Retirement scan

Retirement investors may opt for whole life insurance, which offers tax-deferred growth on premiums, or a home, which they can sell with up to $250,000 (or $500,000 for couples) in capital gains tax exclusion.

Recent actions by the federal government are not helping Americans to improve their retirement prospects, says analyst.

Naming a young grandchild as beneficiary of a traditional IRA could be a wrong move, as the distributions will be subject to the "kiddie tax."

Investors are about to enter the worst two-month period of the year for stocks, according to an expert with Bespoke Investment Group.

Unlike when they were still working and their employer withheld an amount for their taxes, retirees need to make estimated tax payments to the IRS.

Clients should be especially mindful of market movements during the "fragile decade," the span beginning five years before retirement until five years after retirement.

The most important consideration is that clients are able to complete the 35-year work period because benefits are based on the 35 highest-paid years from their careers.

Clients should plan to replace roughly 80% of their pre-retirement income after they leave the workforce for good.

Make sure clients understand that a 401(k) rollover could trigger a hefty tax bill, and that liquidating assets before the age of 59 1/2 could mean a hefty penalty.

Clients should work together with their spouses and plan as a couple to develop a Social Security claiming strategy that will maximize their retirement benefits.