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

Follow these tips now to save on Medicare
Although the open Medicare enrollment comes in less than two months, seniors are advised to start preparing as soon as they can to save on premiums, co-payments and prescription drugs, according to this article on CNBC. Clients may start by determining their medical expenses including the providers and needed medications and they may use free research tools online to shop for the right coverage. Retirees should manage their income, as insurers base the premiums for 2017 coverage on buyers' 2015 income. "We try to stress this long before people retire: Create tax flexibility. It's better to be thoughtful and plan year to year, so that you take advantage of your available tax brackets." –CNBC

How Buffett, Bezos and the index-fund investor all get it right
Retirement investors may want to invest like Amazon's founder Jeff Bezos, who is willing to take on a greater investment risk by investing in stocks to receive substantial returns, according to this article on MarketWatch. They may also opt to invest like Warren Buffett who prefers a more passive approach by going for index funds. Whatever type of investors that clients want to become, they are more likely to end up with a bigger nest egg by diversifying their portfolio, reduce their risk exposure and cut their investment costs. –MarketWatch

Almost half of millennial women aren’t saving for retirement
Sixty-one percent of millennial women polled by Wells Fargo claimed that their earnings have no room for retirement saving, with about 44% of them claiming that they are not saving for their golden years, according to this article on Money. The wage gap between the two gender groups is to blame for young women's inability to build their nest egg. “There’s a direct correlation to wages and the ability to save for retirement,” says an expert with Wells Fargo. –Money

What nest egg? Two-thirds of Americans can't cover $1,000 emergency
A majority of Americans claimed that they would have a hard time covering emergency expenses worth $1,000, according to a recent survey. "In their retirement years, seniors are relying primarily on their retirement fund, Social Security, and pensions," says an expert. "Instead of maintaining a contingency fund of three months of savings, retired seniors should aim to save up more, in the event that they need personal or medical care down the road. While it's more difficult to save when you don't have money coming in, it's definitely possible and important to do so." –Fox Business

What if retirees don't want to run out of money in 30 years?
The 4% withdrawal rule may not be a good strategy for retirees who want to leave something behind for their loved ones when they die, writes an expert. Based on Williman Bengen's worst case scenario withdrawal rate, clients who have a 50/50 asset allocation and expect to have a 30-year retirement would need to tap their nest egg at 4.03% if they have no intention of leaving an inheritance for their family members, says the expert. However, the safe withdrawal rate should decrease to 3.77% if they want their loved ones to inherit some wealth from them after they die. –Forbes

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