Key Points You may not be able to max out a 401(k) or contribute as much as you’d like. At the very least, aim to contribute enough to claim your workplace match. If you don’t, you’ll be giving up free money and so much more. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Social Security benefits are expected to get around a 3.8% boost next year. This may cause some seniors to face Social Security benefit taxes for the first time. It could also increase your tax bill by more than the COLA amount. The $23,760 Social Security bonus most retirees completely overlook › Social Security […]
Key Points Exceeding your 401(k)’s annual contribution limit can trigger tax penalties. Those earning more than $150,000 must make Roth catch-up contributions starting this year. Those with lower incomes may continue making tax-deferred catch-up contributions if they wish. The $23,760 Social Security bonus most retirees completely overlook › A high 401(k) contribution rate is great, […]
Key Points An early market crash could put your savings at risk. With the right plan, you can get through a downturn early on in retirement. A flexible approach coupled with a cash cushion could go a long way. The $23,760 Social Security bonus most retirees completely overlook › If there’s one scenario that has […]
Key Points Your 2027 Social Security COLA may not boost your checks as much as you were hoping for. You may need to rely upon personal savings or a job to supplement your checks. You could also check whether you qualify for other government benefits to help with essential expenses. The $23,760 Social Security bonus […]
Key Points Current estimates suggest Social Security’s 2027 cost-of-living adjustment (COLA) could be more generous than this year’s 2.8% raise. If inflation slows down during the summer, next year’s COLA could be smaller. That’s not necessarily a bad thing for retirees. The $23,760 Social Security bonus most retirees completely overlook › If you’re collecting Social […]
Key Points Some in Congress are pushing to drop the retirement earnings test. Proponents say it will give seniors greater financial flexibility. Others worry that it will add to the current Social Security trust fund woes. The $23,760 Social Security bonus most retirees completely overlook › A proposed bill in Congress would scrap the “retirement […]
Key Points Not having a mortgage doesn’t make housing inexpensive. Getting rid of a huge property tax bill and lowering utility costs could help stretch my savings. There’s only so much maintenance I want to do when I don’t need the space. The $23,760 Social Security bonus most retirees completely overlook › Many people say […]
Key Points The Promise Act doesn’t lay out specific Social Security changes, but it sets the stage for a disciplined approach to shoring up the program’s trust fund. The Promise Act also calls for automatic reviews every 10 years. Under the proposal, if the Social Security Board of Trustees reports that the program is no […]
Key Points The Senior Citizens League prediction of a 3.9% COLA for 2027 is based on the recent inflation rate. It’s safe to assume that a portion of that raise will go toward paying higher prices for everyday items. Once the money is in your account, there are several ways you can make it stretch […]
Key Points Right now, you only pay Social Security payroll taxes on the first $184,500 you earn in 2026. One proposal would force wealthy Americans to pay payroll taxes on all of their income each year. This would help with Social Security’s funding crisis, but it wouldn’t fully eliminate the shortfall. The $23,760 Social Security […]
Key Points Required minimum distributions (RMDs) begin at 73 or 75 for people with money in a traditional retirement plan. While RMDs can raise your taxes, a lesser-known rule may help you avoid that. If you don’t need your RMDs to pay bills and want to be charitable, there’s an option worth taking advantage of. […]
Key Points Government 457 plans can offer rare penalty-free early access, which is crucial if you may tap funds before 59½. Comparing each account’s fees, investment options, and Roth-conversion tax impact can change where that payout belongs. The $23,760 Social Security bonus most retirees completely overlook › Retiring from government service raises big questions about […]
Key Points Short-term capital gains are taxed as ordinary income and can push you into a higher marginal bracket. Long-term gains get lower rates but still raise AGI, affecting Medicare costs, surtaxes, and subsidies. The $23,760 Social Security bonus most retirees completely overlook › Capital gains can reshape your tax picture, from your marginal bracket […]
Key Points The video explores why lifelong savers struggle to start spending in retirement and how that affects withdrawal plans. It explains how test-driving retirement spending while still working can reduce anxiety and improve plan flexibility. The $23,760 Social Security bonus most retirees completely overlook › Shifting from decades of saving to confidently spending in […]
Key Points Pick the best time to claim your Social Security benefits…and to retire. Consider taking on a side gig for a while. For some retirees, cashing out a life insurance policy or taking out a reverse mortgage can help. The $23,760 Social Security bonus most retirees completely overlook › Are you planning to retire […]
Key Points Your Social Security benefits may be smaller than you expected. There are ways to beef up those benefits. When you claim your benefits makes a big difference. The $23,760 Social Security bonus most retirees completely overlook › Whether you realize it, Social Security is likely to provide a meaningful chunk of your income […]
Key Points Not every retiree qualifies for these additional Social Security benefits. Many retirees don’t know about the benefits, even though they’re eligible. The $23,760 Social Security bonus most retirees completely overlook › Over 75 million Americans rely on Social Security during retirement. Most of them understand the key facts about receiving benefits, especially that […]
