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

Tips on purchasing annuities
Retirement investors who consider buying an annuity are advised to avoid purchasing one big annuity product and instead opt for several smaller annuity contracts. They are also advised to set the start date for their annuity payment stream on the amount of supplemental life income they will need during their golden years. If possible, clients need to limit a life income benefit rider to just one contract, since getting a rider could cost a lot.  --MarketWatch

What boomers must know about RMDs from IRAs
Retirees who will turn 70 1/2 this year and were born between Jan. 1 and June 30 will need to take the first required minimum distribution from their IRA before the end of the year, although they can take the first RMD until April 1, 2017. To compute the first RMD amount, retirees have to add the 2015 year-end balance of their IRAs and the divide the sum by a factor provided by the IRS, which is based on their age and life expectancy. Retirees can withdraw the amount from any of the IRAs they own and might also be required to take the first RMD from their 401(k) plans.  --Kiplinger

Costs and incidence of long-term care
According to a research report, long-term care will be needed by 58% of men and 79% of women who are 65 and older. Male retirees will need care services for an average of 2.2 years, women 3.7 years, writes Wade Pfau, a professor at The American College and principal at McLean Asset Management. The median annual cost for long-term care in an assisted living facility is $43,000, although the cost varies depending on the type of facility and other factors, Pfau writes. "An aging population with fewer younger family members to provide care, coupled with fewer young people in general who can serve as paid providers for long-term care services, will likely continue to increase the future costs of quality care."   --Forbes

Here's how clients can make their savings last longer
Retirement savers are advised to keep their retirement assets in their current 401(k) plan if it charges relatively low fees, touts more than $1 billion in assets and provides good investment options. They should also consider rolling over old 401(k) assets to their current plan to avoid extra fees. Making an IRA conversion may not be a smart move since traditional IRAs have higher fees and has a bigger asset allocation in money market funds compared with 401(k)s.  --Bloomberg

3 unusual retirement resolutions for boomers
This New Year, retirees are advised to have resolutions that will help them prepare for a long retirement. They should strive to be less isolation and expand their social connections. Also they should find ways to survive on a reduced income and update skills and acquire new ones to boost their chance of getting a job in retirement.  --CBS Moneywatch

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