Social Security

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.

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

The tax basis can change when homeowners compute depreciation, loss or gain for sales purposes.

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.