Retirement benefits

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The differences generally come down to investor eligibility and when taxes are paid, but that can have a significant impact.

Many people expect to collect more than they actually will, which can prompt them to retire and file for benefits early and, in turn, reduce their actual payouts.

Although annuities incur taxes and costs, clients "can invest the same amount into a diversified municipal bond portfolio and pay no taxes,” an expert says.

Advisors need to educate clients — but not dumb down their advice — when it comes to the complex world of these investment vehicles.

Elderly clients should make sure they have enough fixed-income in their retirement portfolios to spin off cash to cover the gap between income and expenses until the market recovers.

A Roth IRA is an excellent savings vehicle for older people as it is for younger clients.

Clients have to change their retirement goals and strategies over the years, starting off heavily in stock allocation while in their 30s.

Many are unaware that they are responsible for a majority of their medical expenses, aside from premiums and coinsurance costs.

Clients who think they have lost their retirement assets are advised to seek help from the Labor Department or nonprofit pension counseling centers funded by the Department of Health and Human Services.