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

Average retiree will see Social Security benefit decrease
The Social Security Board of Trustees is pushing for a 0.2% increase in the cost-of-living adjustment for retiree benefits in 2017, CNBC reports. The Medicare Board of Trustees has also issued a report that calls for a 22.3% increase in the Medicare Part B premium. The proposed increases could result in reduced benefit payouts because of automatic premium deductions from retirees' benefits. Retirees on Social Security who earn an income below the national average will not be affected by the increase in Medicare Part B premiums under the Hold Harmless Act.

Image: Bloomberg
(Bloomberg News)

How to retire without a mortgage
People can help secure their income stream after they retire if they start planning for their mortgage expenses in the future, according to an article from Money. To avoid the need to make mortgage payments in retirement, people have the option to move to a smaller, lower-priced home, or refinance their home mortgage to get a lower monthly payment. Clients may also opt to rent instead of owning a home, as renting can be more cost-effective.

Roth IRA does double duty as emergency fund and retirement account
Retirement savers can use a Roth IRA not only as a savings vehicle but also as an emergency fund before and after they retire, according to this article on Forbes. A Roth IRA may not provide instant liquidity, like a savings or checking account, but it can offer tax-free access to their contributions within a few days. They must pay income taxes and a 10% penalty on investment gains if the money is withdrawn before the age of 59 1/2. Clients who intend to cover their contingency needs using Roth IRA funds are advised to invest their money in less risky options within the plan.

Millennials may be headed toward their own retirement crisis
A study has found that many millennials are pessimistic about their retirement prospects, and market volatility is to blame, according to this article on MarketWatch. “This generation is saving and investing for the first time, and the market volatility has been a little bit of sticker shock for them,” an expert with Wells Fargo says. Millennials should know that saving $1 million for retirement remains possible, the adds. “It’s very doable and manageable, but you have to start early.”

How the wrong choice could ruin your spouse's retirement
Clients should understand that there are retirement decisions they need to make to ensure that their spouses will have a comfortable retirement, according to this article on Nasdaq. One of these decisions concerns the manner in which they take their retirement benefits. They should also decide carefully whether to take a lump-sum distribution or opt for a monthly payment scheme from their pension or retirement plan. Deciding at what age to start collecting Social Security benefits is just as crucial, as this could affect their spouse's spousal and survivor benefits.