401(k)

A revocable living trust is one way to reduce their estate taxes, however the law requires clients to sign the document in the presence of the notary.

Seniors should focus on what they can control — such as their reaction to market volatility and their long-term savings.

In some cases, workers who have received severance pay have the option of investing the money for retirement and other long-term goals.

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

Market plunges are normal and stocks are likely to recover and earn a positive return over the long term, says an expert.

“I don’t think the volatility will be over until we’re finished with this virus,” one RIA says.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

Clients are advised to keep some of their savings in cash and focus on their long-term prospects.

Retirees tapping their long-term savings accounts for income in an emergency are advised to strongly consider reducing their withdrawal rates.