Healthcare costs

Which is better? An SEP plan or solo 401(k)?

With their pro bono efforts, advisors have helped clients manage thousands in debt, plan for future health care costs and even offered healthy recipes.

But health care is probably more expensive.

Guiding them through the fine print of narrow networks, deductibles and copays could become a key differentiator.

The limit on deductible contributions to health savings accounts will jump by $50 for individuals and $100 for families next year.

Some seniors are missing out on a potential 20% tax deduction, and “no one is talking about what a wonderful retirement planning technique" it is, says an expert.

When financial emergencies compel early withdrawals from clients' retirement accounts, they face income tax and often an additional 10% penalty.

The number of health savings accounts has topped 25 million, and employer contributions also have increased after several years of decline.

Even middle-class households who have health insurance are at risk, as a researcher points out that they are the ones who filed for the most bankruptcies.

Maryland and New Jersey are among the least-appealing places for employees to spend their post-work years, due in part to affordability, health costs and overall quality of life.