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

This may be the biggest financial mistake millennials are making
Younger workers should avoid the mistake of cashing out their 401(k) assets when leaving their jobs, according to this opinion article on MarketWatch. Instead, they should roll over the funds to their new employer's retirement plan or an IRA. Cashing out the funds could trigger income taxes that could reduce the value of the assets, which they can avoid if they transfer the funds directly to a 401(k) plan or IRA. A Roth IRA is another savings vehicle to consider, as it provides tax-free growth on investment and boosts their after-tax income in retirement.

Bloomberg News
Bloomberg News

Can your clients’ retirement savings withstand a bear market?
An analysis of historical bear markets show that retirees could still recover financially if their portfolio is hit by a market downturn, writes a Forbes contributor. "When an individual makes the very big decision to retire, it can be unsettling to see the market tumble," writes the expert. "Following a conservative withdrawal approach early in retirement (such as 4%), and planning for temporary adjustments along the way (if needed), can help retirees weather the markets and have a fulfilling and enjoyable next phase of life."

The retirement talk every couple should have
Most married couples are not the same age, which means that one spouse would retire earlier than the other, according to this article on Motley Fool. As such, couples who face the same circumstances should account for this age gap in their retirement plan to create a Social Security claiming strategy that would maximize their benefits. Moreover, couples who won't retire at the same time should have one spouse continue working to make the most of employer-sponsored healthcare coverage.

How can clients save for retirement if they don't have a 401(k)?
Clients who have no access to an employer-sponsored retirement plan have options to prepare financially for the golden years, according to this article on CNNMoney. They should consider setting up an emergency fund, and save as much as they can. When investing for retirement, the best savings vehicles to use after a 401(k) plan are a traditional IRA and a Roth IRA, which offer tax advantages. Another savings vehicle to consider is a health savings account, which offers triple tax benefits to retirement savers.

Alternative investments can help combat slow growth
Retirees should consider alternative investments to supplement their portfolio income when the market slows down, according to this article from Kiplinger. These investments include senior-secured loans or senior-secured debt, real estate and private equity. While these investment options offer better returns than traditional bonds, it takes time to liquidate these investments, so retirees should assess their financial circumstances before making any decision.

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