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

Clients shouldn't compare their savings to peers
Advisors should caution clients against comparing their account balances with those of other people, according to this article on MarketWatch. A study by researchers from Harvard University and the University of Pennsylvania’s Wharton School has found that knowing other people's retirement savings discourages clients from saving for retirement, for example, participating in their employer-sponsored 401(k) plan.  --MarketWatch

Why clients should check their 401(k) plan’s fees
Workers need to review the costs of their 401(k) plans, which may charge exorbitant fees that limit the growth potential of their retirement savings, according to this article in The Wall Street Journal. A recent report indicates that 401(k) plans of small businesses charge an average fee of up to 2%, compared with employees of bigger companies, who pay less than 1% on their plans. Fees on similar funds vary among plans, with some plans charging higher fees because the share classes have higher expense ratios.  --The Wall Street Journal

Retirement planning deadlines that shouldn't be overlooked
Retirement savers are reminded that they have until Dec. 31 to contribute to their 401(k) plans and April 15 to make contributions to their IRAs, according to this article on U.S. News & World Report. Retirees who are to take the first required minimum distribution from their retirement accounts have until April 1 to take the distribution, while the deadline for taking mandatory RMDs for non-first timers is Dec. 31. For those who intend to collect Social Security retirement benefits, they are eligible to claim as soon as they reach the age of 62, but they can collect their full retirement benefit if they wait until they reach their full retirement age, which varies depending on the year they were born.  --Yahoo Finance

Don’t let stock market scares dictate your client's strategy
Market volatility is not a good reason for clients to makes changes to their investments in retirement plans, according to this article on Time Money.  “The worst thing investors can do is try to time markets. It’s a losing proposition,” says Robert Schmansky, founder of Livonia, Mich.-based Clear Financial Advisors. --Time Money

Questions about Social Security claiming strategies
Since the file-and-suspend and restricted application strategies have been phased out, there are other ways for couples to max out their Social Security retirement benefits, according to this article on Morningstar. They may start working on the most beneficial claiming strategy by knowing the estimated benefits they will get at age 62, full retirement age and age 70 to help them decide. They also need to consult financial experts who are knowledgeable about the Social Security rules and use optimization tools that are updated on the recent changes.  --Morningstar

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