Retirement scan

Filing for Social Security can be a wrong move if seniors are still employed and earning a wage income.

The number of clients owning taxable brokerage accounts has increased 10 percentage points over the past five years, while ownership of employer-sponsored plans remained unchanged.

Some are forced to retire early because of disability, layoff and health issues, while others fear that the program will reduce future benefit payouts as a result of its financial woes.

Annuities can be qualified or non-qualified and are subject to different tax treatments. There are also estate tax consequences as well as tax penalties to consider.

If retirees intend to rely heavily on Social Security for income, they should consider adjusting the timing of their bills to the date that they will receive their benefits.

Mutual fund costs have fallen to 48 basis points in 2016 from 77 basis points in 2000 for plan participants, according to data from Investment Company Institute.

Rents have increased an average of 3% annually over the 14-year time period of the study, while incomes have declined .1% annually.

For some couples, the fact that they have been drifting apart could be masked by the attention devoted to their careers or raising a family.

Whether the husband takes reduced benefits has no impact on the spousal rate, although it could effect potential widow's benefits, according to a Social Security expert.

Retirees should delegate the management of their finances to their children before they reach advance years and their health starts to decline.

Medicare premiums will increase for high-income retirees because of the change in the income brackets that will serve as basis for determining these premiums for their Part B and Part D coverage.

Workers with a high-deductible health plan will be better off setting up a health savings account, which offers tax benefits for savings earmarked for future medical expenses.

Clients should determine the benefits they would receive if they file at age 62, at full retirement age, and after their full retirement age.

More than 25 million workers resigned and left at least one retirement account with their former employer between 2004 and 2013, according to the U.S. Government Accountability Office.

A recent report from Democrats on the Joint Economic Committee says that Social Security is being threatened, and the federal government should consider modernizing and enhancing the program.

The differences generally come down to investor eligibility and when taxes are paid, but that can have a significant impact.

Many people expect to collect more than they actually will, which can prompt them to retire and file for benefits early and, in turn, reduce their actual payouts.

While seniors are often encouraged to lead an active lifestyle in retirement, too much activity may do more harm than good, according to one professor.

Elderly clients should make sure they have enough fixed-income in their retirement portfolios to spin off cash to cover the gap between income and expenses until the market recovers.

Instead of amassing $1 million in savings, clients should consider asking themselves if they are prepared financially for several decades of retirement.