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

You don’t need a fortune to retire happy
Many retirees have managed to adjust their lifestyle and spending to match their smaller budget and lower retirement income, according to a survey by T. Rowe Price. Less than 20% of retirees claimed their income level stayed the same, while the average retirement income among the respondents is 66% of their pre-retirement pay. As much as 37% of respondents discovered that their expenses need not be the same as before to have a fulfilling retirement. -- MarketWatch

How to prepare for retirement on a low income
Low-income workers can have a sizeable nest egg for retirement if they have the right strategies, according to this article in U.S. News & World Report. Workers can seek tax breaks for the money they save for retirement and may open a Roth account, which has a low tax rate on contributions. They should also take jobs that provide retirement benefits and allow automatic saving. Investors from the low-income bracket are advised to look for low-cost investments because hefty fees can offset returns, and save their salary raise, bonus, or tax refund as much as they can. -- Yahoo Finance

Social Security benefits: How much do you really gain by waiting?
While most financial planners recommend that clients defer their retirement benefits to a later date to increase the value they will get, the Social Security system can be very complex, such that the common practice in determining the right time to file for these benefits doesn't necessarily reflect all the factors at play, according to this article on Motley Fool. Indeed, the benefits of waiting to file are not uniform from year to year. For instance, waiting until age 63 produces a benefit that is 4.9% higher for single men and 6.2% higher for single women than filing at 62, according to a study by Social Security Choices. But waiting one more year until 64 produces a larger return: 7.1% for men and 8.3% for women. Read the full findings of the study about what workers will gain or lose when seeking benefits on a specific age.-- Motley Fool

Manage your health records online
There are an increasing number of online tools that retirees and patients alike can use to manage their medical records and submit information to their physicians and caregivers, according to an article on Kiplinger. One of these tools --called the "Blue Button"-- was developed by the federal government and the health care industry to give Medicare beneficiaries, veterans and patients an access to their medical records. Some experts fear the use of these online tools may put these records at risk, but health policy experts think the benefits can offset the risks.  -- Kiplinger

How much can I spend during my retirement?
Clients are advised to make systematic withdrawals if they opt to invest their retirement savings and use the earnings to cover their living costs when they retire, according to an article on CBS Moneywatch. When determining the withdrawal rate, clients may use an online retirement calculator or seek help from a financial advisor. The rate should be based on their assumptions about their longevity, rate of investment returns, and inflation rate. -- CBS Moneywatch

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