Social Security

A recent report from Democrats on the Joint Economic Committee says that Social Security is being threatened, and the federal government should consider modernizing and enhancing the program.

Many people expect to collect more than they actually will, which can prompt them to retire and file for benefits early and, in turn, reduce their actual payouts.

Although annuities incur taxes and costs, clients "can invest the same amount into a diversified municipal bond portfolio and pay no taxes,” an expert says.

Instead of amassing $1 million in savings, clients should consider asking themselves if they are prepared financially for several decades of retirement.

Many retirees kept their financial assets for at least 20 years after retiring, according to a study by the Employee Benefit Research Institute.

Clients have to change their retirement goals and strategies over the years, starting off heavily in stock allocation while in their 30s.

Clients who think they have lost their retirement assets are advised to seek help from the Labor Department or nonprofit pension counseling centers funded by the Department of Health and Human Services.

Even if a client does not use the triple tax advantage of these accounts, the benefits are still valuable.

Fraudsters call seniors and get them to provide their Social Security number or pay a "processing fee" for the new Medicare card.

Debt is back on the rise, this time led by government.

Contributing $300 a month to a 401(k) over 40 years with an average 7% return will result in more than $700,000. So the benefits are there, but do your clients know the details?

Millennials, Gen X, older workers and current retirees should all think about Social Security slightly differently in crafting their retirement plans.

See what the Social Security Administration considers part of the "5 things every woman should know" about the program.

The retirement problem comes down to the fact that many people don't have access to a 401(k) plan. Here's one solution.

Average Americans aged 56 to 61 have only saved $163,577 in their 401(k)s, according to the Economic Policy Institute.

LifeYield makes it proprietary Taxficient Score available to individual advisors.

Filing early can be a smart move if seniors intend to continue working even on a part-time basis.

Clients aged 35 have to set aside 11.69% of their pay to keep up with those in their 20s socking away only 6% of their salary, based on calculations by Financial Engines.

One major help will be in helping participants think in terms of lifetime income — as opposed to accumulated balances — by requiring benefit statements to include income estimates at least once a year.

These funds can help clients put saving plans on autopilot, but they can also take on more risk than expected.