Retirement scan

The Equifax hack has prompted the Trump administration to look at ways to establish a safer technology to replace the existing Social Security number.

Nearly two-thirds of future and recent retirees are worried there will be cuts to the program under the Trump administration. And an even greater percentage think that it needs to change.

Owning a home can bring tax benefits, as well as equity that can be used to create an income stream, but in some cases a rental can be a better deal for retirees.

Some consumer advocates worry that this will negatively affect small businesses and middle- and low-income Americans.

Roughly 15% of government workers are eligible to retire, but for most government jobs there is no mandatory retirement age.

Saving too much for retirement could force clients to take loans or make withdrawals that would carry taxes and penalties.

One guideline to remember is that retirees should continue being invested in stocks, which produce high returns and pay dividends.

Some say the changes could make the Federal Housing Administration's program less attractive to borrowers, but they could also improve the market.

Retirees who are considering investing in an immediate annuity can make sure they get a competitive quote by consulting the annuity payment calculator at immediateannuity.com.

When developing a plan to offset the potential shortfall of Social Security benefits in the long term, annual rebalancing is one step clients should take.