Social Security

Along with other decisions, dating the amount of money they need to withdraw would help them in retirement planning and spending.

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

It is important for entrepreneurs to have an exit strategy and to take control of their debt.

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

More clients are opting to work after they retire "to stay active and contribute professionally while also supplementing their income.”

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

“By and large, many simply have not yet saved enough to retire comfortably.”

Higher-than-anticipated health-care costs are among the most unexpected expenditures clients face in retirement.

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.