Note: this article was originally published January 7, 2018, and has been updated to reflect current lottery jackpots.
Between the Mega Millions jackpot estimated at $1.6 billion, and the Powerball jackpot standing at over $600 million, many people are thinking about what they could do with the proceeds from a big win.
The IRS is coming - eventually - for the money in your 401(K) or Traditional IRA.
As a result, people who think they have $500,000 or $1 million stashed away for retirement will learn they have less than they realized once they start withdrawing the money and have to pay taxes on those withdrawals.
"It's not enough to simply save money and grow an IRA and 401(K)," says Troy Bender, president and CEO of Asset Retention Services Inc.
While some people in the retirement-planning stages worry about outliving their money, others have a different concern: that their money is outgrowing their investment advisor.
It's not unusual for the size of the client's investment to increase well beyond their advisor's level of experience and knowledge. Higher net-worth individuals often demand more creative, sophisticated planning for their needs than their original advisor is able to provide.
Debt continues to be a crushing burden for many Americans. From credit cards to auto loans, mortgages, student loans and medical bills, a high percentage of the nation's households have one or more of those types of debt.
According to a NerdWallet debt analysis in 2017, the average American household carrying credit card debt owed a balance of $15,654. The average balance for a household with auto loans was $27,669; it was $46,597 for a student loan; and $173,995 for the average remaining on a mortgage.
Sometimes a whole crate of birthday candles might not be enough.
Americans are living longer than ever, with the average life expectancy now rising to about 79 years. Some have referred to this trend as the "longevity revolution," but it's also creating a revolution in the way people think about retirement.
"What worked for retirees a generation ago isn't going to work today," says Jack Teboda, president of Teboda & Associates, a financial services firm.