Social Security benefits

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.