Retirement readiness

After developing a plan to cover their bills and emergency expenses, clients in a new marriage are advised to start working on their long-term goals.

To reduce the risk of retiring early, seniors are advised to take on a part-time job or downsize to reduce expenses.

Retirees may benefit from moving money to various locations that offer better savings rates and returns.

Seniors can claim tax deductions for payments made on their homes, allowing them to reduce their tax burden when they retire.

More clients are opting to work after they retire "to stay active and contribute professionally while also supplementing their income.”

“By and large, many simply have not yet saved enough to retire comfortably.”

Sixty percent of advisors cited estimating health care costs as one of the biggest headaches when helping retirees plan for the future.

Clients should understand Medicare, Social Security and 401(k) changes that will impact on their retirement savings and income.

The change would affect seniors who converted traditional accounts to Roth and paid taxes for the benefit of their heirs.

Seniors hoping to begin retirement next year are advised to review their risk exposure, pay down their debt and save for additional health care costs.

One tip for younger clients is to create multiple income streams that are subject to varying tax treatments.

"A long life is wonderful, but it is also costly and a bigger drain on resources," an expert says.

Medicare savings programs, discounts on prescription drugs and rental assistance are a few ways retirees can lighten their load.

Vesting schedules applies to the type of money, not on the exact amount that was deposited, according to an expert.

Helping clients develop a solid investment strategy is an important step to help them survive market volatility.

Younger clients who adopt an overly conservative investment approach are advised to consider diversified, low-cost equity products to boost returns.

In some cases, clients are advised to pay off their debt instead of putting money aside to retire.

The full balance won't belong to them until they are fully vested in their plans — especially if they're receiving an employer match.

Buyout amounts are high right now, but there are many other factors to consider when guiding your client to the right choice.