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

Should you save more for retirement or pay off your mortgage early?
Deciding on whether to save for retirement or paying off mortgage depends on the clients' circumstances, writes Erik Carter, a financial planner with Financial Finesse. Clients who are in the phase of accumulating wealth need to consider putting up emergency funds first aside from saving for retirement, such that the decision to pay off mortgage would be feasible if their earnings afford them to, Carter says. Retirees and those who are in the phase of generating cash flow may already have saved for their golden years, so they may consider paying off mortgage if it would allow them to save more than what they can earn from their investments. --Forbes

Consulting as a bridge between full-time work and retirement
The number of recruitment agencies that place senior workers in part-time or temporary jobs is increasing as more baby boomers opt to continue working and want a phased retirement, according to this article in The New York Times. Phased retirement is yet to be accepted by most firms, as only about 11% of corporate firms provide gradual exit for their ageing workers, according to a report from the Society for Human Resource Management. While senior workers who are hired on part-time or temporary basis have no benefits and job security, they reap other benefits, such as financial security and intellectual stimulation, says David C. John of the AARP Public Policy Institute.  --The New York Times

Golden rules for your golden years
People who want to avoid outliving their retirement savings are advised to save early and aggressively and expect to live longer, according to this article in The Wall Street Journal. Reducing management fees on investments, planning for lifestyle in retirement, and opening a Roth account are also smart moves. Clients also need to include health care costs in their retirement budget and use a 3.5% retirement withdrawal rate annually to ensure their nest eggs will last.--The Wall Street Journal

5 ways to improve the President's retirement initiative
President Barack Obama's budget includes a provision to require auto enrollment of workers with no access to retirement plans in Roth IRA accounts, but a few changes will be needed to make this proposal work, writes Scott Cooley, Morningstar's director of policy research. The proposal needs to include auto escalation, scrapping of the income limit on Roth IRA contributions, and mandatory auto enrollment in 401(k) plans, with an employee opt-out. The proposal also needs to restrict access to account balances except in emergencies and increase IRA contribution limits.  --Morningstar

The major retirement expense you may not have thought of
People who are planning for retirement need to account for long-term care, which can be one of the major risks to their nest eggs, according to this article on The Motley Fool. Health care facilities in California, for example, charge about $20,000 on average per year, with the cost of a nursing-home room exceeding $100,000 every year, according to Genworth Financial. Clients are advised to buy long-term care insurance to cover this cost, and they need to buy as early as possible as delaying it could increase the cost of insurance.  --The Motley Fool

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