Key Points Aging in place allows you to stay in the home and community you’re comfortable with. Your home may not be suitable for your changing needs, and the cost of maintaining it could climb. Your social circle could evolve as friends and neighbors age, and your own priorities might shift. The $23,760 Social Security […]
Key Points The average retirement savings for the 75-plus cohort is about $460,000. However, the median savings amount is far lower at only around $130,000. The $23,760 Social Security bonus most retirees completely overlook › Tracking your remaining savings is critical to every retiree. And it can be tricky, because you not only need to […]
Key Points Your Social Security retirement benefits are based primarily on your earnings history. Maxing out benefits requires earning a high salary for a long time. Understanding what it takes to maximize benefits can help you increase your own benefit. The $23,760 Social Security bonus most retirees completely overlook › Most readers will reach their […]
Key Points Homeownership can offer stability in retirement, especially with a paid-off mortgage. There’s still the risk of costly repairs, not to mention the work involved. Don’t assume that becoming a renter is a poor financial decision. The $23,760 Social Security bonus most retirees completely overlook › Many people work hard to pay off their […]
Key Points The maximum Social Security benefit at 65 is nearly $1,400 more than the average benefit for all recipients. You’ll need to earn over the wage base limit for 35 years to be eligible for the maximum benefit. Claiming benefits at 65 will result in a 20% reduction if your full retirement age is […]
Key Points Some Social Security rules are less well-known than others. It’s important to keep the less-talked-about rules on your radar, since you never know when they might impact you. Pay attention to your options if you’ve filed too early, know how taxes work, and be mindful of the earnings test. The $23,760 Social Security […]
Key Points Savings in your 20s and early 30s can set you up for a comfortable retirement. The average 35-year-old likely needs to increase their savings rate to retire on time. If you’re behind, you still have plenty of time to catch up without being too aggressive. The $23,760 Social Security bonus most retirees completely […]
Key Points Waiting the 36 months between your full retirement age and 70 to claim Social Security benefits is like earning a 24% raise. Waiting until 70 may give your investments more time to grow. Research reveals some rather dramatic health-related benefits to working longer. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Saving for your senior years isn’t enough. Assuming your costs will shrink is a mistake. Relying too much on Social Security could hurt you. The $23,760 Social Security bonus most retirees completely overlook › Retirement is a stage of life you need to plan for. And the sooner you start, the easier a […]
Key Points A large Social Security COLA could increase your provisional income next year. This could put you at risk of owing income taxes on your benefits. A large COLA could also cause Social Security to run out of money faster than expected. The $23,760 Social Security bonus most retirees completely overlook › When you’re […]
Key Points Knowing more about Medicare could save you money. Understand what Medicare covers, when to enroll, and the costs you may be looking at. The $23,760 Social Security bonus most retirees completely overlook › Medicare is one of the most valuable benefits available to older Americans, but it’s also one of the most misunderstood. […]
Key Points Social Security is six years away from insolvency, despite 1983 reforms designed to prevent that. The early failure resulted from reality deviating from actuarial estimates. New reforms must be dynamic enough to adapt to actual economic and demographic shifts. The $23,760 Social Security bonus most retirees completely overlook › Social Security is facing […]
Key Points Social Security is facing financial pressures due to a shrinking labor force. If lawmakers don’t intervene, benefits may be subject to a substantial cut. It’s best to prepare for less Social Security even if lawmakers try to save the day. The $23,760 Social Security bonus most retirees completely overlook › Millions of Americans […]
Key Points Divorcing before you’ve been married for 10 consecutive years means losing access to spousal benefits. You can’t collect Social Security spousal benefits based on an ex-spouse’s work record if you’re remarried. Being incarcerated for 30 consecutive days or more automatically stops your spousal benefits. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points I’m expecting to face required minimum distributions due to having money in a traditional 401(k). While I intend to try to convert some of it to a Roth, I don’t expect to pull off a full conversion. Rather than panic, my aim is to take advantage of charitable opportunities and enjoy the money […]
Key Points The majority of retirees left the workforce with far less than $1 million. And the majority report that they’re living relatively comfortably. Still, there are things you can do to beef up your future financial security. The $23,760 Social Security bonus most retirees completely overlook › Many people are busy saving and investing […]
Key Points The average retirement account has a balance well below $2 million. While $2 million may seem like a lot, you need to take all of your costs into account. Having a concrete plan for the future is ultimately the key to a secure retirement. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points A recent study estimates the average 65-year-old will pay a staggering $185,500 in retirement healthcare costs. Original Medicare has many gaps, and you’ll need supplementary policies to reduce your out-of-pocket costs. The $23,760 Social Security bonus most retirees completely overlook › It’s no secret that retirement costs a lot of money. Even if […]