Retirement scan

Investors are advised to do a Roth conversion before year-end to make the most of the federal tax deduction for state and local income taxes, which could disappear next year.

Relying too much on tax-loss harvesting to generate an income is a common mistake that clients should avoid after they retire.

Retirees should take advantage of their flexible schedule, which allows them to go on vacation during off season to save on costs.

Retirees who have reached the age of 70 1/2 should take required minimum distributions from tax-deferred accounts, while those who are younger should draw from their taxable accounts.

With the right steps, clients can reduce their tax liability, as well as new sources of retirement income with different tax treatments,

If clients set aside a portion of earnings in a 401(k) or IRA, taxes weren't forgiven, just deferred. They'll still owe money to the IRS at some point.

While clients cannot determine their health care expenses and taxes in retirement, they can improve their prospects by minimizing investment fees and diversifying their portfolios.

Small firms are allowed to set up multiple-employer plans, but the government needs to "simplify and rationalize the rules" for these types of plans, says an expert.

Medicare Part B premiums will stay flat next year, but most retirees will still pay more.

Clients should claim their retirement benefits only when other taxable income sources are used up, as their benefits could be taxed if their taxable earnings reach a certain threshold.

Workers can improve the odds of getting bigger Social Security benefits after they retire by asking for a salary raise from their employer.

Retirees should remain invested in stocks even if they have to scale back their exposure to this investment type, experts say.

Financial advisors can still be held liable for violating impartial conduct standards even though the fiduciary rule has been delayed until 2019.

One-third of households headed by Americans aged 65 and older derive 90% of their retirement income from Social Security, according to a GAO report.

Retirees should ensure that they take their first required minimum distribution from their tax-deferred retirement account in the year they reach 70 1/2 or face a 50% penalty.

In September, the inflation rate was 2.23%, slightly higher than the proposed Social Security increase. So realistically, recipients "will not be better off at all."

Tax cuts today will increase deficits and future retirees will bear the brunt in reduced Medicare and Social Security benefits, according to one expert.

"Sun and sand are great," says one analyst, but they're not the only considerations. They certainly didn't help boost the top city in this survey.

For a retired military service man, delaying his Social Security would mean he's not subject to the earnings test that can reduce his check by $1 for every $2 he earns over the current threshold of $17,040.

High-yield or junk bonds, equities, and real estate investment trusts are excellent investment options for IRAs.