Savings accounts

Forget high-yield savings accounts (if you can find them). Money-market funds are having a moment.

Harvest’s micro-saving and investing technology is designed to turn spenders into savers, and eventually into investors.

Given the current nest egg shortfall in America, and that $1.7 trillion may not move the needle, Bloomberg’s Nir Kaissar says the message to save is key.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.

By extending their working years, seniors can see an increase in their Social Security payouts.

In some cases, workers who have received severance pay have the option of investing the money for retirement and other long-term goals.

Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.

Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.

“Having retirement assets in both traditional and Roth accounts can help clients hedge their tax bets for retirement,” an expert says.

While younger clients may be putting away more money than Gen Xers and baby boomers, they’re not better prepared for retirement compared with their older counterparts, experts say.

To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.

Aside from refinancing, retirees are advised to consider downsizing their homes to reduce overall spending.

To start, these clients are advised to start saving as early and contribute enough to their 401(k)s to qualify for their employer's matching contribution.

“It is really as important for plans to get people thinking about income rather than just accumulation,” an expert says.

Many wealth management trends never caught on. This one is no passing fad, however.

Older clients who have lost a job prior to retirement are advised to first consider filing for unemployment insurance and begin making revisions to their budget.

Seniors choosing between traditional and Roth IRAs must account for their current and future tax rates.

A Roth conversion “not only to minimize heirs’ tax burden but also to sustain the growth of [their] retirement savings."

Taking advantage of catch-up contributions is one of several methods that can help them get back on track.