Setting 401(k) goals: How millennials can fix investment mistakes

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

3 reasons to claim Social Security at age 62
Filing for Social Security retirement benefits at age 62 can be a smart move if seniors intend to continue working even on a part-time basis, according to this article on Motley Fool. Filing early is also recommended to those who expect to have a shorter retirement horizon or life span. Retirees may also consider filing at age 62 so their spouse can apply for a spousal benefit and generate extra income.

This retired couple lives for their hobbies — and each other
Although retiring early is not without risks, a couple who opted for an early retirement created a plan to curb these risks, according to this article on MarketWatch. They also lead an active lifestyle, pursuing hobbies and other personal interests to keep themselves physically and mentally healthy. They are also frugal in their expenses, expect for cars and dining out.

Setting 401(k) goals: How millennials can fix retirement investment mistakes
A study has found that while millennials are saving for retirement, they are making mistakes that can be easily corrected, according to this article on USA Today. For example, millennials are saving without setting a retirement goal, says an expert. “‘Saving just to save’ is not a strategy. Instead, when saving or investing for retirement, think about the role your money will play in the future and what steps you will take to get there,” says an expert with Merrill Edge.

Ask Larry: Early widow's benefits or wait till FRA?
A 64-year-old widow will be better off filing for a reduced Social Security widow's benefit on her deceased husband's record as soon as she can to enable her to delay her own retirement benefit until she reaches the age of 70, according to this article on Forbes. This is recommended especially if they expect her retirement benefit to be greater than her widow's benefit. To make sure that her computations are correct, she is advised to run a Social Security benefits calculator.

Discovering new passions — and who you really are — in retirement
Retirement can be a time for seniors to pursue new passions and find their true identity and self-worth, according to this article on Miami Herald. “People should think of retirement as a new life with new potential. Do the work. Discover who you are today. It’s like being reborn," says a psychotherapist. "You can start a new life with no obligations or responsibilities for what others want you to do. Many good things can happen in this stage of life.”

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Retirement planning Retirement readiness Social Security benefits Social Security