Retirement withdrawals

If the client makes a mistake, they are advised to take the RMD as soon as they discover it so they can ask the IRS for a waiver of the penalty.

Retirement plans may decline to offer delayed RMDs, plan loans, stretch and hardship distributions and a host of other legally sanctioned tax maneuvers.

Seniors are more likely to opt for the standard deduction, which increased under the new tax law, but those who want to maximize their deductions have several considerations.

A recent ruling by the U.S. Labor Department could open the door for automatic 401(k) transfers between employers, which means fewer workers will be tempted to cash out.

One approach to determine a retirement withdrawal rate is to set a fixed percentage of their portfolio every year, says an expert. But there are other strategies, as well.

Compared to lower earners, clients with moderate and higher incomes will owe more taxes on the distributions from tax-deferred accounts after they retire.

They are advised to take the mandatory distribution days before the deadline to ensure that they get their withdrawal processed in time.

Despite Social Security's financial woes, the revenue shortfall can be easily fixed, say experts at Boston College Center for Retirement Research. But it will only go so far in paying for living expenses.

Workers looking to retire comfortably are more in need of professional guidance than they realize — and there are a lot of them.

What are the best strategies for clients looking to tap assets while minimizing penalties?