Social Security

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.

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