Insurance

Salary increases can make long-term planning more complicated if investors boost their lifestyle instead of their savings, an expert warns.

Although the federal penalty was axed for those who failed to register for a plan, some states will continue to impose the coverage mandates.

“The advice I give is to calculate the financial impact for each option,” an expert says.

Along with other decisions, dating the amount of money they need to withdraw would help them in retirement planning and spending.

Ill-prepared investors are advised to vigorously plan their expenses and aggressively save in their 401(k)s and IRAs.

The Secure Act was designed to expand retirement savers’ options but it has subsequently all-but-eliminated the stretch IRA for beneficiaries. It's on advisors to make clients aware of the major change.

For starters, wage income earned by those working past their full retirement age can boost tax bills and medical insurance costs.

Sixty percent of advisors cited estimating health care costs as one of the biggest headaches when helping retirees plan for the future.

Financial planners should at least consider modeling early retirement to prepare clients for the possibility of uncertainty, says Morningstar.

Clients should understand Medicare, Social Security and 401(k) changes that will impact on their retirement savings and income.

Workers from both generations share similarities — and financial pressures — when planning for retirement, writes an expert.

To secure retirement for both spouses, married clients need to determine their savings rate in their 401(k)s and take advantage of the employer's match.

The change would affect seniors who converted traditional accounts to Roth and paid taxes for the benefit of their heirs.

Deferred taxation on these retirement products, in part, depends on how their distributions are made.

They are triple-tax advantaged, but also introduce significant challenges — especially for life partners with multiple accounts.

The Secure Act will pave the way for expanded distribution channels, even as J.D. Power finds issuers lagging in measures of client satisfaction.

Setting up a tax-advantaged retirement account, automating contributions and reducing their overall expenses are a few strategies to get back on track.

Seniors hoping to begin retirement next year are advised to review their risk exposure, pay down their debt and save for additional health care costs.

One tip for younger clients is to create multiple income streams that are subject to varying tax treatments.

Medicare savings programs, discounts on prescription drugs and rental assistance are a few ways retirees can lighten their load.