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

Some retirees say: "Retire as soon as you can"
Forty-six percent of retirees polled by New York Life claimed they would have retired four years earlier if they had saved enough for their golden years by that time, according to this article on CBS Moneywatch. While many retirees are happy with their decision to retire early, other seniors opted to continue working even if they are already financially secure, showing the seniors' mixed attitude towards work and retirement. Pre-retirees may work fewer hours or take other actions if they are not financially ready to retire but don't want to perform poorly at work.  --CBS Moneywatch

Cookie-cutter solutions won’t get you to retirement
Advice on retirement planning should provide customized solutions for clients' specific situations rather than offering cookie-cutter solutions, according to this article on MarketWatch. Clients need to get advice based on their priorities in life and the expenses they expect to have when they are retired. Also the advice they need must look into creating an income stream and account for growth of their investments and the effects of inflation.  --MarketWatch

U.S. tightens broker standards for retirement advice
The Labor Department has proposed new regulations that would toughen the standards for brokers in providing advice and recommendations for retirement accounts, according to this article in The Wall Street Journal. One of the rules would require brokerage firms and advisors to sign a contract stipulating that their clients' interest will be prioritized and they would be transparent about possible conflicts with regard to charging commissions. "This rule is intended to provide guardrails but not straitjackets, so we know consumers are getting advice that is in their best interest," says Labor Secretary Tom Perez.  --The Wall Street Journal

Rules for converting money from a traditional IRA to a Roth
Clients are required to have earned income to contribute to a Roth IRA but this requirement doesn't apply when converting a portion of their traditional IRA to Roth, according to this article on Kiplinger. Conversion is allowed regardless of age and income and the amount converted will be subject to tax, with a portion of the amount to be tax-free if the traditional IRA includes nondeductible contributions. Also clients will not pay taxes for earnings after converting the money to a Roth account and they are not expected to take required minimum distributions.  --Kiplinger

Calpers raises pension plan funding in California by 6%
Beginning July 1, California and schools in the state will boost employee pension funds by 6% because of payroll growth, salary increase, and retirees' longer life span, according to the California Public Employees' Retirement System. The state's contribution need to be raised to $4.7 billion while schools have to increase their contributions to $1.3 billion. "As the fund matures, and the retired population grows, it's important that the rates reflect the changing demographics of our members," said Richard Costigan, Calpers' chair of the finance and administration committee, in a statement.  --The New York Times

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