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

Gen X more hopeless than boomers about retirement
More than 80% of baby boomers and Generation Xers polled by Allianz Life believe than retiring at 65 the way they want it is no longer possible, according to this article on Fox Business. More respondents from the Gen X group than baby boomers are less optimistic about their retirement prospects. “While our study confirms that many boomers still lack confidence about their future, it reveals alarming realities about the significant angst and pessimism Gen X feels regarding the current and future state of their finances. They’re the next generation that’s quickly approaching retirement and their hands-off approach to planning and preparation is alarming," said Allianz's Katie Libbe.  --Fox Business

The surprising new company benefit that’s helping Americans retire richer
Many companies are providing financial education programs and research shows that workers are taking advantage of these programs, according to this article on Time Money. Retirement advice group sessions among workers increased 14% last year, leading to favorable results, such as enrollment in a 401(k) plan and boosting contributions, according to a report from Merrill Lynch. “There is not a single good reason—none—that should prevent any American from gaining the knowledge and skills needed to build a healthy financial future,” says Richard Cordray, director of the Consumer Financial Protection Bureau.  --Time Money

Battered U.S. oil firms scramble to delay looming retirement wave
Many baby boomers who work in the oil industry are retiring or considering an early retirement as the companies reduce spending and stall projects, according to this article in The New York Times. The trend worries oil executives as these workers are assets to their companies, with some firms taking measures to keep these workers. "Oil and gas firms learned from the past that you do not cut yourself off at the knees when things get bad by getting rid of higher level staff that might be hard to get back when you need them," says Jeff Bush, president at Fort Worth, Texas-based CSI Recruiting.  --The New York Times

Investments that help retirees maximize income
Clients can maximize their retirement income by using their savings to cover living costs in the early part of the golden years and delaying Social Security benefits until they reach 70, according to this article in The Wall Street Journal. They may also consider buying an annuity product to ensure they will have income for lifetime. Immediate fixed annuities, deferred-income annuity, immediate variable annuities and variable annuities with living benefits are the annuity options that will suit retirees' needs.  --The Wall Street Journal

New study confirms 401(k) limits not constraining
A study by researchers with Boston College's Center for Retirement Research found that increasing the contribution limits to 401(k) plans will not translate to people boosting their retirement savings, writes Alicia H. Munnell, the center's director. However, 401(k) contributions by constrained workers under age 50 were statistically higher compared with those by non-constrained contributors of the same age after a law that increases the limits was enacted in 2001, Munnell writes. "Thus, the only group of 401(k) participants sensitive to a change in tax incentives was workers who were constrained by the tax-deferred limits."  --MarketWatch

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