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Clients may have already ruined their retirement

Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about.

Clients may have already ruined their retirement
Ned Davis, founder of Ned Davis Research, says that many people failed to start saving as early as age 19, causing them to miss out on the chance to boost their financial prospects in retirement, according to an article from Barron’s. “For many people, dollar-cost averaging or investing smaller amounts over time is their only choice as they do not have a lump sum to begin investing,” Davissays. “Starting those contributions sooner rather than later can have a huge impact and allow them to contribute less in total.”

Clients should use an HSA to boost retirement savings
Clients enrolled in a high deductible health plan should consider including a health savings account as part of their retirement savings strategy, according to a Kiplinger article. “More and more people have HSAs available to them,” one retirement advisor says. “[Y]ou don’t want to miss the opportunity to take advantage of the triple tax benefit and the ability to put more money aside for retirement.”

Retirement-Regret-Dec2018

Find a retirement income plan that suits the clients' style
Clients who want to be happy about the way they handle their finances post-retirement should ensure that their income plan suits their preferences and style, writes a Forbes contributor. “Have you ever reviewed your retirement plan and wondered: how did I end up here or why did I do this with my investments?” writes the expert. “This is because you most likely stumbled into something or you let someone else decide what was right for you, even if the recommendation was completely logical.”

Client’s could be at risk of slashing Social Security benefits for life
Not recording a full 35 working years before filing for Social Security retirement benefits could result in a permanent reduction in payouts, according to a Motley Fool article. Timing is also an important factor: Seniors who also file for Social Security before reaching their full retirement age or too late can also expect reduced benefit payouts for life.

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