5 things to do 5 years before retiring
Investors are advised to reduce their risk capacity and get their portfolio ready for the distribution phase once they are within five years before retirement, according to this article on USA Today. Before retiring, they should also consider several retirement scenarios, develop a post-career plan and have a cushion against unforeseen risks. It also helps to create a retirement plan based on their personal needs and circumstances.

Should you put some of your retirement savings into an annuity?
Clients who are concerned about volatile markets may want to adopt a more conservative investing approach instead of transferring some of their retirement funds from securities to an annuity, according to this article on CNNMoney. Clients face hefty fees and possible penalties and lose access to the funds if they opt to buy an annuity. However, annuitizing a portion of their retirement funds could be a smart move, as an annuity product provides guaranteed income in retirement regardless of market conditions.

If Trump's tax plan has you debating when to claim Social Security -- read this first
Some seniors stand to gain from delaying their Social Security benefits until the tax changes are implemented under the Trump administration, according to this article on Motley Fool. Income tax rates would drop under Trump's tax proposal, and this would be favorable for retirees who will owe federal taxes on a portion of their Social Security benefits. However, other seniors may be better off filing for their retirement benefit soon. A break-even analysis shows that there is no significant difference between the total amount of benefits that they will receive if they delay the benefits until 70, and the total amount of benefits that they get if they opt to start collecting at 66.

This year-end IRA mistake could cost you big bucks
Retirees who have to take a required minimum distribution from their traditional IRAs should ensure that they make the mandatory withdrawal by Dec. 31, as they will pay a penalty equal to 50% of the RMD amount plus interest if they miss the deadline, says a retirement expert on Money. The IRA rules also get "especially tricky" for retirees who hold multiple IRA accounts, the expert warns. “People often ask which of their RMDs can be combined and taken from one account – they often think it doesn’t matter where the distribution comes from. But they’re wrong.”

Can you retire abroad on Social Security alone?
Seniors who opt to move overseas in retirement can live on their Social Security benefits and lead a comfortable lifestyle, according to this article on TheStreet. The average retirement benefit stands at $1,348, which is more than enough to cover the living costs in several countries in Asia and Europe. However, before looking at these countries, retirees may want to consider locations in Latin America and South America, which are closer to home and offer better living conditions.

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