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

3 mistakes for clients to avoid in first 3 years of retirement

Clients who are into the first three years of retirement are advised to avoid adopting a conservative investing approach, according to MarketWatch. Retirees who are in the transition phase also make the mistake of spending too much of their retirement savings, subsequently hurting their financial status. Another mistake that people make during the early years of retirement is not taking care of their health, which would mean bigger medical and health care costs in the future. — MarketWatch

Are too many choices costing 401(k) holders?

A study by the National Bureau of Economic Research suggests that 401(k) participants incur bigger costs if they have more investment options, according to The Wall Street Journal. 401(k) participants moved the funds from mutual funds that were scrapped from the plan into lower-cost fund and saved more than $9,400 on average over two decades, the study found. — The Wall Street Journal

3 smart ways for clients to maximize their Roth IRA

Contributing to a Roth IRA will ensure a tax-free retirement income, and clients can optimize the benefits of a Roth conversion if they are in low tax brackets, according to the Motley Fool. Retirement investors can maximize their Roth IRA benefits if they invest aggressively within the plan. They also should start contributing to the account as early as they can, even if with a substantial amount. — The Motley Fool

Money advice for women in their 60s

Women are advised to make changes to their investments to minimize the risk when they reach their 60s, says financial planner Cary Carbonaro. Also, they need to discuss with their children what they want their loved ones to do with their money, says Carbonaro. "This conversation may be a difficult one to start, since talking about money is still taboo in many families, but it’s a conversation you should have." — Money

When should a widow start taking Social Security payments?

Widows who are entitled to Social Security retirement and survivor benefits and are advised to claim first whichever is smaller between the two, says Andy Landis, author of “Social Security: The Inside Story.” Their survivor benefits maximize when they turn 66 while they will maximize their retirement benefit if they start collecting it at age 70, Landis says. They are advised to start collecting the bigger benefit first if they don't expect to live longer, Landis says. — USA Today

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