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

Variable annuities face new test from the government

Insurers offering variable annuities would need to shift from a business model that gives sellers upfront commissions to one that charges lower fees to investors once the Labor Department implements a proposal that would impose fiduciary standards on financial advisers, according to The Wall Street Journal. "We think it'll throw a wet blanket over the entire industry, certainly for the first year," said Jules Gaudreau, president of the National Association of Insurance and Financial Advisors. — The Wall Street Journal

The pros and cons of 401(k) loans

Retirement savers are advised to weigh their options before taking a loan from their 401(k) plan, according to Kiplinger. Those who will borrow from the plan will face a 3.5% prime rate plus interest and pay the loan amount including the interest. Some 401(k) plans will cut or stop contributions while participants are repaying the loan. Borrowers who resign from their jobs will have up to 60 days to pay back the loan or face 10% if they fail to complete the loan payment within the period. — Kiplinger

6 critical moves to provide your clients a carefree retirement

Workers who are saving for retirement are advised to start contributing to their employer-sponsored 401(k) plan and boost their contributions regularly, according to Nasdaq. It's also important that they get the right mix of investments in their plan and reduce the fees for better returns. They also should take advantage of catch-up contributions and consider a health savings account and other savings vehicles. Hiring a financial advisor will be a big help for clients to streamline their finances and optimize their investments' outcome. — Nasdaq

Why China won't derail your clients' retirement

China's decline may put a dent on global markets but this should not be a concern among retirement investors, according to MarketWatch. China's stock market is different from the stock market in the U.S., while domestic economy is not dependent on China's economy. Although the U.S. stock market is likely to be more volatile because of fears driven by China's gloomy prospects, stock prices will eventually recover since the U.S. economy is self-contained and will be hardly affected by China's economic realities. — MarketWatch

Who'll pay for Americans to live to 100?

More Americans are reaching the age of 100, and this could result in higher poverty incidents as well as Social Security and retirement issues, according to Forbes. As a result, more seniors forgo the traditional retirement and intend to continue working either time or part time in their golden years to improve their retirement prospects. The federal government should adopt measures to address the problem, such as guaranteeing minimum retirement income or universal basic income to all citizens. — Forbes

Read more: