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

What the looming Fed rate hike means for your clients
If the Fed increases interest rates this month, as expected, it may not create an immediate impact on clients, but if there are subsequent rate hikes in the coming years, clients' portfolios will likely feel an effect. This article on CNBC suggests that threshold could be seven or eight rate hikes over the next three or four years.  "A quarter-point rate hike has almost imperceptible impact on the household budget, and it's largely reflected in the financial markets already," says Bankrate's Greg McBride. "How many more rate hikes and at what intervals ... will dictate how volatile markets are and what happens to your investment returns in 2016 and beyond."  --CNBC


Why a gold and oil crash won’t scare prudent retirement investors
The dwindling prices of gold and oil should not pose a concern for retirement investors since the two are considered commodities that don't make great long-term investments. Retirement-age clients should invest more in stocks, which appreciate as the economy improves, and generate dividend income, which can be reinvested and grow through compounding, according to this article on MarketWatch. They are advised to ignore the market noise, build a diversified, low-cost investment portfolio and minimize their investments in commodities such as gold and oil.  --MarketWatch


Ways for seniors to adapt to no 2016 COLA
Social Security retirement benefits will not increase next year, and one specific way for seniors to cope with rising prices is to consult their physicians on how to reduce their prescription drug costs, says Jessie Gibbons, a senior policy analyst with The Senior Citizens League. They may also explore mail-order pharmacies with their prescription drug plans and ask for free generic refills to reduce the cost, Gibbons says. "Low-income homeowners with growing property taxes may also qualify for some tax relief programs within their counties."  --Fox Business


How to help a nonworking spouse save for retirement
Unemployed spouses are advised not to delay retirement saving, and the best place to start building their nest egg is a spousal IRA, according to this article in Forbes. This underutilized option for a nonworking spouse works largely the same as a regular IRA. Provided the couple files tax returns jointly, contributions to a spousal IRA are limited to $5,500 ($6,500 for those aged 50 or older) and are tax-deductible, thereby reducing their taxable income for the year.  --Forbes


How to cope with the stress of retirement
Transition into retirement can be a stressful experience, so pre-retirees should expect major changes in their lives and start preparing to better cope with the stress. They need to realize that retirement is challenging, so they should set goals and develop a retirement plan to deal with the challenges. Clients have to be flexible and open to all possibilities, and understand that retirement is supposed to be enjoyed.  --DailyFinance

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