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

Which states tax Social Security benefits?

Minnesota is considering removing taxes on Social Security income to prevent retirees from the leaving the state, according to this article on The Wall Street Journal. Minnesota is among the 13 states that subject Social Security benefits to tax. Retirees who want to move to another state to avoid Social Security taxes are advised to know the taxes imposed in that state, including state and local sales and property taxes. –The Wall Street Journal

Just say ‘no’ to an annuity in your Roth IRA

Buying an annuity product within a Roth IRA is not a good idea, as the tax rules for annuities no longer apply since it will be subject to tax rules governing Roth accounts, according to this article on MarketWatch. Also, holding an annuity is not recommended especially if the annuity cost cover guarantees that are not needed. The insurer that offers the annuity is the one who has the control over the investment types within the product, making things more complicated for Roth IRA investors. –MarketWatch

Are retirees spending too much?

Determining a sustainable withdrawal rate is a critical part of retirement planning, and clients need to understand the basic ideas concerning spending rates, according to an article on Morningstar. These ideas include (1) the formula for calculating these rates, (2) ways on how to ensure the rates will be sustainable given their life span and asset allocation of their portfolios, and (3) the importance of adjusting these rates over the years. Recent studies show that withdrawal rates would be sustainable if they are based on the performance of the retirement portfolio. –Morningstar

These RV-riding retirees will make you incredibly jealous of their life on the road

A couple in Lubbock, Texas, opted an early retirement, selling their 4,000-square-foot home and other belongings before traveling across states on a old pick-up and then a used 40-foot American Tradition RV, according to an article on Yahoo Finance. The couple relies chiefly on fixed income, specifically pension and Social Security benefits. Know how the couple managed their finances and dealt with the challenges of living in a mobile home. –Yahoo Finance

This is the only retirement guide you'll ever need

While recent studies about retirement stirred fear among people and somehow succeeded in pushing them to save more for their golden years, experts argued that the emphasis should shift to the use of 401(k) plans, as well as ways to improve plan participation, such as automatic enrollment.  "I fear that in dwelling so incessantly on clients' futures, many financial advisors have no time left to focus on clients' present needs and wants," said Tim Maurer, director of personal finance at BAM Alliance. –CNBC

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