Tax strategies

Those who leave the workforce can maximize the tax benefits by donating a portion of their IRA assets directly through a qualified charitable distribution

The tax plan would make itemized deductions less valuable so some retirees would lose a deduction that covers payments for nursing homes, assisted living or inpatient hospital care.

Clients who intend to name minor children as beneficiaries of their IRAs should take taxes into consideration before making a decision.

Clients who intend to name minor children as beneficiaries of their IRAs should take into consideration the "kiddie tax" before making a decision.

Retirees are often pushed into a different tax bracket with many paying more in retirement than they were while working.

Retirees are often pushed into a different tax bracket with many paying more in retirement than they were while working.

Retirees can change their Part D prescription-drug plans, Advantage plans, and/or switch from traditional Medicare to Medicare Advantage during open enrollment, which ends Dec. 7.

Workers should not assume that Medicare will cover all their medical expenses, or that they'll see a decrease in their expenses after they retire.

Clients should not assume that Medicare will cover all their medical expenses, or that they'll see a decrease in their expenses after they retire.

Some consumer advocates worry that this will negatively affect small businesses and middle- and low-income Americans.