There are no tax breaks for taking funds from traditional IRAs, and the same applies to inherited IRAs. That means payments will be taxed at the beneficiary’s income tax bracket, said John Iammarino, principal and founder of Securus Financial. The drain-in-10 rule can result in a large tax bill for a beneficiary, especially if that person is in their 40s or 50s, which is typically the peak earning years.

John Iammarino, the principal and founder of Securus Financial, told FOX Business... “It doesn’t matter how much money you have if you don’t turn it into a predictable lifetime income stream,”

But when other expenses such as travel, additional leisure activities, and health care are factored in, most times people end up spending just as much in retirement as they did when they were working, says John Iammarino, president and founder of Securus Financial, a wealth-management firm in San Diego.

John Iammarino, the principal and founder of Securus Financial, told FOX Business among the changes that could be negative for retirees is the potential elimination of stretch IRAs. The new law says people who inherit an account must drain it within 10 years, while the current law allows them to stretch it out over a lifetime.

What three things do retirees value? Answer: income, income and income. And if you can get decent retirement income without taking on excessive risk, so much the better. All it takes is a modest amount of retirement planning.

Recommendations from John Iammarino, president of Securus Financial in San Diego.

“Widows and widowers have to understand that when their partner dies, typically, their income goes down with the loss of one Social Security benefit and a possible reduction in pension benefits,” said John Iammarino, president and founder of Securus Financial in San Diego, California, in an interview. “And while their income goes down, their taxes may go up.”

"Preparing for the long view can be a challenge, but it's better to know you're covered," says John Iammarino, principal and founder of Securus Financial in San Diego.

“We call it the ‘freak-out risk, Iif you don’t have a plan in place, you risk going to cash at the wrong time — the bottom of the market — and then reinvesting at the top of the market” said John Iammarino, president and founder of Securus Financial in San Diego.

“If you can save in a Roth 401(k), consider yourself lucky,” says John Iammarino, a financial advisor at Securus Financial in San Diego. “My message is Roth all day, every day, if you can.”

But when other expenses such as travel, additional leisure activities, and health care are factored in, most times people end up spending just as much in retirement as they did when they were working, says John Iammarino, president and founder of Securus Financial, a wealth-management firm in San Diego.

"In the last 10 years I think retirement has changed mostly because we see more and more people having to live off of a 401(k) and less and less corporate pensions," says John Iammarino, president and founder of Securus Financial in San Diego. "The decline in pensions has been ongoing for the last 30 years."

John Iammarino, California-based principal and founder of retirement planning company Securus Financial, said a quarter of his clients—most of whom are 60 or older—have considered whether they should move out of the state. By leaving California for Nevada or Texas, for example, some of his clients could save more than $100,000 just in taxes..

"I don't take the approach of [saying], 'Go live a frugal life,'" says John Iammarino, founder of advisory firm Securus Financial in San Diego. He advises his clients not to worry about adopting thrifty habits, and instead to home in on the unnecessary charges that can be eliminated without forgoing the splurges that bring you joy.

“For today’s retiree, the pension is becoming more and more hard to come by, therefore many of today’s retirees depend on social security for a large part of their income stream,” John Iammarino, principal and founder of Securus Financial, told FOX Business.

The relative small size of the companies means most are not household names, says John Iammarino, president of Securus Financial, a San Diego-based financial planning firm.  “The index includes many companies that have the possibility to be tomorrow’s large-cap stocks,” he says