Banking

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Job listings for roles that don’t need to be filled immediately will be pulled.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

While many institutions are taking protective steps, others want to stay open to promote public confidence in the banking system.

After resigning last year under pressure from federal policymakers, the former executive received no severance benefits or annual incentive award.

While younger clients may be putting away more money than Gen Xers and baby boomers, they’re not better prepared for retirement compared with their older counterparts, experts say.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

“The only reason why I could see them doing that is shame,” one critic says of the move; the board calls it an important shift in the conversation about fiduciary care.