Retirement benefits

With millennial and Gen Z clients expected to have longer lives than their parents, securing an effective retirement horizon can have its challenges.

Taxpayers face a 5% penalty if they fail to meet the deadline.

Just 27% say they expect to have saved enough by the time they retire.

Pre-retirees expect their annual health-related expenses to top $7,000 once retired, however the actual cost can be much more.

The potential move would follow Vanguard's pilot run of a new digital-only platform tailored to retail clients.

The $42 billion RIA buys a low-fee 401 (k) provider.

Savings in mutual funds, annuities and other products from banks are not covered by insurance.

Establishing an S corporation would protect their profits from federal income taxes of more than 23.8%, an expert says.

Nearly three in four defer medical treatment, get suboptimal care to avoid deductibles or skip appointments to sidestep a bill.

Parents are advised to take advantage of charitable and nonprofit support programs when preparing for the future of a special needs child.

Chances are high that one or both parents who have left the workforce ahead of their full retirement age are still working out of necessity.

While an asset protection trust can cover nursing home care expenses in retirement, growth of these investments can trigger a tax bill.

Clients are advised place a deeper focus on their life goals when developing a strategy to retire.

If they fear a sharp downturn, seniors may want to avoid locking up their retirement accounts in long-term bonds.

Seniors who negotiate for such an arrangement should consider their finances, flexibility and mutual benefits.

Those leaving the workforce before 65 need more cost-effective places to live.

Underestimating their needs, many make decisions that are suboptimal or worse.

Age discrimination, unpredictable life shocks and involuntary retirement casts serious doubt on the “work longer” thesis.

Advisors may need to alert clients as to when these checks will be taxable.

Clients adding investments other than target-date funds to their 401(k) or 403(b) could potentially hurt their bottom line.