Retirement scan

Many people have the misconception that Social Security will become insolvent over the next 20 years.

Roughly a third of American workers don’t have a retirement vehicle, says Labor Secretary Thomas Perez.

One concrete step for advisers is to work with a care manager and a knowledgeable elder lawyer to petition the court to appoint a guardian or conservator.

For one strategy, clients should create income streams that have built-in protection, such as Social Security and long-term insurance.

A proposed 22.3% increase in Medicare Part B premiums, if approved, will automatically be deducted from retirees' monthly checks.

In about 30% of large companies, seniors can opt to work part-time or engage in job sharing with co-workers.

Investors can expect limited options or higher fees in their retirement plans as brokerage firms are evaluating their pricing structures to comply with the fiduciary rule.

Clients should realize that reaching the finish line of their career means the start of a new chapter of life.

One approach shows how clients can use their health savings account to cover premium payments.

People who've prepared may still run out of money in retirement if they fail to create a budget or underestimate the amount they need.