For such an important aspect of clients’ financial plans, retirement planning is far too often overlooked or underprioritized. Making this mistake can be detrimental, particularly to women, who encounter different obstacles and circumstances than their male counterparts do, which can significantly affect their quality of life in retirement. Below, I’ll address five challenges women face when planning for retirement, as well as provide ideas for how you can help your female clients overcome them.

Although IRAs are intended to be long-term retirement savings vehicles (like employer-sponsored retirement plans), unexpected financial needs can arise, and your clients may find themselves wondering if they should tap into their accounts. Typically, IRA owners who distribute assets from their account before age 59½ are subject to a 10-percent early withdrawal penalty on the distribution amount. But with 72(t) plans, also known as a substantially equal periodic payment plans, IRA owners can distribute assets before age 59½ and avoid that penalty (though normal income tax rates would still generally apply).

Although it’s best practice to monitor clients’ retirement accounts throughout the year, many advisors are guilty of leaving certain annual tasks for the last minute. To help ensure the alignment of plans and objectives, advisors should take the time to periodically review clients’ retirement accounts—in particular, their beneficiary designations, current contributions, and distribution requirements.

Discussing retirement savings strategies for clients with small businesses can be challenging. After all, there are many things to consider, including cost, tax implications, personal retirement savings goals, and maintenance. But by familiarizing yourself with the various plan options, you’ll be better equipped to assist your clients in making the best retirement savings decisions—for themselves and for their employees. Plus, being a go-to retirement expert just might lead to opportunities for your own business, such as gaining access to centers of influence, increasing your market audience, and possibly obtaining client referrals.

IRAs are a great way for your clients to save for retirement, but they can also act as a vehicle for passing assets to their heirs. There are a number of options when choosing a beneficiary—from spouses and nonspouses to trusts and estates—and it’s not always easy to determine the best choice. Here, I’ll cover various types of beneficiaries and factors to consider when helping your clients choose an IRA beneficiary.