Social Security benefits

Financial planners should at least consider modeling early retirement to prepare clients for the possibility of uncertainty, says Morningstar.

Clients should understand Medicare, Social Security and 401(k) changes that will impact on their retirement savings and income.

Payouts from pensions and tax-deferred accounts are usually not taxed in states without a state income tax or with levies only on interest and dividends.

Clients are advised to have an emergency fund, create a monthly budget and repay their high interest debt.

Proactive measures, like rethinking the index used to assess seniors’ cost of living, may be called for.

Students can always borrow money for school, but there are no "retirement loans" available for clients to use to fund life after work, a CFP writes.

Clients should think of the years as empty buckets and keep the amount of income into each bucket level per year.

Just 27% say they expect to have saved enough by the time they retire.

Pre-retirees expect their annual health-related expenses to top $7,000 once retired, however the actual cost can be much more.

Savings in mutual funds, annuities and other products from banks are not covered by insurance.