have the same treatment for age and risk tolerance. –CNBC

Social Security Q&A: How can we maximize child and spousal benefits?

A 66-year-old client may opt to file for Social Security retirement benefit and suspend it until he turns 70 while his wife and 13-year-old child to collect spousal/child benefits, according to this article on Forbes. Since the wife is working, her child-in-care spousal benefits would be reduced because of the earnings test. However, the lost benefits would go to the child benefit. –Forbes

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