For retirement advisors, this potential scenario gives them a good opportunity to help income-challenged clients avoid huge tax increases.

As pension plans gradually dwindle, the American Benefits Council says simpler relations with the PBGC, the IRS and the DOL will be necessary to keep the last ones alive.

Republicans are proposing a "fiscal cliff" plan that revives ideas from failed budget talks with President Barack Obama last year, calling for raising the eligibility age for Medicare, lowering cost-of-living hikes for Social Security benefits and bringing in $800 billion in higher tax revenue.

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