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

401(k) rollovers: How to avoid costly mistakes
Clients are advised to have a comprehensive plan before rolling over old 401(k) assets into a new account to avoid costly problems, according to this article on CNBC. For example, a 401(k) rollover could trigger a hefty tax bill, and liquidating the assets before the age of 59 1/2 could mean a hefty penalty. Those who want to continue working past 70 may want to defer a 401(k) rollover, as they are allowed to contribute to the account and will not be required to make required minimum distributions.

Financial game-changers: Budget for the unexpected
Clients are advised to maintain an emergency fund, as unexpected life events can disrupt the most carefully crafted financial plan, according to this article on CBS Moneywatch. Their emergency fund should keep an amount that can cover three to six months of expenses, instead of relying on a credit card. "We can all get through a major event, and we can thank the credit card industry for that. But many people do not do a good job of paying the card right away -- and if you tack 17% to 25% interest on a credit card [balance], people get into trouble," says a financial advisor.

A 92-year-old billionaire explains why you should never retire
A Canadian billionaire says that he opted to never retire and continue working, a decision he says he never regrets, according to this article on Money. “When you keep going, you haven’t stopped and you don’t know where the finish is going to be,” says the billionaire. “Life is an aircraft journey. You’re ascending when you’re young. You’re cruising when you’re in your 40s, 50s, 60s or 70s or whatever. At some point, you descend. I’m descending but I’m fighting it.”

4 ways the fiduciary rule could hurt (not help) investors
While the Department of Labor's fiduciary rule is designed to protect retirement investors, the rule could have unintended consequences, according to this article on Kiplinger. For example, financial advisers may be more defensive to protect themselves from litigation. Moreover, the rule could lead to homogeny in management styles and a louder negative feedback loop. Clients may forgo their adviser's guidance and heed to what their friends or family members recommend.

What is a Solo 401(k)?
Self-employed individuals may want to save for retirement using a solo 401(k), according to this article on personal finance website NerdWallet. Clients who opt for a solo 401(k) may set up a traditional 401(k), in which they get upfront tax deduction on the contributions but pay taxes on distributions in retirement. They may also open a Roth solo 401(k), which is funded with aftertax dollars but offers tax-free withdrawals in the golden years.

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