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

Retirement may be even more expensive than you think
Retirement investors need to save more than conventional wisdom calls for to meet their basic income needs during their golden years, according to Richard C. Marston of the University of Pennsylvania. In fact, the often-cited estimate eight times current earnings may be far too low, he says. Instead, retirement savings should be about 15 times more than the current salary for clients to have adequate nest eggs, says Marston, author of "Investing for a Lifetime." Retirees' spending behavior can be expected to be very similar to their pre-retirement years, the expert explains.   --New York Times

Are you paying too much for long-term care?
Nearly 70% of Americans are in need of long-term care insurance during their golden years, while 20% will need more than five years of long-term care, according to Motley Fool. However, the lack of market competition results in high LTC premiums, decreasing many people's desire for such coverage. The article comes with a slideshow that will help clients manage premium costs effectively. In a separate article, Motley Fool says the average person will need three years of this coverage in their lifetimes. But they need to be aware of what is and isn’t covered. Long-term care insurance: What it really covers.  -- Motley Fool

Retirement saving makes one wealthy, healthy
People who have retirement savings are more likely than those who don't to take care of their health, according to a study. There is a direct correlation between patterns of retirement contributions and future health improvements, the study found. Interventions, such as education and testing, can help clients who are mindful of their future to take necessary actions to improve their situation, says one of the researchers.  --USA Today

Your retirement-readiness checklist
Investors need to ensure that they are on track in building their nest eggs, according to Morningstar. Clients need to optimize their retirement date, evaluate their income needs in retirement, and maximize their pension and Social Security benefits. They should also check that they are investing in the right annuities, that their planned spending rate is feasible, and that their long-term portfolio can support their expected income needs. It will also help if clients are updated on tax management issues, if they can ensure that they hold adequate insurance, and if they focus on their estate and portfolio succession plan.  --Morningstar

Have you ever spoken to your spouse about retirement?
Clients who are in their 40s and 50s need to discuss retirement with their spouses as soon as possible and make plans on how to prepare for their golden years, according to MarketWatch. They must work together with their spouses towards sharing the same retirement goals, and stop blaming each other for spending beyond their means and address the issue in a calm and objective manner.  --MarketWatch

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