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

When clients shouldn't max out 401(k), IRA contributions
Although it is usually advised that people max out contributions to their 401(k)s and IRAs, there are circumstances when it is not a smart move for retirement savers, according to Bankrate. Clients may contribute below the maximum amount if they incurred a high-interest debt, have no emergency funds, need funds for education, a new home or business, or buy insurance coverage. Not maxing out their 401(k) contributions is just fine if they expect a big financial obligation. Sometimes, it even makes sense to pay less than the max if clients are in a high tax bracket and expect to borrow from their own retirement account. In that case, they'll be taxed at their ordinary rate, whereas income from dividends and capital gains would be taxed at a lower amount.  --Bankrate

Why raising the retirement age is a bad idea
Increasing the retirement age to address the financial woes of Social Security is a bad idea since it will only benefit richer Americans, according to this article on Los Angeles Times. Life expectancy is rising more among richer people than poorer Americans, who will need retirement benefits earlier as they lead unhealthy lifestyle and contract diseases such as diabetes. "Richer people live longer — and the gap is growing. Higher-earning men can expect to outlive lower-earning men by more than five years," an expert says.  --Los Angeles Times

Social Security Q&A: What if I can't get an appointment before May?
Seniors who are allowed to file and suspend their Social Security retirement benefits before April 29 under the new rules are advised to go the local SSA office to file their application or do it online, according to Forbes. Filing the application in person at the SSA office is still possible, despite claims that people cannot get an appointment before May. Couples who can no longer use the strategy may opt for an excess spousal benefit or suspend their own retirement benefit without losing excess spousal benefit.  --Forbes

One in three Americans have saved nothing for retirement
One in three people failed to save for retirement, and the odds of saving are higher against women than with men, according to a study by GOBankingRates.com. “A young person starting their first job is thinking - retirement is 40 years in the future and I can deal with that later,” an expert with Fidelity says. “That’s exactly the time to set up a disciplined savings process and let that money compound over their 40-year working career.”  --Fox Business

Retirement reality is sinking in for boomers
A report from the Insured Retirement Institute shows the percentage of baby boomers who claimed they are satisfied with their economic circumstances dropped to 43% this year from 79% in 2012, according to this article on Money. Also, 45% of boomers failed to save, and more than 50% of those who have retirement savings only have as much as $100,000 in savings, the report says.  --Money

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