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

Strategies for clients to extend savings without working longer

While working past retirement age is an option for retirees who have inadequate savings for retirement, clients are advised to reduce their spending to make their nest egg last longer, according to this article in The New York Times. They also need to get the most of their Social Security benefits and develop a strategy to lower their tax burden. Retirees may also opt for a reverse mortgage, buy an annuity or downsize to ensure their retirement savings will last. -- The New York Times

Regular or Roth? How to pick the right 401(k) for your client

Some retirement savers are fortunate to work for employers that offer a regular 401(k) and a Roth 401(k) plan, according to this article on The Motley Fool. A Roth 401(k) plan is a better option than the regular 401(k) for young workers, who are in a lower tax bracket and pay lower taxes. Putting money into a Roth 401(k) is also a smart move if workers have substantial amount of assets in taxable accounts and need to diversify their tax exposure. -- The Motley Fool

Are baby boomers too optimistic about retirement?

In a study by Bankers Life's Center for a Secure Retirement, 60% of working baby boomers who are still in the workplace intend to continue working part-time after retirement, according to this Fortune article. Also, 80% of retirees who were hired after retirement claimed looking for a job was "easy" for them. Although competition is expected to heighten, "with part-time and freelance roles becoming more prevalent in the overall job market, there is good evidence to suggest that future retirees will have an even greater number of positions to consider ...," says Bankers Life President Scott Goldberg. -- Fortune

Social Security turns 80: Changes needed to save program

Eighty years after President Franklin Roosevelt signed a law creating Social Security, Congress needs to address the program's financial woes swiftly to keep it running for the future generations, according to this article from The Associated Press. Maintaining Social Security will be difficult if lawmakers don't act quickly, experts say. "The more time that they take, the less acceptable the changes will be because there needs to be adequate time for the public to prepare and to adjust to whatever changes Congress will make," says Carolyn Colvin, acting commissioner of the Social Security Administration. -- The Washington Post

Gen X retirement: Tick tock

Many Gen X clients who need to catch up on retirement saving are advised to participate in their employer-sponsored 401(k) plan and take advantage of the firm's match contributions, according to this article on USA Today. They are also advised to invest using a Roth 401(k) or a Roth IRA if they qualify based on income limits. Having an emergency fund equivalent to three to six months of living expenses is a smart move, while investing for intermediate-term goals is recommended after putting up a cash reserve and pre-tax and Roth retirement accounts. -- USA Today

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