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Here’s when seniors might be looking at Social Security cuts

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Here’s when seniors might be looking at Social Security cuts
Social Security is facing financial woes that could result in a reduction in retirement benefits in the future if Congress fails to act promptly, according to this article on personal finance website Motley Fool. Seniors are advised to take measures to prepare for a possible shortfall in retirement income, as there is no guarantee for an immediate fix to the problem. This means that pre-retirees should contribute more to their 401(k) and other retirement accounts, while retirees should consider cutting back on spending, building cash reserves and taking on a part-time job to make more income to cover their needs.

Millennial couples are being smarter than their parents in this key way
Over half of millennials (53%) talked to their prospective partners about financial matters, such as retirement saving and debt, before they committed to marriage, according to this article on CNBC, citing a survey sponsored by SunTrust. "Millennials are marrying later in life than previous generations," says an expert with SunTrust. "Many of them have accumulated assets and experience managing their finances before marriage, so they bring maturity to discussions that they may not have had at a younger age."

Transitioning to retirement is like moving to a new world – bring a map
Seniors should have a comprehensive plan as they navigate the new world of retirement, writes an expert from Kiplinger. Their "Retirement Navigator" should include strategies to generate income, invest for considerable returns, and boost tax efficiency in their portfolios, writes the expert. It should also account for health and long-term care costs as well as the legacy they want to leave behind their loved ones after they pass away.

Alternative investing with self-directed IRAs
Aside from stocks and bonds, investors should consider alternative options in their self-directed IRAs as a way to fine-tune their portfolios, writes an expert for Forbes. These alternatives include real estate, hedge funds, private equity investments and crowdfunding, writes the expert. "Many alternatives have a low correlation to stocks, bonds or both. This low correlation can be a real asset to investors in times of market volatility as they strive to control the volatility and downside risk of their portfolios."

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