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

Reverse mortgage policy leaves widows, widowers homeless

The Department of Housing and Urban Development has revamped the rules on reverse mortgages to allow the servicer to foreclose the home mortgage if the account holder dies and the home is left to a non-borrowing spouse, according to this article on DailyFinance. HUD failed to inform married couples of the outcome if the non-borrowing spouse is taken off the loan, says Kevin Stein of the California Reinvestment Coalition. "We believe HUD allowing these foreclosures is both against the statute authorizing this program and contrary to how these loans are advertised as safe financial products to provide extra income while remaining in your home." –DailyFinance

5 ways clients can talk to parents about their retirement income

Clients may need to know their aging parents' financial prospects in retirement but seniors often want their children to stay out of it, according to this article on MarketWatch. To avoid being intrusive to their parents, clients may start the conversation by sharing their own financial plans and asking them for advice. They may also invite their parents to see a financial advisor, know their parents' aspirations for the future and discuss how they can protect the seniors’ financial records once they fall ill or become incapable of managing their assets. –MarketWatch

What Medicare card changes mean for boomers

Under a new law signed by President Barack Obama, Medicare will have four years to issue cards that don't bear the Social Security numbers of first-time applicants and existing cardholders, says Robert Quinlan, an insurance advisor/broker with Quinlan Care. Those whose Medicare cards still carry their Social Security numbers are advised to leave their cards at home and bring them only when they see their physician for the first time or go to the hospital to avoid identity theft, Quinlan says. "Remember that a hospital cannot refuse care if you don't have a Medicare card." –Fox Business

Retirees who opt to keep mortgage payments

Many baby boomers opt to carry a home mortgage into retirement instead of cashing out their 401(k) and retirement assets to pay off the debt, according to this article in The Wall Street Journal. This is because they stand to gain more with having their retirement savings invested amid low interest rates and high stock-market returns, an expert says. Also boomers made the decision as they see enhanced health care and expect a longer life span, says Ken Dychtwald, president and CEO of Age Wave. –The Wall Street Journal

Social Security Q&A: Are benefit estimates from Social Security accurate?

Clients who want to know if Social Security makes accurate estimate of their retirement benefits are advised to see if the annual statements that the program issues include their covered earnings, according to this article on Forbes. However, they need to discard the statements' projection of their benefits and those of their family members, as the figures could be inaccurate. Social Security excludes economy-wide growth in average pay and future inflation when making the estimates, while assuming that people work until they start collecting retirement benefits and receive the same earnings, in today's earnings, each year. –Forbes

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