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

Consolidating your client's retirement
Clients are advised to consolidate their retirement funds before they retire so it will be easier for them to maintain a comprehensive understanding of their accounts. It will help them manage their accounts, as well as save on fees, according to this article on Fox Business. In this consolidation process, clients should write down all their retirement income sources and develop a financial plan or update an existing one. It is also advised that they conduct cost/benefit analysis and know the rules on how to consolidate retirement accounts.  --Fox Business

5 steps millennials can take now for richer retirement
One way that millennials can save for retirement is to free up more money by reducing their living costs, according to this article on Time Money. They also should come up with a budget to track spending as well as boost their savings rate. Millennials need to strive to save even while they pay off their loans and automate their contributions to retirement plans.  --Time Money

Sky high 401(k) fees: How to help clients bring them down to Earth
Retirement savers need to act to curb the costs of their 401(k) retirement plans, according to this article on Forbes. To do this they should ask whether they cover all or some of the costs and determine any hidden fees. They also need to check on the plan's performance by knowing whether the funds' expense ratio in their plan's past returns exceeds its benchmark fund's returns. --Forbes

7 things your clients don't know about retirement
Retirees need to ensure that they will not outlive their savings and depending heavily on Social Security can be risky, according to this article on The Motley Fool. Seniors also need to know that there is also an increasing trend in Social Security's retirement age and the place they retire plays a crucial factor in their financial health. Retirees are entitled to big discounts, face lower taxes than often expected and their tax-advantaged retirement accounts are likely to be protected from bankruptcy filings.  --The Motley Fool

The best prescription for RMD woes
A wealth manager helped a retired couple develop a strategy to curb the tax burden on their required minimum distributions from their 401(k)s and IRAs, according to this article on MarketWatch. The strategy includes a purchase of a qualified longevity annuity contract within their 401(k) plans and IRAs. In one case, a couple didn't need the income from the RMD yet, and didn't want to pay the forced taxes, according to one expert. That's the perfect set-up for a QLAC, the expert says.  --MarketWatch

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