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

How to protect your client's IRA
Many IRA investors make mistakes that cost them and their heirs a lot, so clients are advised to take some actions, such as naming a beneficiary and a back-up beneficiary of the account when they die, according to this article on CBS Moneywatch. Designating a trust instead of a spouse as beneficiary is a good option especially if clients have children from a previous marriage. Also, IRA investors need to update their beneficiary designations after a life-changing event, such as marriage or birth of a child, as well as start preparing for required minimum distributions when they reach the age of 70.  --Moneywatch

Life is short but retirement can last for years
Many people make the mistake of basing their retirement plans on short life spans and the assumption that living costs reduce significantly in the golden years, according to this article on MarketWatch. But due to people living longer than they expect, plus making misguided decisions affecting their Social Security, savings and spending, many will experience financial woes in retirement. Pre-retirees are advised to use a retirement planning program that can help them plan for claiming their Social Security benefits. They may also seek guidance from a professional planner, who can advise them on investments, health insurance and investing.--MarketWatch

How clients can navigate the retirement danger zone
Clients are in the retirement danger zone when they have saved a lot for the golden years and are about to tap those savings, according to this article on CNBC. A significant bear market or a wrong move can hurt their financial security in retirement. One step these clients need to take is reducing their exposure to equities. The potential risk is substantial because these clients have the "biggest pot of money to worry about" because they are about to start drawing from a lifetime of savings, says Srinivas Reddy of Prudential.  --CNBC

Social Security Q&A: Are spousal benefits half my reduced retirement benefit?
A client who retired at 62 can expect his spouse to receive a spousal benefit amounting to half of his full retirement benefit when she reaches full retirement age, according to this article on Forbes. The spousal benefit will not be based on his actual, or reduced, retirement benefit.  --Forbes

Ways to make a smooth transition to retirement
The transition phase to retirement can be challenging for many clients as they begin to adjust to a new lifestyle, according to this article on USA Today. Many clients miss their daily social connections with former colleagues in the workplace, have a hard time getting used to their new everyday routine and struggle to find meaning and purpose in life. Read what experts say about the transition and the advice they give to make the experience easier and more worthwhile.  --USA Today

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