Savings accounts

“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.

Retirees can reverse their claiming decision, but not without considering one important caveat.

Seniors may consider working longer or relocating somewhere where their benefits are not subject to state taxes.

Pre-retirees are encouraged to save aggressively and create a list of things they plan to spend their money on without remorse, an expert says.

Clients can void overspending by seeking out sales and discounts to lower their food and entertainment costs.

"Since no one has a crystal ball to predict what will happen, I advise saving money on both sides of the tax fence," an expert says.

Nearly 48% of younger Americans feel they are not saving enough to secure their lifestyles after leaving the workforce, a report finds.

Wealth management is playing an ever bigger role at the firm, which aims to add a million new clients in the coming years.

Salary increases can make long-term planning more complicated if investors boost their lifestyle instead of their savings, an expert warns.

While there are strategies to help reduce risk, clients should recognize the order of investment returns is crucially important, an expert writes.