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

Retirement Planning: Men can learn from women

Although male 401(k) participants have bigger balances compared with their female counterparts, men have a lot to learn from women when it comes to investing, according to this article on Forbes. Women adopt an investing strategy that ensures retirement security in the long term. Compared with men, women are more patient, take more effort to research and ask for advice, and consider investing a part of the planning process to realize a goal. Female investors are also less inclined to drop their stock investments when the market hits a snag. – Forbes

One simple way for retirees to save on prescription drugs

Retirees may consider changing their Medicare drug plan during fall open enrollment to save on costs, according to this article on Time Money. Only 13% of enrollees made the switch, but 46% of these switchers were able to save at least 5% chiefly on premiums in the following year, according to a study by the Henry J. Kaiser Family Foundation. When shopping for coverage, retirees should not only focus on premiums but also consider other factors, such as zero deductibles, preferred pharmacy network and coverage gap. – Time Money

A retiree’s dilemma: Spend now or save for later?

Investors who have sizeable retirement savings but have no heirs to leave their wealth to should have a financial plan that allows them to spend their money while they're still alive and obtain an immediate annuity, according to this article on MarketWatch. Although the payouts and inflexibility of annuities turn off some people, such products will provide retirees a steady cash flow until they die. Investors with no heirs may also control their funds to secure their retirement income but name a charity as a beneficiary of their wealth when they're gone. – MarketWatch

5 expenses that will improve your retirement

While people need to save for their golden years, some expenses are necessary to ensure they will have a better retirement, according to this article in U.S. News & World Report. Saving isn't good if clients are doing it at the expense of their health, while spending is necessary to improve their relationship with loved ones. From time to time, clients can spend to pamper themselves if their retirement saving is on track, give to charity if they can, and explore a new endeavor as long as it won't ruin their finances. – Yahoo Finance

Beware financial sales pitches that come with a free meal

Retirees should beware of free-dinner seminars that give a sales pitch on annuities and other financial products, as the information they may receive can be misleading and inaccurate, according to an article on Kiplinger. However, there are seminars by financial advisers that educate clients as well as serve new ones, says Geoffrey Brown of the National Association of Personal Financial Advisors. Clients are advised to attend these free-dinner seminars but defer buying until they get all the information about the products, says Gerri Walsh of the Financial Industry Regulatory Authority. – Kiplinger

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