Social Security

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

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.

Workers from both generations share similarities — and financial pressures — when planning for retirement, writes an expert.

Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.

Failing to enroll in a health care plan and taking on a hefty student loan debt are just two of the most common blunders younger clients should avoid.

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

With pensions gradually disappearing, more retirees will have to rely on 401(k)s.

Although the elderly often lose the most from scams, younger clients are more likely to fall victim, according to a report.

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.

Without a rollover, they can experience “untold impact to their plan for securing retirement," an expert says.

“Building and adhering to a budget that accounts for these types of expenses will create long-term security in retirement,” a CFP says.