Retirement income

The plans cannot be maximized if clients fail to find ways to minimize costs in retirement.

Certain financial moves could push their income above a certain threshold, potentially triggering an income-related monthly adjustment.

A closed-end fund can provide a steady income stream for clients, but advisors often make misleading assumptions about the regularity of monthly distributions. Here’s what to watch for.

While many workers don’t have access to pension plans, annuities can provide a source of guaranteed retirement income and address longevity risks.

A successful financial plan is contingent on the success of the whole family, according to an expert.

These employers offer plans that pay as much as $6.52 per hour in contributions.

Around 40% blame their lack of preparation on housing costs, according to a report from TD Ameritrade.

Those planning to head back to the workforce are advised to set boundaries at their new jobs and continue doing the things they enjoy in retirement.

“Building and adhering to a budget that accounts for these types of expenses will create long-term security in retirement,” a CFP says.

When searching for the right plan, it is important that retirees assume their health will one day change.

Retirees often only take distributions when they are forced to do so because of the IRS’ RMD rules, an expert says.

Securing optimal returns depends on many factors, including the right underlying asset class and close monitoring.

Keeping their money invested for a longer period enacts the power of compounded interest growth.

Clients are advised to have an emergency fund, create a monthly budget and repay their high interest debt.

Investing in tax-advantaged accounts and automating contributions are a few strategies that could help.

Clients should think of the years as empty buckets and keep the amount of income into each bucket level per year.

To build their wealth, retirement savers are advised to take advantage of tax-advantaged plans including 401(k)s and IRAs.

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

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