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

There’s more to estate planning than just the will
Wealthy clients need to engage in estate planning to properly leave their wealth to their heirs when they die, according to an article in The New York Times. Having a living trust is preferable to leaving a last will as the former allows the heirs to avoid the court process of accounting for and distributing the assets upon the client's death, an expert says. Clients may choose a living will or a durable health care power of attorney, but they need to know the difference before making a choice. A power of attorney can also help in putting things in order if the client becomes incapacitated or dies, but loved ones should be properly informed to avoid any problems.  -- The New York Times

The retirement X factor: Longevity
Life span is among the factors that workers need to consider when setting their retirement date, according to this article on The Wall Street Journal. People are expected to live longer than before, with the gap between men and women's longevity getting smaller based on a study by the Census Bureau. The Social Security benefit will be higher than the value that clients expect to receive at retirement age if they defer the filing for several months after they reach that age. A spouse who is married for 10 years is also entitled to a survivor benefit on the spouse's record and the value will vary according to their circumstances.  -- The Wall Street Journal

How working in retirement impacts Social Security
People who retired before reaching their Full Retirement Age will be subject to the Annual Earnings Test if they decide to work again, according to this article on MarketWatch. The test would have a negative impact on their benefits but this should not deter them from going back to work. Workers can expect their future benefit to increase once they reach their FRA and the test will not apply if they continue working past this age. They can also defer their benefits until they turn 70 to increase their benefit value because of the 8% compounding rate.
-- MarketWatch

Live a little: Your kids will make their own money
Although the U.S. has one of the lowest savings rates among developed countries, many Americans are over-saving for retirement at the expense of their lifestyle, according to an article in Time Money. Clients who think they are setting aside too much for their golden years should try to be lenient in retirement saving and consider buying longevity insurance. They should also stop saving when they reach the age of 60 and defer their Social Security benefits until they turn 70. -- Time Money

How to phase into retirement
Many pre-retirees intend to have phased transition into retirement by shifting from working full-time to part-time, but the strategy can be more daunting than expected, according to this article in USA Today. Clients who want to take a phased retirement should be prepared to spend more time to remain competitive by updating their job skills. They may also determine if their employer is open to a phased retirement or look for other companies that accept such work arrangement.  -- USA Today

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