The employee deferral limit for 401(k)s and certain other kinds of retirement plans will be $24,500 next year, rising from $23,500 this year, according to the IRS. In addition, the catch-up contribution limit for savers who are 50 and older will increase to $8,000, and it will be $11,250 for those between the ages of 60 and 63. Meanwhile, the contribution limit for IRAs will increase to $7,500 next year.

With the end of the year fast approaching, advisors are seeing opportunities for holistic planning conversations with clients that involve estate and long-term-care issues. "This is a great time to assess each family's objectives, ensure we are up to date on any estate tax exemptions a family may still have, and prepare for year-end charitable gifts," says Caprock's Ryan Singer.

Alberto Musalem, president of the Federal Reserve Bank of St. Louis, urged caution with future interest-rate reductions as inflation remains above the central bank's inflation target. Musalem said that "I think there's limited room for further easing without monetary policy becoming overly accommodative."

Major stock indexes declined on Thursday as investors absorbed the implications of the end of the longest federal shutdown in history. Meanwhile, traders are anticipating an influx of economic data as the government reopens.

An effective wealth transfer requires preparing heirs ahead of time to ensure they have the judgment and wisdom needed to make informed choices. One way to accomplish this goal is by making lifetime gifts, and another option is to link wealth transfer to life goals such as college graduation, writes Leslie Gillin Bohner.

Advisors should prepare for an active season of charitable giving, says Julie Sunwoo, president of DAFgiving360. The bull market has made people feel more secure financially, leading to increased generosity. Sunwoo highlights donor-advised funds as valuable planning tools, and many of the contributions to these instruments are noncash assets.

Retirement brings a significant shift from saving to spending, which can be unsettling for many, so having a strategic plan to manage the transition is key. Understanding income streams -- whether from Social Security, pensions or other sources -- is a crucial part of forming an effective plan.