Roth 401(k)

Failing to pay taxes on side-gig earnings and keeping faulty records of business-related expenses must avoided to prevent an excessive tax burden.

Contributing to these accounts makes sense for clients who anticipate higher tax rates in the future.

Seniors hoping to begin retirement next year are advised to review their risk exposure, pay down their debt and save for additional health care costs.

Those in the workforce will not owe taxes on rollovers to traditional retirement accounts, but will face consequences using the strategy with a Roth.

Vesting schedules applies to the type of money, not on the exact amount that was deposited, according to an expert.

Researchers blame the immaturity of the system and poor choices made by those planning to retire.

The plans cannot be maximized if clients fail to find ways to minimize costs in retirement.

Without a rollover, they can experience “untold impact to their plan for securing retirement," an expert says.

A successful financial plan is contingent on the success of the whole family, according to an expert.

Paying down debt, downsizing and reducing spending are a few ways retirees can grow their finances.

While an asset protection trust can cover nursing home care expenses in retirement, growth of these investments can trigger a tax bill.

Seniors who negotiate for such an arrangement should consider their finances, flexibility and mutual benefits.

Withdrawals for non-medical expenses would no longer be penalty-free under the proposal.

“We can’t overestimate the influence of having access to employer-sponsored retirement plans," an expert says.

For retirees, dipping into their traditional retirement accounts could trigger an income tax bill while withdrawing from Roth accounts might not result in a tax liability.

An average couple aged 65 who are about to retire this year will need $285,000 to cover healthcare expenses.

As much as 46% believe Medicare will cover the costs of long-term care.

Those who fail to meet the cutoff face a penalty equivalent to 50% of their required minimum distribution.

A higher standard deduction makes itemizing deductions less valuable.