Retirement scan

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

For starters, wage income earned by those working past their full retirement age can boost tax bills and medical insurance costs.

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

Higher-than-anticipated health-care costs are among the most unexpected expenditures clients face in retirement.

Financial planners should at least consider modeling early retirement to prepare clients for the possibility of uncertainty, says Morningstar.

Contributing to these accounts makes sense for clients who anticipate higher tax rates in the future.

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

Workers from both generations share similarities — and financial pressures — when planning for retirement, writes an expert.

To secure retirement for both spouses, married clients need to determine their savings rate in their 401(k)s and take advantage of the employer's match.

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

Female clients should start as early as possible and take advantage of the employer match, contributing at least 15% of their income.

Setting up a tax-advantaged retirement account, automating contributions and reducing their overall expenses are a few strategies to get back on track.

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.

Parents can match their children’s savings in a Roth IRA dollar-for-dollar on the condition that they agree not to dip into the accounts until they retire.

Failing to enroll in a health care plan and taking on a hefty student loan debt are just two of the most common blunders younger clients should avoid.

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

Those in the workforce will not owe taxes on rollovers to traditional retirement accounts, but will face consequences using the strategy with a Roth.

Of all the end-of-year financial faults affecting workers, this one could cause them to end up working longer than they had intended.

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