It’s a difficult choice: should parents focus on saving for retirement or a college education for their children? For many families, meeting one of these goals is a challenge, and juggling both can seem impossible. How, then, can you help your clients make the right decision or balance their priorities? The right choice, for many clients, will be clear. For the reasons I discuss below, most parents should make saving for retirement their priority. Let’s explore the financial planning issues at stake.

Health care is a big line item in the budget for most advisors’ clients, particularly those who are seniors (or closing in on that demographic). For this group, helping clients navigate their Medicare options has always been a major planning concern. Now, with expanded Medicare Advantage benefits in effect, you and your clients have additional information to evaluate, including a new open enrollment period.

The rules and regulations for IRA-based retirement plans can get complicated. But, if you have clients with a significant amount of assets in retirement savings, you’ll want to be prepared to answer unusual IRA questions and help them steer clear of common errors. Here are a few you may encounter, with answers to help you be better prepared.

Do you have highly compensated employees looking to reduce their taxable income or set aside additional money for retirement? With a nonqualified deferred compensation (NQDC) plan, you can help these clients accomplish both goals. Keep in mind, however, that there is some measure of risk to consider—unlike with other types of retirement plans, the money they’ve saved is dependent on the financial solvency of the employer. 

When it comes to planning for the future, clients will (understandably) have questions and concerns. As their advisor, you are in a position to guide them through the retirement planning process, helping them to make the best decisions for their specific needs and retirement goals.

But what will your clients want to know? How can you ensure that you are giving them the most relevant and valuable information? These six critical retirement questions are ones every financial advisor should prepare for (and every client should ask).