401(k)

“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.

While younger clients may be putting away more money than Gen Xers and baby boomers, they’re not better prepared for retirement compared with their older counterparts, experts say.

These retirement vehicles can be less complex and cheaper than alternatives.

“Find ways to generate income,” says one financial planner.

While some retirees have seen a substantial increase in spending, many others are enjoying financial freedom.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

Aside from refinancing, retirees are advised to consider downsizing their homes to reduce overall spending.