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

Biggest retirement mistakes millennials make
Many millennials make the mistake of refusing to participate in their employer-sponsored retirement plan, according to Forbes. They also hurt their chances of having a secure retirement by failing to open an IRA. Many young people also procrastinate when it comes to saving, thereby missing the opportunity of investment growth by compounding over time.   --Forbes

When clients inherit an IRA
A non-spouse beneficiary of an IRA is required to start taking the required minimum distributions over his or her life's expectancy if the IRA owner passed away before the required beginning date for RMDs, according to MarketWatch. To compute the amount of withdrawal, the beneficiary has to divide the balance of the inherited IRA at the end of the previous year by his or her life expectancy. If the IRA holder dies on or after the required beginning date, the non-spouse beneficiary will have to take the initial RMD by Dec. 31 of the year after the owner's death, dividing the balance by his or her life expectancy to determine the money to be withdrawn.  --MarketWatch

Bad times for stocks, good times for Roth IRA conversions
The taxes that retirement investors pay for converting traditional IRA assets into a Roth IRA is based on the actual amount of the conversion, an expert says. As such, investors are advised to make a conversion during a down market, when stock prices have dropped, to get a lower tax bite than when they convert the assets at a high price, the expert explains. “When the market rebounds, all the growth is in your Roth IRA, which is never taxed as long as you follow the Roth IRA distribution rules.”  --USA Today

What divorced clients need to know about Social Security
Clients should have been married to their ex-spouse for at least 10 years to be eligible for Social Security benefits on their former spouse record, according to Money. Clients also should be at least 62 at the time of filing and should not have remarried when they start collecting the benefits. Their ex-spousal benefit will have no impact on their former spouse's retirement benefits.--Money

Perks of getting older
People can look forward to certain benefits when they reach old age, according to Kiplinger. These perks include reduced car insurance premiums, bigger contributions in their retirement and health savings plans, better travel packages, and more tax credits and deductions. Also, seniors can expect consumer discounts, cheaper transportation fares, bargains on national parks and classes for free or reduced fees.  --Kiplinger

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