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

The imaginary retirement-income crisis

Contrary to dismal figures on retirement presented by several lawmakers, the U.S. doesn't face a retirement crisis, write Andrew G. Biggs of the American Enterprise Institute and pension consultant Sylvester J. Schieber. The methods used to obtain the retirement data are "flawed" and "bogus," and any policy changes based on this information would put government budgets, including the future retirees' financial security, at risk, say Biggs, a former principal deputy commissioner of the Social Security Administration,  and Schieber, a former chairman of the Social Security Advisory Board. “If U.S. Social Security benefits are increased, the country will very likely experience lower employment and saving.” – The Wall Street Journal

"Broken Eggs": What happens when your retirement is ambushed

A new documentary "Broken Eggs" tells of the struggles experienced by baby boomer workers whose retirement nest eggs had been severely reduced by the 2008 economic downturn, illnesses and other life events. Financial advisor Chad Parks, president of The Online 401(k), produced the film, which consists of interviews of families in 12 cities around the U.S. In the film a baby boomer couple shares how they coped with their everyday expenses given their limited retirement income after they lost much of their nest eggs to the recession, job lay-offs, and illness. – Yahoo Finance

Retiring couples' dilemma: The $100,000 age difference

Retirement planning can be complicated for couples who have a significant age difference, according to this article on Forbes. In developing a retirement plan that accounts for their age gap, couples may consider redirecting their retirement savings to a health savings account or to a Roth IRA, which may provide a tax-free withdrawal benefit. They also want to get a part-time job or launch a business as a way to phase into full retirement and keep their physical and mental health. Couples also need to study their families' medical history and gene-related health conditions so they can determine if an early retirement will be more beneficial to them. – Forbes

Estate planning: Not just for the 1%

Estate planning is meant not only for wealthy clients but also for those who want to leave their assets to their loved ones and minimize the taxes and costs to be incurred in the process, according to an article on CNBC. A person's estate may consist of home equity, retirement accounts, business, or benefits from life insurance coverage, and the plan can affect the beneficiaries financially and emotionally. Executing a last will is part of estate planning that will determine how the assets will be distributed in the event of a person's death, while estates of those who failed to leave such a legal document will be subject to state laws. – CNBC

Social Security: How to collect benefits from a past marriage

Some people are entitled to claim Social Security benefits on their ex-spouse's record if their marriage lasted at least 10 years and they remain unmarried after the divorce, according to this article on Motley Fool. They must also be 62 years old at the time of filing and their former spouse is also entitled to receive retirement benefits. People who want to claim spousal benefit on their ex-spouse's record should not be eligible to get their own benefits that can offset the value of their spousal benefit. – Motley Fool

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