Retirement scan

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

Plans can quickly deteriorate as a result of poor planning and inaccurate assumptions about the future.

Pre-retirees expect their annual health-related expenses to top $7,000 once retired, however the actual cost can be much more.

Savings in mutual funds, annuities and other products from banks are not covered by insurance.

Nearly three in four defer medical treatment, get suboptimal care to avoid deductibles or skip appointments to sidestep a bill.

Health savings accounts offer triple tax benefits, allowing clients wiggle room to save for rising health care costs.

Parents are advised to take advantage of charitable and nonprofit support programs when preparing for the future of a special needs child.

Chances are high that one or both parents who have left the workforce ahead of their full retirement age are still working out of necessity.

Doing the wrong thing can impact discretionary spending and leave little room for tackling unforeseen challenges in retirement.

Clients are advised place a deeper focus on their life goals when developing a strategy to retire.

If they fear a sharp downturn, seniors may want to avoid locking up their retirement accounts in long-term bonds.

Seniors who negotiate for such an arrangement should consider their finances, flexibility and mutual benefits.

To correctly identify their risk tolerance, clients must not only understand how to react to risk, but also how the market environment and investment experience have impacted them.

Underestimating their needs, many make decisions that are suboptimal or worse.

Age discrimination, unpredictable life shocks and involuntary retirement casts serious doubt on the “work longer” thesis.

Clients adding investments other than target-date funds to their 401(k) or 403(b) could potentially hurt their bottom line.

To make the most of their savings, workers should start funding their accounts as early as possible.

Do your clients have their ducks in a row?

“The big issue here is being able to maintain your standard of living,” an expert says.

The next generation can assist loved ones with applying for financial assistance, reducing expenses and developing a financial plan.