Roth IRAs

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.

If they fear a sharp downturn, seniors may want to avoid locking up their retirement accounts in long-term bonds.

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

Advisors may be able to shift taxable income and potentially save on employment taxes, as well.

Clients are advised to consider delaying their Social Security benefits, as up to 85% will be subject to income taxes, an expert says.

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

Clients often underutilize deductions for work-related technology purchases and travel expenses.