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

IRS announces 2016 retirement plans contribution limits for 401(k)s and more

Contribution limits to 401(k) retirement plans for next year remain unchanged based on inflation adjustments made by the Treasury Department, according to this article on Forbes. Maximum contributions to 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan for 2016 will stay at $18,000, with 401(k) catch-up contribution limit for employees age 50 or older remains at $6,000. Also, annual contribution and catch-up contribution to an IRA for 2016 will be capped at $5,500 and $1,000, respectively, the same as the limits imposed for 2015. –Forbes

4 easy retirement plans for the self-employed

A payroll-deduction IRA is one of the common retirement saving vehicles that self-employed people can set up with a brokerage firm, according to this article on CBS Moneywatch. Freelancers and business owners who want to engage in retirement savings may also put up a Simplified Employee Pension or a SIMPLE IRA Plan. A Self-employed 401(k) profit-sharing plan is highly recommended because it enables self-employed people to contribute both as an employer and as an employee. –CBS MoneyWatch

How to boost savings if clients are on the brink of retirement

Older workers who have a lot of catching up to do in saving for retirement are advised to do a financial inventory and boost their savings rate, says Joe Ready, head of Wells Fargo Retirement and Trust. They are likely to be earning a higher income, so they can make the most of their 401(k) plan by maxing out their contribution to get an employer match and taking advantage of catch-up contribution, Ready says. Also, it's crucial that they manage the risk well given current market conditions, "[s]o they may want to sit down with a financial advisor, incorporate their other assets and have a more holistic view and manage risk and optimize their outcome.” –Fox Business

10 things clients should know about money before they're 60

Before reaching the age of 60, clients who are mindful about their finances are advised to determine the number of working years left to them and the right time to start collecting Social Security benefits, according to this article on Time Money. They also need to know their guaranteed retirement income, estimate their safe withdrawal rate and determine when to pay off their loans. Other money matters that pre-retirees need to address are their term life insurance coverage, out-of-pocket health care expenses and place to retire. Clients also have to decide whether they will need long-term care insurance and to plan how they will spend their golden years. –Time Money

Millennials face 'Great Depression' in retirement: Blackstone COO

A retirement crisis awaits millennial workers and the scenario could be similar to the Great Depression, says Blackstone President and Chief Operating Officer Tony James. "Social Security alone cannot provide enough for these people to retain their standard of living in retirement, and if we don't do something, we're going to have tens of millions of poor people and poverty rates not seen since the Great Depression," James say. A Guaranteed Retirement Account system could help millennials save for retirement as stagnant incomes and heavy student-debt burdens prevent them from boosting their savings rate, James adds. –CNBC

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