Employee benefits

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.

The wirehouse aims to bolster its advisory business by gaining a dominant foothold in the stock plan administration software industry.

Designating charities as a beneficiary of their retirement accounts is one strategy that can enhance their tax savings.

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

Interestingly, the measure often used by analysts and planners just happens to be the one that doesn’t reflect how most clients actually invest or withdraw money.

One of these snags is taxation on clients’ retirement income, which can hurt their cash flow.

More than a quarter of women in a recent survey say they are confident they will comfortably retire, while almost a third of men voiced the same confidence.

Filing at the wrong age and failing to take advantage of programs like spousal and survivor benefits are just a few common mistakes seniors make.

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.

Some tax credits are refundable, meaning they can get a refund in case the credits exceed their actual tax liability.