A digest of timely information and insight about finance, investing, and retirement.

Every retiree should make this tax move right now, according to a new warning from the IRS | Time-Money
The IRS has a message for retirees: make sure you’re paying enough federal income tax. The Tax Cuts and Jobs Act of last December changed the income tax calculations for most filers, and employees aren’t the only ones who need to double check they’re withholding the right amount. On average, most retirees will likely see a decrease in tax liability and owe slightly less, although it varies by individual. Retirees who receive monthly pension income or annuity checks may well need to increase or lower the amount of taxes they pay. The easiest way to simplify your tax payments and get back to enjoying retirement is to use the IRS’ online withholding calculator, which incorporates the new tax law rule changes.

A new strategy for managing health costs in retirement | PlanAdviser
Health care cost projections illustrate how managing medical conditions through simple, positive lifestyle choices can result in measurable savings for health expenses in retirement, according to a new report from Healthy Capital in collaboration with the Insured Retirement Institute. In addition, the report explains how utilizing annuities to provide guaranteed income helps address Americans’ concern for affording health care in retirement. A case study details how utilizing the savings through condition management can fund staggered annuities and create a lifetime income stream.

Yes, you should pay off your mortgage before retiring | Washington Post
Four reasons why it makes sense—with one caveat: You shouldn’t empty out your savings to pay off your mortgage. That is not a wise financial move. You don’t want to end up house rich and cash poor, meaning all your money is locked into the equity in your home.

Americans think 61 is the ideal age to retire; is it? | CNBC
Americans think the ideal age to retire is 61. Unfortunately, it may be wise to wait longer. In a recent survey from financial website Bankrate, 10 certified financial planners from different parts of the country said that 63 is a more realistic age for retirement, and many experts believe you should wait until you’re at least 70.

Three easy ways to boost retirement, emergency savings by 30% | Forbes
No, the lottery isn’t the answer, nor is thinking positive thoughts. If you want to save more, you have to spend less. Stay home more. It’s that simple. Just go out to eat and drink less. It really adds up. The latest bankrate.com survey lays it out: Nearly four out of 10 Americans polled go out three times a week to eat or for coffee or drinks. They spend more than $2,400 on restaurant meals and takeout meals alone.

Why these teachers’ retirement plans aren’t making the grade | CNBCHere’s what you need to know about 403(b) plans for public school workers. Other deferred compensation plans for public employees such as 401(k)s or 457 plans may be available to teachers in public schools. Find out if you have access, and see how the costs compare to your 403(b).