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."

For starters, wage income earned by those working past their full retirement age can boost tax bills and medical insurance costs.

Sixty percent of advisors cited estimating health care costs as one of the biggest headaches when helping retirees plan for the future.

Contributing to these accounts makes sense for clients who anticipate higher tax rates in the future.

Parents can match their children’s savings in a Roth IRA dollar-for-dollar on the condition that they agree not to dip into the accounts until they retire.

Younger clients who adopt an overly conservative investment approach are advised to consider diversified, low-cost equity products to boost returns.

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

The decisions made before they retire are integral to their success, according to an expert.

They “need to be thinking about guaranteed income streams” because there’s “not a lot of time for recovery,” an expert writes.

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.

Raising the assumed age for decumulation to 67 from 65 could dramatically reduce the percentage of families at risk, an expert says.