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

Paying kid's tuition may crush client's retirement
Although parents need to save for their child's education, they should make retirement saving their topmost priority, according to this article on CNBC. They should make the most of the tax savings and employer match contributions in their 401(k) plans and contribute to an IRA for tax-deferred savings and compounded growth before they set aside an amount for their child's college expenses. "In retirement there are no options if you don't save for yourself first," says an expert, adding that parents should coach their children on responsible financial planning, "That, to me, is an opportunity missed."

How advisers coach retirees to avoid wasting money on costly buys
Financial advisers should find ways to intervene and help their clients control their retirement spending, as seniors tend to waste money on expensive and unnecessary items, according to this article on Investor's Business Daily. Advisers should work closely with their clients and lay the groundwork by emphasizing the need for a spending plan with well-defined parameters. "I spend a lot of time coaching my working clients on what it'll be like in retirement, especially on the spending side. In some cases, I hold up a mirror to get them to accept the fact that they spend a lot of money. It has to be an ongoing conversation, even before they retire," says an adviser.

7 important steps to take in the year before retirement
Seniors are advised to enroll in Medicare in the year before they retire, according to this article on Kiplinger. That same year, they should also create a retirement budget, develop a claiming strategy that will maximize their Social Security benefits, and evaluate and adjust their investment portfolio for maximum returns. Clients can improve their retirement prospects by finding a sustainable withdrawal strategy, making wise decisions involving their pension, and considering buying an annuity within the year before retirement.

Which is a greater risk: Running out of money while you're alive or dying?
Clients engaged in retirement planning have the option to include survival probabilities in their calculations to account for longevity risk and achieve sustainable spending in the golden years, according to an article in Forbes. However, most clients are better off adopting a conservative approach with a fixed-time horizon to eliminate the risk of outliving their savings, according to the article, which added that only those who are "working with more mathematical utility models to analyze retirement spending decisions" will benefit the most from survival probabilities strategy. "When using survival probabilities, the risk of a long life is mitigated by planning to reduce spending with age to account for the reduced likelihood of living beyond a certain age."

How to survive an unexpected early retirement
When planning for retirement, clients are advised to account for the possibility that they might retire earlier than planned, according to this article on Yahoo Finance/U.S. News & World Report. They should be prepared for this possibility by holding extra savings, opening an IRA, and buying a house. Those who retire unexpectedly at an earlier date should consider finding a new job or doing freelance work. They may also want to scale back their lifestyle and generate income by selling certain assets or tapping into their retirement.

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