IRAs

The effects are looking like "every other much-hyped tax cut of the past three decades.”

More than 25 million workers resigned and left at least one retirement account with their former employer between 2004 and 2013, according to the U.S. Government Accountability Office.

The differences generally come down to investor eligibility and when taxes are paid, but that can have a significant impact.

Many people expect to collect more than they actually will, which can prompt them to retire and file for benefits early and, in turn, reduce their actual payouts.

Although annuities incur taxes and costs, clients "can invest the same amount into a diversified municipal bond portfolio and pay no taxes,” an expert says.

Elderly clients should make sure they have enough fixed-income in their retirement portfolios to spin off cash to cover the gap between income and expenses until the market recovers.

A Roth IRA is an excellent savings vehicle for older people as it is for younger clients.

Life changes, like a child entering college or changes made to retirement goals, can leave serious gaps in financial plans.

It pays to review the differences between traditional and Roth IRAs.

The Roth IRA has very low contribution limits, while those in high-income groups may not qualify to contribute to the account.