Advocates fear Trump tax plan may ‘Rothify’ 401(k) plans
Savings advocates are worried about the possible up-front taxing of 401(k) contributions that could lessen retirement savings and plan sponsorship, according to an article on MarketWatch. 401(k) contributions are pre-taxed but Roth IRA contributiions are made with after-tax money. Now some fear that a 'rothification' of 401(k) will negatively affect small businesses and middle- and low-income Americans.

(Bloomberg News)
(Bloomberg News)

Calibrating a target savings rate
Potential retirees should gauge the value of their retirement portfolios by determining the specific amount they need to set aside for the future through goal identification and prioritization, according to an article on Morningstar. They should quantify objectives and establish a savings target that considers factors inch as goal duration, savings duration and return expectations. One rule of thumb states that saving 10% of a person's monthly income is necessary but may not be enough to keep retirees afloat in the future. Investors should remember to fine-tune their total savings targets based on realistic savings amounts by referring back to goal prioritization and adjusting one's budget, according to this article in Morningstar.

4 big tax breaks clients may lose under GOP tax plan
Health insurance premiums paid by employers for employees, which are currently not taxed, could be among benefits that would be affected by the Republican tax plan, according to CNBC. Other breaks that could be affected are for qualified medical bills that are beyond 10% of adjusted gross income, taxes payed on real estate and federal deductions on paid local and state income taxes.

How to save at the start of a career
Investors at the start of their career should practice a combination of diligent saving and wise investing, which would allow them to increase their investment funds and maximize their returns through compounding, according to this article on CNN. Money-saving methods include using algorithms, budgeting software or saving apps, or simply regularly setting aside 15% of one's salary and putting it into a mutual fund account or a 401(k) plan. When it comes to investing, clients should consider building a mix of low-cost stock and bond funds such as ETFs or index funds, and ensure a diversified portfolio.

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