Retirement 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.

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.

Aside from income taxes, retirees will also pay consumer taxes and may face a 3.8% Medicare surtax.

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

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

The Social Security retirement rate is based on their highest 35 years of wage-indexed earnings.

The spike in the number of older employees in the workplace reflects a trend over the past decade.

Pre-retirees may consider funding a Roth account to take advantage of tax-free compounding and tax-exempt withdrawals in retirement, an expert writes.

A Roth conversion “not only to minimize heirs’ tax burden but also to sustain the growth of [their] retirement savings."

The sweeping retirement legislation, called the Secure Act, is gaining plenty of headlines. One revision is being overlooked.

OneDigital’s acquisition of Resources Investment Advisors shows a convergence between two major spaces within financial services.

Taking advantage of catch-up contributions is one of several methods that can help them get back on track.

The HSA has become increasingly valuable for future medical expenses, "and the triple tax benefit simply can’t be ignored,” an expert says.