Medicare

While retirement readiness among Americans has improved in general, Gen Xers are struggling with housing, college and medical costs, a survey finds.

Salary increases can make long-term planning more complicated if investors boost their lifestyle instead of their savings, an expert warns.

“The advice I give is to calculate the financial impact for each option,” an expert says.

Along with other decisions, dating the amount of money they need to withdraw would help them in retirement planning and spending.

Ill-prepared investors are advised to vigorously plan their expenses and aggressively save in their 401(k)s and IRAs.

For starters, wage income earned by those working past their full retirement age can boost tax bills and medical insurance costs.

Sixty percent of advisors cited estimating health care costs as one of the biggest headaches when helping retirees plan for the future.

Financial planners should at least consider modeling early retirement to prepare clients for the possibility of uncertainty, says Morningstar.

Clients should understand Medicare, Social Security and 401(k) changes that will impact on their retirement savings and income.

Workers from both generations share similarities — and financial pressures — when planning for retirement, writes an expert.