Banking

Aside from refinancing, retirees are advised to consider downsizing their homes to reduce overall spending.

RIAs already on the platform can stick with the old pricing model or transition to the new one.

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.

For planners who embrace the potential to provide these services, it can be a natural next-generation service offering.

Many wealth management trends never caught on. This one is no passing fad, however.

The wirehouse shifted and added roles in its private wealth business to capture opportunities in the ultrahigh-net-worth client space.

Older clients who have lost a job prior to retirement are advised to first consider filing for unemployment insurance and begin making revisions to their budget.

The expansion is likely to come at the end of 2020 or early next year, and will focus initially on higher-net-worth customers.

Seniors choosing between traditional and Roth IRAs must account for their current and future tax rates.