The IRS said it is once again postponing enforcement of a required minimum distribution rule affecting certain people who have inherited retirement accounts since 2020. The announcement extends the postponement of the 10-year payout rule through 2024.

Putting a power of attorney for health care in place is a crucial planning step for ensuring that a client's wishes are carried out in the event of serious accidents or illness, writes Amy Florian of Corgenius. Help the client understand that in addition to naming people who can make decisions on their behalf, "those people must thoroughly understand what your client wants and why they want it, so each situation can be interpreted considering the client's ultimate goals," Florian writes.

A new study from Trust & Will found that while 81% of millennials believe having a will is important, only 36% of them have done any estate planning. Financial advisors should encourage clients to take small steps, such as naming beneficiaries, which "can lead to larger actions like establishing a will, guardianship for minors and medical directives," says Den Murley of Belonging Wealth Management.

With the larger estate tax exemption scheduled to sunset after next year, holding life insurance policies inside a trust can be a valuable planning step, with the policy proceeds being used to pay federal estate taxes and help avoid forced asset sales, according to Daniel Rahill of Wintrust Wealth Management. In many cases, the irrevocable life insurance trust is funded through the purchase of a new policy, Rahill says.

Everyone needs to have a digital estate plan for their financial accounts, as well as social media and other online accounts, writes Pat Simasko of CoreCap Advisor. Simasko offers a checklist that includes listing all accounts and login credentials and providing written instructions for dealing with those accounts.

A Goldman Sachs Asset Management report showed women's levels of savings and their confidence in being able to meet retirement goals are improving. However, the report noted women could end up with a retirement savings shortfall as a result of multiple factors, including income disparities, longer lifespans and a tendency to have more caregiving responsibilities.

Working an extra year before retirement can have a significant impact on financial outcomes because it may allow people to save more and spend less, writes Andrew Rosen of Diversified. In addition to the other advantages, "perhaps the largest benefit for many is an extra year of compound interest on their retirement assets," Rosen writes.