Social Security

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.

Employees who think they have lost their retirement assets are advised to seek help from the DOL or nonprofit pension counseling centers funded by HHS.

Even if an employee does not use the triple-tax-advantage of these accounts, the benefits are still valuable.

Employees should account for the tax ramifications before making such a decision.

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 employees know the details?

People looking to retire but wanting to keep a part-time gig will benefit from a new law that gives a 20% deduction for “pass-through entities.”