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

Use your Roth IRA to save for both retirement and college
Contributing to a Roth IRA can be a good strategy to save for children's college education and retirement, according to Forbes. A Roth IRA is not subject to taxes as well as minimum required distribution, allowing clients to withdraw their contributions to pay college tuition without making any adjustments to fluctuations. Clients also face no income limits for converting regular IRAs or rolling over previous 401(k) money to a Roth IRA, and can make tax-free withdrawals for purposes other than their children's college fees.  -- Forbes

Customize your income-replacement rate for retirement
While many experts recommend clients adopt a 75% to 80% income replacement rate, actual rates vary among people depending on factors such as pre-retirement income and savings rates, according to Morningstar. Determining actual income-replacement rates can be difficult even if the unexpected costs are accounted for, but it helps if clients have a realistic replacement rate, knowing that expenditures tend to change over the years. Read about a strategy to help clients customize their income replacement rates.  --Morningstar

Your options for required IRA distributions
A client who turns 70½ on May 25, 2015, may take the first required minimum distribution from his traditional IRA anytime next year until April 1, 2016, based on the rules, according to the Wall Street Journal. Since the RMD for 2016 should be taken before the end of that year, the client would pay higher taxes since he would be taking two RMDs for that year. He would also face a 50% excise tax if he fails to take the required amount, according to the IRS.   -- The Wall Street Journal

Finding an identity beyond the workplace
Many clients are hiring a retirement coach to help them get back on track with their retirement plans, according to the New York Times. Other retirees who have failed to do retirement planning also hire a retirement coach to help them lead a meaningful life. Clients who get advice from a retirement coach should have an open mind as retirement offers "a fresh track adventure,” an expert says.  --The New York Times

Here’s why more Americans are retiring earlier than they expected
More Americans opted for early retirement than those who retired later than planned, according to a study. The findings suggest that many people were forced to retire early because the sluggish economy in recent years made it difficult for them to find suitable employment, the article says. The economic recovery has benefited only a few, as almost 40% of households claimed life conditions remain hard, with many workers facing credit, student loans, and inadequate nest eggs.   -- CNN Money

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