The mass exodus from traditional defined benefit pension plans is a reflection of several trends. Primarily, employees are living longer, and updated IRS life expectancy tables have increased the cost of providing a defined benefit plan accordingly. Additionally, the prolonged low-interest-rate environment has reduced funds’ investment returns, which means plans need additional capital to stay afloat. Lastly, underfunding of pension plans has led to more government regulations, which has increased the cost of offering defined benefit plans as well.

There are many options out there when it comes to choosing the right financial planning software for your firm. Should you go with cash flow- or goal-based software? Linear or Monte Carlo calculations? Interactive or traditional reports? Plus, with such a high switching cost in play if you don’t choose correctly, you want to ensure that you find the software that best fits the needs of your practice and your clients the first time around.

Despite the increase in the federal estate tax exemption amount, estate and gift tax management remains an important aspect of planning for your clients. On top of federal taxes, 20 states impose their own estate or inheritance tax. Strategic lifetime gifting can be an effective way to alleviate the estate tax, helping clients pass the maximum amount of money to their beneficiaries—who may eventually need your assistance managing those funds. Strategic gifting can also help clients efficiently transfer appreciating assets, such as the family business, or benefit grandchildren with 529 education plans, while accomplishing estate tax planning goals.

Consider this: The rate at which college tuition costs are rising has outpaced that of health care nearly twofold. The result is a generation of young people left with the giant burden of student loan debt. But as you have undoubtedly developed strategies to help your boomer clients meet the high cost of health care, there is now an opportunity for you to work with the next generation of clients trying to manage their debt while meeting their other financial goals.

Like many individuals approaching retirement, your clients may need help moving from speculation about potential health care costs in retirement to the reality of these expenses. How can you help close this knowledge gap and improve their financial outcomes? You need to be prepared to have meaningful conversations regarding how to plan for these costs, as well as how to reduce them.