Our daily roundup of retirement news your clients may be thinking about.
One surprising way to get clients to save more
Creating a prize-linked saving program is an effective way to encourage more people to save for retirement, according to The Wall Street Journal. A non-profit group established a similar program that attracted more than 55,000 credit-union members and collected about $115 million in contributions. “If you are financially constrained, thinking about finances and savings is a source of stress, but the [prize-linked] accounts are fun and exciting,” an expert says. --The Wall Street Journal
How couples can make smart retirement decisions together
Married couples are advised to discuss their retirement dreams and project how their golden years will look like if they want to make wise decisions about the future together, according to MarketWatch. If they have disparate retirement goals, couples need to reach a compromise on certain items. They also should seek professional advice if they fail to resolve these differences. --MarketWatch
Are your clients as good at saving as millennials?
A study by Bankrate found that more millennials are saving more than 5% of their annual income compared to their older counterparts, according to CNBC. "The financial crisis came during millennials' formative years. It instilled in them smart habits we haven't seen in a while," says a financial analyst. --CNBC
How to help clients increase their 401(k)s
401(k) participants can expect faster growth of their plan assets if they raise their contribution rates when they get a raise, according to this article on Yahoo Finance. They also should adopt an aggressive approach to retirement saving while still young, opt for lower-cost index funds, roll over their old 401(k) assets to their new plan when changing jobs, and increase their knowledge about their investments. Other ways for them to see a faster growth of their 401(k) assets are saving at least 10% of their pay, holding two or more retirement accounts, make the most of a health savings account if they qualify and avoid tapping their 401(k) funds. --Yahoo Finance
Great part-time jobs for retirees
Clients who consider working part-time in retirement are advised to learn new skills or upgrade their existing competencies to land the dream jobs, according to Kiplinger. Part-time jobs that many retirees find interesting include fitness trainer, English teacher, city tour guide and patient advocate. Retirees also may like working part-time as a national parks employee, youth sports official and professional organizer. --Kiplinger
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