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5 excuses clients give about retirement savings

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5 excuses financial planners hear from their clients about retirement savings
Advisors say that many clients don't have enough retirement savings because they’ve been waiting for things to get better, according to an article on U.S. News & World Report. Clients also lagged behind retirement savings goals because they were unsure about their priorities and carried too much debt. Others set aside saving for retirement either because they planned to work as long as they could or thought they still had time ahead to build their nest egg, experts say.

Why you should pay off your mortgage before you retire and what to do if you can't
Clients will be better off entering retirement without carrying a home mortgage, according to an article on USA Today. They should avoid using their retirement savings to pay off the debt, as early withdrawals from 401(k) and IRAs could boost their taxable income and tax bill, according to an expert. A better strategy is to pay off the mortgage while they are still working. However, some clients do not need to rush to pay off the debt. “Mortgages many times have cheap interest rates that are deductible and thus may not be worth paying off if your portfolio after taxes can outpace it,” a CFP says.

Is your client in their 60s without retirement savings? Here are 3 suggestions
Older workers who haven't started building their nest egg should consider maxing out contributions to their retirement plans as soon as possible, according to an article on Motley Fool. These clients should also consider delaying their Social Security benefits as long as they can. To make up for lost time, older workers should also continue working into their 70s to give them more time to save for the advance years.

Nearly a third of baby boomers say this expense is keeping them from saving
A recent survey found that 31% of baby boomers claimed to have difficulty saving for retirement because of student loan debt, Yahoo Finance reports. Half of those with student loans also claimed that they face at least $30,000 in debt, the survey from AARP and Association of Young Americans found. Clients will be better off saving for retirement while paying off student loan, especially if their employer is offering a match in their 401(k) plans, according to the survey.

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