Retirement planning

Pre-retirees should have Medicare or health insurance in place to cover their medical costs, along with a well-maintained investment portfolio.

Retirees who under-reported their income to avoid taxes will also get smaller retirement benefits than they deserve.

Retirees should weigh a number of factors, including the fact that the closing costs for reverse mortgages are higher than those for regular mortgages.

IRA investors should consider implementing a charitable lead annuity trust when converting some of their funds into Roth to mitigate the tax bite.

The total out-of-pocket health care expenses of a 65-year-old couple in retirement could exceed $320,000, plus 5% annual increases.

Planning may help high-income seniors avoid paying up to four times the going rate for Part B and Part D coverage.

Retirement investors may opt for whole life insurance, which offers tax-deferred growth on premiums, or a home, which they can sell with up to $250,000 (or $500,000 for couples) in capital gains tax exclusion.