Social Security

Retirees should delegate the management of their finances to their children before they reach advance years and their health starts to decline.

Medicare premiums will increase for high-income retirees because of the change in the income brackets that will serve as basis for determining these premiums for their Part B and Part D coverage.

Workers with a high-deductible health plan will be better off setting up a health savings account, which offers tax benefits for savings earmarked for future medical expenses.

Clients should determine the benefits they would receive if they file at age 62, at full retirement age, and after their full retirement age.

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.

Inflated client expectations mingled with fears of congressional cutbacks are making retirement planning even more complex.

Many employees 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.

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.

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