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

New online tool does Social Security benefit math for clients

Online tools such the one developed by the Consumer Financial Protection Bureau can help clients determine the best time to claim their Social Security retirement benefits for maximum results, according to this article on USA Today. “To a consumer, when to start claiming Social Security payments is one of the key decisions they can make about their retirement,” says CFPB Director Richard Cordray, adding that since claiming retirement benefit is “one-time" decision, “it is imperative that consumers can properly weigh their options." –USA Today

Do your clients need life insurance after they retire?

Although life insurance gets a negative reputation in retirement saving, certain changes made by the industry make the coverage a good option for those building their nest egg, according to this article on Forbes. Retirement savers stand to gain from life insurance, which is not subject to tax, required minimum distributions and complicated rules, says expert Ed Slott. Earnings in a life insurance policy also grow tax-deferred, making the coverage a good vehicle for high income earners. –Forbes

What to do if clients have a crummy 401(k) plan

Retirement savers who are stuck in a low-quality 401(k) plan are advised to choose index funds to reduce the investment costs, according to this article on CNBC. They may also make the most of the plan's brokerage window, which will enable them to pick mutual funds, exchange-traded funds and stock from outside brokerage that offer lower fees. Clients may also talk to the company owner about strategies that can help improve the plan. –CNBC

A 3-step retirement savings plan for 20-somethings

Millennial workers who want to save enough for golden years may begin by putting at least 10% of their pay in retirement accounts, according to this CNNMoney article. Their saving strategy should also emphasize simple and low-cost investments so it will be easier for them to manage their portfolio. Once young workers have built a diversified investment portfolio, they are advised to leave their retirement plan and focus more on their other goals, such as career and family. –CNNMoney

One couple’s plan for retiring by age 33

A couple who plans to retire early at the age of 33 intends to invest in real estate to secure a steady income, according to this article on Time Money. The couple also intends to invest in taxable and tax-deferred accounts and expand their investments to diversify their income sources. –Time Money

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