Risk management

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

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.

Filing at the wrong age and failing to take advantage of programs like spousal and survivor benefits are just a few common mistakes seniors make.

“The advice I give is to calculate the financial impact for each option,” an expert says.

Pre-retirees are encouraged to save aggressively and create a list of things they plan to spend their money on without remorse, an expert says.

"Since no one has a crystal ball to predict what will happen, I advise saving money on both sides of the tax fence," an expert says.

While there are strategies to help reduce risk, clients should recognize the order of investment returns is crucially important, an expert writes.

A recent study found American workers would face better retirement prospects if the federal government adopts certain public policy changes.

Seniors can claim tax deductions for payments made on their homes, allowing them to reduce their tax burden when they retire.

Developing a comprehensive plan can help "avoid the negative compound interest effect in a declining market."