5 early retirees share their No. 1 money-saving tip
People who were able to retire early share their secrets in this article on CNBC. According to them, clients should keep track of their expenses and improve their finances by starting with the small changes. They should also learn to reduce their housing, transportation and food costs, cut unnecessary expenses, as well as develop the habit of packing their lunch to work.

Opinion: Voluntary Roth 401(k) conversions could fund GOP tax cuts
Instead of reducing pre-tax contributions to 401(k) plans to cover GOP tax cuts, the federal government should consider providing a one-time incentive for converting traditional IRA or 401(k) assets into a Roth, writes an expert on on MarketWatch. "Encouraging more Americans to save in Roth plans has additional benefits beyond a once-off U.S. Treasury windfall," writes the expert. "Withdrawals from Roth accounts are tax-free, including earnings, and unlike traditional accounts there are no mandatory withdrawals starting at age 70-1/2. …"

4 ways retirement savers can help reduce their RMDs
Taking a required minimum distribution from a tax-deferred retirement account is a taxable event and the RMD amount could lead to a hefty tax bill, according to this article on Kiplinger. To avoid this scenario, clients should consider drawing down on their traditional IRAs and convert some of the assets into a Roth before they turn 70 1/2. Retirees who are still working have the option of transferring some of the funds to an employer-sponsored plan. Those who don't need of the RMD money may want to donate it directly to a charity to avoid taxes.

Your teenager should have a retirement account. Here's why
Parents may want to prod their teenage children to set up a retirement account as it is better to start early in retirement saving, according to this article on Motley Fool. Parents may open a custodial IRA if their child is still a minor. A Roth IRA may be a better option than a traditional IRA because the former offers greater flexibility than the latter. For example, a Roth IRA is not subject to required minimum distribution and has no penalty for early withdrawals.

5 ways to generate different sources of income
One way for clients to create different sources of income is to diversify their investments, according to this article on Forbes. They may also have a side business to offer a service or sell a product, and pursue a passion project that could be lucrative later on. Another option is to invest in real estate, which can generate rental income or provide gains once the property is sold at a higher price.

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