IRAs

The Secure Act eliminated a popular retirement planning feature. Here are strategies to help clients mitigate the tax hit.

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

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

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

A watchful planner might have saved a matriarch’s IRA from being allegedly pillaged by her son.

Mutual funds and ETFs are often created with lopsided or unequal allocations toward certain sectors of the economy, experts warn.

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

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

Designating charities as a beneficiary of their retirement accounts is one strategy that can enhance their tax savings.

“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.