Retirement income

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

A watchful planner might have saved a matriarch’s IRA from being allegedly pillaged by her son.

Mutual funds and ETFs are often created with lopsided or unequal allocations toward certain sectors of the economy, experts warn.

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.

“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.