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

Medicare out-of-pocket costs clients should expect to pay
Medicare is an important part of most retirees' health care plans, although there are some things it does not cover, such as eyeglasses, hearing aids and dental care and hearing aids. Here is a rundown from U.S. News & World Report of the costs that retired clients should expect in retirement, including premiums and deductibles. Most retirees pay the standard Medicare Part-B premium of $105 per month in 2016. However, some pay more, such as beneficiaries who have not yet claimed (who will pay $122 per month) or high-income retirees bringing in more than $85,000, or $170,000 for couples ($171 to $390 per month, depending on their income.) Also, Part-B has a $166 deductible in 2016. After that, Medicare beneficiaries typically pay 20% of the cost. For situations that require a hospital stay, Part A has a $1,288 deductible. Patients have to pay each time they are admitted to the hospital, notes an expert, so people who need hospital services frequently can see out-of-pocket costs skyrocket. Prescription drug coverage is $41 per month in 2016 on average, although plans are allowed to charge deductibles of up to $360. Finally, clients can help themselves and avoid late penalties by signing up for Medicare during the seven-month initial enrollment period that begins three months before they turn 65. If they don't sign up for Medicare during this initial enrollment period, they may be charged higher premiums for the rest of their life. --Yahoo Finance

Bloomberg News

How age differences in couples affect Social Security
A couple that is proactively planning their Social Security claiming strategy will be better off having the younger of them receiving the benefit first, according to this Q&A article. This strategy is especially recommended if the dollar amount in reduction to benefits is relatively small. Although to really make the optimal decision, the couple would need to know their life span to gauge whether it will be the best strategy for them, according to an expert quoted in the article. Since that's generally not known ahead of time, he says the strategy implemented by a reader who sent in their details was an example of a good balance between "current benefits received and future enhanced benefits from delaying.” --USA Today

Does your client's retirement plan account for cognitive decline?
Clients can ensure that they have a sound retirement plan by considering the impact of cognitive decline on their ability to handle their financial issues in the future, writes an expert. "Declining abilities to do financial calculations and other types of cognitive impairment make it increasingly difficult to manage a complex investment and withdrawal strategy as you age," he writes. "It is important to plan ahead and make binding decisions before cognitive impairment sets in." --Forbes

Here's why your parents stayed at the same job for 20 years
Forty-one percent of employees aged 50 and above polled by the Associated Press and NORC Center for Public Affairs Research claimed that they have worked for an employer for 20 years. The survey also found that 18% even stayed with the same employer for at least three decades. About two-thirds of those who worked for the same employer for at least 20 years cited their pension as a motivation for staying, the survey found. --Fortune

These two things will eat up roughly 50% of savings in retirement
A report from the Bureau of Labor Statistics indicates that retirees in the 75-above bracket incur an average of $36,673 in expenses annually. More than half of this amount goes to housing ($13,375) and health care ($5,708), the report says. Many retirees are still paying their mortgage debt, making the housing cost a major item in their budget list. --MarketWatch

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