Roth IRAs

With pensions gradually disappearing, more retirees will have to rely on 401(k)s.

Despite recent tax law changes, recharacterizations are still possible and can prove a valuable strategy to correct such missteps.

Waiting too long means clients will miss out on the opportunity to maximize the plan’s full tax benefits.

Major repairs are needed to ensure Social Security’s long-term stability, according to an expert.

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

Funding a Roth account, for example, may not offer upfront tax deductions, but withdrawals are tax-free.

Certain financial moves could push their income above a certain threshold, potentially triggering an income-related monthly adjustment.

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

Those planning to head back to the workforce are advised to set boundaries at their new jobs and continue doing the things they enjoy in retirement.

“Building and adhering to a budget that accounts for these types of expenses will create long-term security in retirement,” a CFP says.

Cases often go unreported because many times seniors are too embarrassed.

Keeping their money invested for a longer period enacts the power of compounded interest growth.

Clients are advised to have an emergency fund, create a monthly budget and repay their high interest debt.

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

Plans can quickly deteriorate as a result of poor planning and inaccurate assumptions about the future.

Pre-retirees expect their annual health-related expenses to top $7,000 once retired, however the actual cost can be much more.

Establishing an S corporation would protect their profits from federal income taxes of more than 23.8%, an expert says.

Chances are high that one or both parents who have left the workforce ahead of their full retirement age are still working out of necessity.

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

Clients are advised place a deeper focus on their life goals when developing a strategy to retire.