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

Help clients avoid these retirement myths
Clients engaged in retirement planning should avoid making assumptions about the golden years that could cost them later on, according to this article on CNBC. For example, they should not assume that Medicare will cover all their medical expenses and that they will see a decrease in their expenses after they retire. Moreover, they should not assume that their taxes will also decline. "Many retirees end up paying the same or more in income taxes when they retire," says an expert.


Optimize investments across account types
The different tax treatments of retirement and nonretirement accounts make it difficult for many clients to address their retirement saving shortfall, writes Morningstar's Christine Benz. Optimizing the investments in these accounts depends on a number of factors, such as the amount of invested assets, income, tax and other benefits, and the quality of investments, writes Benz. Read the article for tips on how to allocate assets across account types.

5 big money mistakes to avoid in retirement
One mistake that seniors should avoid when it comes to retirement is picking the retirement date based on age only, according to this article from Kiplinger. They should also evaluate their income needs and they have sources, such as Social Security and pension, which will be enough to cover these needs. Distributions from traditional retirement accounts, like 401(k) and IRA, are taxable income, which means that they will have to withdraw almost $6,500 if they need a $5,000 income.

How to save for retirement even without much money
Couples who have limited incomes but want to build a nest egg should diligently contribute to their workplace retirement plan and increase their contributions every year by one percentage point, according to this article on CNNMoney. They should also diversify their portfolio within their retirement account and reduce the investment fees by picking low-cost investment options. These couples may also work longer and delay Social Security for bigger retirement benefit payouts.

Save more for retirement or pay off debt?
For most experts, clients should strike a good balance between paying off debt and saving more for retirement, according to this article from Forbes. Clients should contribute to their employer-sponsored retirement plan with enough amount to qualify for the employer's matching contribution. They should also sock away some amount in their emergency fund account. They should then move to paying off consumer and student loan debt starting with the highest down to the lowest interest rate.

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