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

Three ways to improve your retirement planning
People who want to enhance their retirement planning need to prepare financially and emotionally five years before retiring, according to an article on USA Today. They can also improve their retirement prospects if they work for a company that offers a traditional defined benefit plan and/or a defined contribution plan to its employees. Addressing the disconnect between their decisions and consequences will also help them improve their retirement planning, according to experts.  –USA Today

Savings strategies for young people
Young clients who want to save need to focus on their financial goals and take advantage of 401(k) and other employer-sponsored retirement-savings plans, according to this article on The Wall Street Journal. They may also consider opening a Roth IRA account if their employer doesn't sponsor a retirement plan. Once they have retirement and savings accounts, they are advised to automate their deposits and contributions so they won't miss any opportunity to save.  --The Wall Street Journal

Downsizing your home for retirement isn't always a good idea
Although downsizing is a good strategy for retirees to reduce their expenses, the move could be costly and result in some concerns, according to an article on Motley Fool. Aside from the emotional stress that comes with downsizing, retirees would face closing costs and be forced to buy new appliances if they decide to sell the home and move to a smaller house. People need to weigh their housing options before pursuing their plan of downsizing to lower their living expenses.  --Motley Fool

Starting Social Security later—for your spouse’s sake
Married couples need to analyze their options of when deciding on the date they want to start collecting their Social Security benefits as they can no longer change their decision, which will have a big impact on the value of their benefits, according to an article on MarketWatch. If couple doesn't need their benefits at age 63 and both of them are healthy, they are advised to defer receiving their benefits until they reach their full retirement age especially if one of them will get much bigger benefit than the other. --MarketWatch

Using preferred stocks for retirement income
Many retirees and would-be retirees have overlooked preferred stocks as investments that could generate returns to add to their income, according to this article on Forbes. Those who consider investing in preferred stocks need to pick the stocks based on the preferred title and type, interest rate/yield, dividend payment, and credit rating. Tax eligibility, market conditions, and price are also other considerations to make especially for new and experienced investors.  --Forbes

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