If clients are dissatisfied with how much money they're saving for retirement, most wealth managers advise cutting back on expenses. Planner Robert Pagliarini thinks that's not enough. Advisors, he says, should also help clients find ways to boost their incomes.

"Planners look for opportunities to reduce expenses, but a lot of clients don't want to sacrifice for 40 years just to squeak by in retirement," says Pagliarini, president of Pacifica Wealth Advisors in Mission Viejo, Calif., and author of The Other 8 Hours: Maximize Your Free Time to Create New Wealth and Purpose.

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