Key Points Taxes, home repairs, and Medicare expenses could eat up more of your income than expected. There are ways to manage all of these expenses with less stress. The $23,760 Social Security bonus most retirees completely overlook › Retirement is an exciting milestone. But it’s also not something you should jump into. It’s important […]
Key Points You’ll obviously need investment income in retirement, but you’ll still need capital growth as well. Meeting multiple goals for your money is easier to achieve when your savings are separated into groupings, each with a distinct purpose. There’s a proven magic number for the amount of cash that can be removed from your […]
Key Points Social Security benefits are going to be an important source of income in your senior years. Many people make mistakes about when they claim benefits, and they end up regretting it. Taking two steps before you claim Social Security could help you shore up your finances. The $23,760 Social Security bonus most retirees […]
Image source: Getty Images Every summer I take a road trip from California to Montana with my family. We drive about 2,600 miles, crossing through multiple states, and it always amazes me to see the difference in gas prices along the way. In Los Angeles when we leave we’re paying sometimes $6.00+ per gallon, then […]
Key Points It’s been a history-packed past year and change for Social Security, with the average monthly retired-worker benefit surpassing $2,000 for the first time. The Donald Trump-led Iran war is driving up the U.S. inflation rate, which in turn could deliver one of the largest Social Security raises in the last 36 years. However, […]
Key Points You can claim Social Security starting at age 62. Many people err by rushing to claim benefits. Not being strategic about your claim could leave you with far less Social Security income. The $23,760 Social Security bonus most retirees completely overlook › Turning 62 is a huge milestone for most American workers, because […]
Key Points If you’re reliant on Social Security to cover your costs, a smaller benefit could be a problem. Make sure the Social Security Administration has accurate wage data for you on file. Look at different ways to supplement your retirement income. The $23,760 Social Security bonus most retirees completely overlook › In the course […]
Key Points RMDs could raise your taxes, but you’ll pay a steep penalty for not taking them. Donating your RMD to charity can help you avoid the tax increase. Make sure you understand the rules before attempting a qualified charitable distribution (QCD). The $23,760 Social Security bonus most retirees completely overlook › When you turn […]
Key Points Coordinating your claiming strategy with your spouse is key to maximizing your household’s Social Security benefits. Creating my Social Security accounts can help you estimate your benefits at different claiming ages. Remember to take your finances and life expectancies into account. The $23,760 Social Security bonus most retirees completely overlook › If you […]
Key Points Traditional retirement accounts eventually force savers to take required minimum distributions (RMDs). Those withdrawals could increase your tax liability and have other negative financial consequences. When managed carefully, RMDs could provide a big opportunity to enjoy the money you’ve saved. The $23,760 Social Security bonus most retirees completely overlook › For years, I’ve […]
Key Points I delayed starting to invest for retirement, and I regret it. I also didn’t realize index funds were probably the right investments for me. I chose the wrong kind of retirement account to invest in. The $23,760 Social Security bonus most retirees completely overlook › When I started working, I made some mistakes […]
Key Points Social Security benefits could drop by 22% in 2032. Medicare’s Part A trust fund is expected to be depleted in 2033. The government will likely take action to prevent cuts, but we don’t know what the fix will look like yet. The $23,760 Social Security bonus most retirees completely overlook › Social Security […]
Key Points You shouldn’t retire until you’re confident that you’ll have enough money to cover your costs. Many people overlook some common (and perhaps substantial) expenses. You need to take taxes, medical care, and inflation costs into account to determine if you’re ready to retire. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Social Security faces a 22% benefit cut in six years without government intervention. This would be devastating to the millions of seniors who depend upon their checks. Benefit cuts this extreme are unlikely, though some Americans will pay to keep the program sustainable. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Predictions estimated the 2027 Social Security COLA as high as 3.9%. Recent events make it less likely that the COLA will be that large. The Social Security Administration will announce the official COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › In a year that’s been tough […]
Key Points You have a choice about when you claim Social Security. If you claim your benefits early, you will shrink your checks. You also need to be aware of the unexpected costs of an early claim. The $23,760 Social Security bonus most retirees completely overlook › You have a choice about when you claim […]
Key Points Gradually unload portfolio risk. Stockpile cash to ride out a market downturn. Make sure you’re well diversified. The $23,760 Social Security bonus most retirees completely overlook › If you’re planning to retire in 2027, it’s time to start thinking about what you’ll do with your newfound free time and what your expenses might […]
Key Points Summer provides an opportunity to develop smart financial habits. Trying out some no-spend months during the warmer months can help you recalibrate your spending habits. Automating your investments can help your money grow. The $23,760 Social Security bonus most retirees completely overlook › Since summer is a season of growth, it’s the perfect […]
