IRAs

Of all the end-of-year financial faults affecting workers, this one could cause them to end up working longer than they had intended.

Required minimum distributions are just one example of unforeseen expenses for retirees, an expert writes.

Early and consistent saving may not be enough to safely leave the labor force for good.

Medical expenses for retired clients may be more predictable than expected, experts say.

Despite recent tax law changes, recharacterizations are still possible and can prove a valuable strategy to correct such missteps.

Younger clients are more savvy consumers who know how to minimize their expenses and are less inclined to spend on material goods, an expert says.

Major repairs are needed to ensure Social Security’s long-term stability, according to an expert.

The products provide advantages that “help women build savings faster: tax deferral and generally higher rates than CDs or Treasurys,” an expert says.

The plans cannot be maximized if clients fail to find ways to minimize costs in retirement.

Funding a Roth account, for example, may not offer upfront tax deductions, but withdrawals are tax-free.

Retirees who have no need for the RMD can fund their grandchildren's college costs, a CFP writes.

Although the elderly often lose the most from scams, younger clients are more likely to fall victim, according to a report.

Around 40% blame their lack of preparation on housing costs, according to a report from TD Ameritrade.

“Building and adhering to a budget that accounts for these types of expenses will create long-term security in retirement,” a CFP says.

Cases often go unreported because many times seniors are too embarrassed.

Investing in tax-advantaged accounts and automating contributions are a few strategies that could help.

The right toolkit can help clients accomplish their dreams and ease the financial burden on their loved ones.

To build their wealth, retirement savers are advised to take advantage of tax-advantaged plans including 401(k)s and IRAs.

With millennial and Gen Z clients expected to have longer lives than their parents, securing an effective retirement horizon can have its challenges.