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

Is Social Security really going broke?

Although a Social Security report indicates some good news about the program, the fact remains that Social Security's long-term outlook has worsened because of Congress's inaction to fix the program's financial woes, according to this article on Fox Business. While raising the tax rate could help address Social Security's funding imbalance, there are other ways to make the program solvent again. "But the longer we delay, the bigger the adjustment will have to be," the article concludes. – Fox Business

When $1.5 million isn’t enough for your clients' retirement

Having $1.5 million in retirement savings may be substantial, but the client's spending habits and financial goals will ultimately determine whether any amount, even more than a million dollars, is enough, according to this article in Time Money. A 66-year-old retiree who has $1.5 million in nest egg can expect to get $60,000 in retirement income annually on a 4% withdrawal rate. The amount may be more than enough if the retiree is also collecting Social Security benefits. – Time Money

No 401(k)? No problem. 3 ways to save

Clients who have no access to an employer-sponsored retirement plan have other options to save for their golden years, according to this article on CNBC. They may open a traditional or Roth IRA. For those who are self-employed, the options are SEP IRA, Solo 401(k) and SIMPLE IRA. Clients may also use their retirement savings to invest in stocks, bonds, mutual funds and other assets. -- CNBC

Clients gain flexibility as money flows out of 401(k) plans and into IRAs

Rolling over 401(k) assets to an IRA is often s good move for clients because they will have a broader selection of investment opportunities. However there is no longer fiduciary risk assumed by the plan sponsor, according to this article on Forbes. Retirement investors should welcome the rising trend of IRA rollovers as it could mean lower fees and the ability to diversify their retirement portfolio. -- Forbes

Baby boomers will spend their retirement money on golf and travel

Baby boomers polled by Jefferies claim they intend to spend less on dining but more on travel and golf, according to this article on Bloomberg. "According to our survey, over 80% of Boomers plan to keep spending the same ... [or] even more on golf equipment and accessories after retirement," researchers say. -- Bloomberg

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