Fidelity Investments reports that the average 401(k) account was down about 23% by the end of 2022 from a year ago, and Vanguard reports a 20% drop. The average contribution rate was measured at 13.7% in the fourth quarter, according to Fidelity.

Collectors -- whether they have accumulated sports memorabilia, vintage cars or other items -- will need to incorporate these objects into their broader estate plan. It's crucial to keep an updated inventory of the collection as well as valuations and supporting documentation, and it's also helpful to build relationships with auction houses that can sell these kinds of items when the time comes, writes Thomas Ruggie of Destiny Family Office.

A survey by Cerulli Associates found that many asset holders are doing a poor job of communicating their wishes and intentions on estate planning with family members, with only 46% actually doing so before they die. Scott Smith, Cerulli's research director, highlights three questions financial advisors should ask their clients to help facilitate the process.

Assisting Black Americans in creating generational wealth is a key way to mitigate the racial wealth gap, says Alexis Harris, a Northwestern Mutual advisor. Harris says she focuses on making sure her clients have enough life insurance, and she guides them in a capital-needs analysis to "help them understand what life insurance can solve for at the end of life."

Experts who spoke at an InvestmentNews Retirement Income Lab said the 4% withdrawal rule for retirement accounts remains a good starting point that needs to be tweaked depending on personal needs and overall financial conditions. "Retirees need some rule of thumb, and 4% is a decent baseline that accumulators use," said Christine Benz, director of personal finance at Morningstar.

Small-business owners may be able to use the provisions in the SECURE 2.0 retirement package to give their employees more opportunities to save, writes Jamie Hopkins of Carson Wealth. Among other provisions, Hopkins points to the starter 401(k), which "attempts to make it easier for small businesses to set up plans with fewer limitations, less liability and less cost."

Charles Ratner, a life insurance and estate planning commentator, discusses recurring themes in the life insurance industry and offers a list of tactical shifts that agents can make in 2023 to meet challenges and capitalize on opportunities. Among them are saying more in less time, speaking more specifically and aiming for inspiration over confrontation.

Eighty-one percent of individual life insurance buyers over the past two years have been millennials or members of Generation X, writes LIMRA's Elizabeth Caswell, making it important for financial professionals to have an active social media presence. They can use that presence to share proactive and relevant information and create deeper connections, Caswell writes.

The Senate has passed a bill in a 50-46 vote that would overturn a Labor Department rule that allows incorporation of environmental, social and governance factors into investment decisions by retirement fund managers. The legislation had cleared the House, but President Joe Biden has indicated a veto.

Margie Barrie of ACSIA Partners highlights why factors such as age, health and compounding make it much more cost-effective for clients to buy a long-term-care insurance policy earlier rather than later. Based on her analysis, Barrie recommends people consider buying long-term-care coverage in their mid-40s or early 50s.