Key Points Social Security cost-of-living adjustments help retirees keep pace with inflation. Given increased costs this year, the 2027 COLA could be a substantial one. The specific amount it adds to your check depends on your current benefit. The $23,760 Social Security bonus most retirees completely overlook › In 2027, retirees could find themselves with […]
Key Points A $3 million nest egg should buy you plenty of financial security in retirement. If you’re not careful, $3 million in savings could still run out. The right strategy lessens that likelihood. The $23,760 Social Security bonus most retirees completely overlook › There are many people who reach retirement with little to no […]
Key Points No generation feels like they’re going to be able to save enough to fund a comfortable retirement. Investors between the ages of 46 and 61, however, are particularly behind. Fortunately, it’s not too late for most of this crowd to shore up their savings shortfall. The $23,760 Social Security bonus most retirees completely […]
Key Points The age when you claim Social Security retirement benefits affects your monthly and lifetime income. The data is clear on the right claiming age for most retirees — 70. For seniors collecting spousal benefits, however, claiming at age 70 would be a bad choice. The $23,760 Social Security bonus most retirees completely overlook […]
Image source: Getty Images A couple months ago, a guy applied to rent an apartment I manage, so I pulled his credit report as part of the screening process. He had six credit cards, every one of them maxed out, all on minimum payments. Almost all of them, it turned out, were balance transfer cards. […]
Have you ever received a text or voice message from someone claiming to be an investment professional and requesting confidential personally identifiable information? Have you seen a video posted on social media featuring a known celebrity promoting a “fantastic” investment opportunity? Has someone who sounds like a family member called with a frantic ask for […]
As you journey with children from ABCs to adulthood, investing for their future can help to build a strong foundation for the years ahead. The earlier you begin, the more time the funds can benefit from the power of compounding, where money earned from investments can generate additional returns over time. There’s a range of […]
Key Points Age 62 is the earliest age to claim Social Security. If your full retirement age is 67, claiming at 62 reduces your monthly payments by 30%. There are other consequences of an early claim you should know about. The $23,760 Social Security bonus most retirees completely overlook › Claiming Social Security when you […]
Key Points Many investors “sell in May and go away” as the Fed goes silent. But retirees shouldn’t neglect their retirement strategies during the summer slump. The $23,760 Social Security bonus most retirees completely overlook › The stock market’s trading activity usually slows down during the summer. Many investors “sell in May and go away,” […]
Key Points Review your portfolio’s risk profile. Don’t stop making contributions. Figure out a plan for spending the money you’ve saved. The $23,760 Social Security bonus most retirees completely overlook › If you’re about five years away from retirement, you may be getting increasingly excited about the idea of not going to work every day […]
Key Points It’s important to make sure your retirement income plan is resilient. Make certain your numbers line up even if there’s an early market crash or period of soaring inflation. Also prepare for your medical costs to be higher than expected. The $23,760 Social Security bonus most retirees completely overlook › If you’re planning […]
Key Points Retirees need to understand how Social Security benefits work. Some seniors are caught off guard by a key rule each year. This rule works differently than many other parts of the Social Security program, and it costs retirees money. The $23,760 Social Security bonus most retirees completely overlook › For millions of retirees […]
Key Points Many people don’t understand the effect of inflation, which can really cost them. Many don’t sufficiently understand interest charges, either. The $23,760 Social Security bonus most retirees completely overlook › The Financial Industry Regulatory Authority, or FINRA, offers a seven-question financial literacy quiz — and the average American only got 3.3 answers right. […]
Key Points Roth conversions, required minimum distributions, and Social Security income can all impact the taxes you’ll pay in retirement. Planning ahead can ensure you keep more of your retirement savings and Social Security for yourself. The $23,760 Social Security bonus most retirees completely overlook › One of the cold, hard truths about planning your […]
Key Points Data shows that Social Security benefits have lost almost 14% of their buying power over the past decade. Much of the problem boils down to how the program’s cost-of-living adjustments (COLAs) are calculated. Lawmakers could change the COLA formula, but there’s been resistence. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Nearly 90% of Americans ages 65 and older receive Social Security benefits. The deep political divide in Congress makes passing a bill to save Social Security more difficult. Waiting to shore up Social Security not only hurts today’s recipients, but also future generations. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points The 2027 Social Security COLA is estimated to be about 3.8%. This would be enough to push the average spousal benefit over $1,000 per month for the first time. The Social Security Administration will officially announce the COLA in October. The $23,760 Social Security bonus most retirees completely overlook › Spousal Social Security […]
Key Points Social Security is on track for an above-average 2027 COLA, according to recent projections. This could significantly increase the program’s expenses. That may deplete Social Security’s trust funds sooner than expected. The $23,760 Social Security bonus most retirees completely overlook › Seniors hoping for a large 2027 Social Security cost-of-living adjustment (COLA) may […]
