Social Security benefits

Many workers are unaware they have the option of making catch-up contributions to retirement accounts, missing out on an opportunity to boost savings.

Dental expenses can eat away a considerable amount of retirees’ savings, but these costs are important to prevent health complications and other medical expenses.

There are a lot of options — and potential missteps.

The worst thing investors can do is panic and sell.

Retirees who opt to file at a much later date can earn delayed retirement credits that could boost their benefits by as much as 32%.

Even middle-class households who have health insurance are at risk, as a researcher points out that they are the ones who filed for the most bankruptcies.

One tip for seniors: They should register their My Social Security account as early as they can before other people can create the account.

Seniors are more likely to opt for the standard deduction, which increased under the new tax law, but those who want to maximize their deductions have several considerations.

Conventional wisdom says to postpone filing for benefits until full retirement age or, even better, until your 70th birthday. Are there some cases when that doesn't apply?

Workers should consider contributing the maximum amount to their 401(k)s, whose contribution limits have increased for this year.

Seniors are advised to take measures to prepare for a possible shortfall in retirement income, as there is no guarantee for an immediate fix to the problem.

Benefits are meant to replace just 40% of preretirement income, so many retirees should consider creating new income sources, such as running a small business or renting out a property.

This strategy enables retirees to restrict their application to spousal benefits and allow their benefit to grow until they reach 70.

Employees who plan to retire next year should ensure they have enough savings to cover their healthcare expenses before making a decision.

There can be benefits in enrolling simultaneously, but there are also incentives to consider in waiting on Social Security instead of claiming benefits at 65 when Medicare kicks in.

Clients can often retire smoothly even during a downturn if they diversify and rebalance their portfolios properly, as well as pay off debts and maximize their Social Security benefits.

A widely held view is that a lot of spending is wasted on “heroic” measures at the end of life, but it’s difficult to know which patients are in their final year.

One of the major provisions of proposed legislation would require 401(k) plans to offer annuities so participants could create new income streams.

Despite Social Security's financial woes, the revenue shortfall can be easily fixed, say experts at Boston College Center for Retirement Research. But it will only go so far in paying for living expenses.

Seniors should not only have a financial plan in place, but activities to keep them preoccupied.