Where can you live with social security alone?

Our daily recap of news about retirement that your customers may be thinking about.

10 places for retirement on social security only
An analysis of data from the Census Bureau and the Bureau of Labor Statistics found that retired couples can only experience average social security benefits if they reside in certain parts of the country, according to this article on US News and World Report. Seniors who rely solely on social security for their income should consider settling in Augusta, Georgia, Cape Coral-Fort Myers, Florida, Dallas-Fort Worth, Texas, and Durham. Chapel Hill, North Carolina, where their retirement benefits will be enough to cover their cost of living. Grand Rapids, Michigan, Madison, Wisconsin and Minneapolis-St. Paul, Minnesota, are also other less expensive places for retirees.

Opinion: Mid-term elections could have a big impact on your retirement, even if you're still young
Pre-retirees and retirees are advised to pay attention to the mid-term elections, as the federal government makes decisions that may affect Medicare and Social Security and play a central role in their retirement plan, writes a MarketWatch expert. "There is no political consensus on how to address anticipated funding deficits over the next 15 years, and the various proposals under consideration would have dramatically different consequences on your retirement."

3 Reasons Proactive Planning Is Essential to Claim Social Security Benefits
Clients are advised to proactively plan when developing their Social Security claim strategy, writes a Forbes donor. Social Security is like having an annuity that can provide up to $ 1.5 million in lifetime benefits for a retired couple, the expert writes. "With good structuring, you can increase your lifetime benefits by $ 200,000" and "good benefit planning can extend your assets by four to six years and increase cash flow."

Do you need to save for your retirement or college education for your child?
According to this article on Fox Business, parents should give more importance to retirement savings than to retirement savings. They should start saving in 401 (k) plans as soon as possible to make the most of the tax-deferred growth of their savings. "Your kids will be busy building their lives, their families and their own retirement savings. If you completely give up your own retirement planning and only finance the education of your children, it does not make much sense, "says an expert.