Key Points Funding a 401(k) is a great way to build retirement savings. If you’re convinced you’re on track for early retirement, you may want to halt contributions. You could be penalized for tapping a 401(k) early, so it’s important to spread your money around. The $23,760 Social Security bonus most retirees completely overlook › […]
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Key Points Roth IRAs can be great accounts for investors. These accounts offer tax-free growth. Roth IRAs also help shield you from taxes as a retiree. The $23,760 Social Security bonus most retirees completely overlook › Roth IRAs are popular accounts for retirement investing, and with good reason. These accounts offer plenty of benefits that […]
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Image source: Getty Images No, you don’t need a credit card to rent a car. Most major rental agencies take debit cards, and so do peer-to-peer services like Turo. I just rented a car in Alaska and could’ve paid with my debit card without a hitch. But if you can help it, I almost always […]
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Key Points If your Social Security benefit is lower than you prefer, you may have options. There are radical moves you could make to increase the amount you’re collecting. Options could include returning to work and more. The $23,760 Social Security bonus most retirees completely overlook › If you’ve claimed your Social Security benefit and […]
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Key Points Most Americans default to their Social Security full retirement age — but early retirement may be closer than you think. Signs you’re ready to retire include if you’ve calculated expenses, planned for healthcare, and saved enough. You’ll also need to be emotionally ready to leave work. The $23,760 Social Security bonus most retirees […]
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Key Points Social Security may have to cut benefits as early as 2032. Retirees could see their monthly checks shrink by 22%. Smaller benefits could also mean smaller COLAs. The $23,760 Social Security bonus most retirees completely overlook › The Social Security Trustees have been sounding warnings for years about the program’s rocky finances. And […]
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Key Points Much of the concern about Social Security has to do with the trust fund running dry and automatic benefit cuts happening. Seniors could also see their Social Security benefits effectively get smaller because of rapidly rising Medicare premiums. Per-person premiums are projected to double by 2035. The $23,760 Social Security bonus most retirees […]
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Key Points Make sure you know how much annual income your savings can provide. Figure out when to sign up for Social Security benefits. Stress-test your plan for adverse market or economic conditions. The $23,760 Social Security bonus most retirees completely overlook › If you’re planning to retire at the end of 2026, the countdown […]
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Key Points Whether you carry Medicare Part D or not, prescriptions can be prohibitively expensive. Chances are, your doctor will be happy to help you keep costs down. Patient assistance programs can help you keep money in your wallet. The $23,760 Social Security bonus most retirees completely overlook › If you’re an older American, it […]
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Key Points Retiring with $2 million in savings puts you in a strong position, in theory. An early market downturn and sluggish recovery could put you at risk of depleting your savings. It’s important to take a flexible approach to retirement plan withdrawals and adapt to market conditions. The $23,760 Social Security bonus most retirees […]
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Key Points Social Security was months away from running out of money in 1983. The Social Security Amendments made several changes to fix the program’s financial condition. With Social Security’s reserves set to be depleted in 2032, it’s important to look at how the problem was fixed last time. The $23,760 Social Security bonus most […]
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Key Points Up to 90% of retirees rely on their Social Security income, in some capacity, to cover their expenses. Although President Trump has pledged to protect Social Security, his flagship tax and spending law, the “Big, Beautiful Bill,” is having the opposite effect. Additionally, the Trump-led Iran war can have unintended consequences for the […]
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Key Points If you’re considering retiring on it, that may not be enough. It depends on your spending needs and other income sources. The $23,760 Social Security bonus most retirees completely overlook › Retirement is a day many people dream of and financially prepare for throughout their working life. Before you stop working, though, you […]
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Key Points You can choose when to claim Social Security benefits, but the amount of your benefit is affected based on when you claim. The data is clear on the best time to claim benefits for the majority of retirees. Most people don’t claim at the optimum time. The $23,760 Social Security bonus most retirees […]
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Key Points Social Security may be looking at sweeping benefits cuts in roughly six years. If lawmakers don’t act, benefits could be reduced by 22%. Future retirees should prepare for reduced Social Security benefits so their finances aren’t doomed. The $23,760 Social Security bonus most retirees completely overlook › If you’re counting on Social Security […]
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Key Points Automatic 401(k) contributions help people save more by forcing them to live on lower take‑home pay. Rising household savings can boost asset managers while pressuring some consumer discretionary businesses. The $23,760 Social Security bonus most retirees completely overlook › Discover how “pay yourself first” and automatic 401(k) contributions can reshape everyday spending, accelerate […]
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Key Points Many retirees worry about depleting their savings. If you’re too concerned about running out, you could end up denying yourself big experiences and positive lifestyle changes. The $23,760 Social Security bonus most retirees completely overlook › Most people carry one big fear with them into retirement — running out of money. And after […]
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Key Points The longer you put off claiming benefits, the bigger your checks will be. The Social Security Administration looks at your 35 highest-paying years. If you can’t wait until age 70 to claim benefits, aim for full retirement age. The $23,760 Social Security bonus most retirees completely overlook › Roughly 71 million Americans receive […]
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Key Points Social Security and Medicare both face possible benefit cuts within the next decade. This could cause seniors to drain their retirement savings much faster than expected. The government will likely intervene to prevent this, but we don’t know what the fix will look like yet. The $23,760 Social Security bonus most retirees completely […]
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Key Points Social Security has a lot of complicated rules. One rule on working while collecting benefits may initially seem fair. Unfortunately, the rule can be costly for seniors. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits are a critical income source for retirees, but benefit rules are pretty complicated. […]
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Key Points Social Security may still be on the table for you even if you don’t qualify for benefits through your own earnings record. You can claim spousal benefits based on your spouse’s earnings record, but you need to get the timing right. It’s also important to know how much money to expect out of […]
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Key Points Emergency funds aren’t just for working folks. You need cash on hand to cover unplanned expenses. A cash reserve could also protect your portfolio in the event of a stock market crash. The $23,760 Social Security bonus most retirees completely overlook › In the course of preparing for retirement, there are probably a […]
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Key Points Seniors on Supplemental Security Income (SSI) will get three checks in July 2026. This is due to a scheduling quirk, not because they’re entitled to additional benefits. Ensure you have a plan to stretch that money until your next payments arrive. The $23,760 Social Security bonus most retirees completely overlook › Millions of […]
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Key Points July is an important month for retirees. It could affect their monthly income next year. It’s the first month that will help determine their 2027 COLA. The $23,760 Social Security bonus most retirees completely overlook › For seniors collecting retirement or other Social Security benefits, the month of July is a very important […]
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Key Points Early projections suggest that seniors are on track for a big increase. COLAs are based on inflation, so a large raise isn’t always good news. The COLA for next year could be the largest since 2023. The $23,760 Social Security bonus most retirees completely overlook › Retirees who collect Social Security benefits are […]
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Key Points The government may increase Social Security payroll tax rates to avoid a 22% benefit cut in six years. The payroll tax rate could increase by nearly 5% to avoid cuts. Washington could use other strategies to reduce the necessary payroll tax increase. The $23,760 Social Security bonus most retirees completely overlook › Social […]
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Key Points You’re allowed to defer your first RMD to Apr. 1 of the following year. Having to take two RMDs in the same year could raise your taxes substantially. It could also have negative consequences for your Social Security benefits and Medicare premiums. The $23,760 Social Security bonus most retirees completely overlook › If […]
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Key Points Medicare is launching a new GLP-1 Bridge program scheduled to last through 2027. This would give qualifying Medicare beneficiaries access to select GLP-1s for $50 per month. You must have a qualifying health insurance plan, a prescription, and meet certain health criteria to be eligible. The $23,760 Social Security bonus most retirees completely […]
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Key Points The earnings test could cost you money if you’re working while under your full retirement age (FRA). The government may garnish your checks to collect certain unpaid debts. Failing to update the Social Security Administration after a divorce could result in benefit disruptions. The $23,760 Social Security bonus most retirees completely overlook › […]
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Key Points Social Security could face a 22% benefit cut in six years. A former Social Security commissioner wants to force wealthy people to pay more into the program. This wouldn’t be enough to fully eliminate the shortfall. The $23,760 Social Security bonus most retirees completely overlook › Scary Social Security headlines have been making […]
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Key Points It’s important to be mindful of RMD deadlines. Don’t assume that delaying your first withdrawal makes sense. Spending the money for no good reason could hurt you. The $23,760 Social Security bonus most retirees completely overlook › Saving for retirement in a traditional IRA or 401(k) offers a lot of perks. But there’s […]
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Key Points Picking stocks individually for an investment portfolio can be stressful. You also have to keep tabs on those companies constantly. One ETF gives you broad exposure to a range of businesses without all of the legwork. The $23,760 Social Security bonus most retirees completely overlook › Building wealth through investing sounds simple in […]
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Key Points A $900,000 nest egg might give you a $36,000 annual income plus Social Security. Whether that’s enough for you depends on your lifestyle. It’s important to know what income your savings will give you ahead of retirement. The $23,760 Social Security bonus most retirees completely overlook › Given that many Americans don’t manage […]
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Key Points The annual COLA is set based on CPI-W data from the third quarter of each year. The Senior Citizens League’s projected COLA for 2027 is 3.8%. Social Security recipients have been losing purchasing power on their benefits. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits have been a […]
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Key Points The first step is to determine how much you’re currently spending to maintain your preferred lifestyle. The next is to decide what you want life to look like once you’re retired, and figure out how much that is likely to cost. Once you’ve created a savings plan, the challenge is sticking with it, […]
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Key Points Delaying benefits past your full retirement age increases them by 8% annually until you reach age 70. Your break-even age is when the total lifetime benefits from two claiming ages are equal. Social Security life expectancy data shows that most people will live past their respective break-even ages. The $23,760 Social Security bonus […]
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Key Points Current projections have Social Security’s 2027 cost-of-living adjustment (COLA) coming in higher than 2026’s. A larger COLA means higher prices. What seniors gain in the form of larger checks, they’re likely to lose in the form of rising expenses. The $23,760 Social Security bonus most retirees completely overlook › Most people would probably […]
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Key Points The Social Security program is paying out more in benefits than it’s receiving in tax revenue. Social Security benefits may need to be cut by late 2032 at the current rate of depletion. Current projections say that benefits may need to be cut by more than one-fifth. The $23,760 Social Security bonus most […]
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Key Points The OBBBA reduces tax burdens for lower-to middle-income retirees. It eliminates the big rush to convert traditional retirement accounts to Roth accounts. Its new Trump Accounts could make the next generation significantly richer. The $23,760 Social Security bonus most retirees completely overlook › On July 4, 2025, President Trump signed the One Big […]
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Key Points When you do a Roth conversion, the money you move into a Roth IRA counts as taxable income that year. Moving too much money over at once could trigger a large tax bill. The more time you give yourself to complete a Roth conversion, the less painful the taxes might be. The $23,760 […]
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Key Points A new study reveals that Americans believe they’ll need to save $1.46 million to retire. In real life, retirement-age Americans haven’t saved anywhere near that much. Still, 73% of retirees report feeling fine about their long-term financial situation. The $23,760 Social Security bonus most retirees completely overlook › A 2026 Planning & Progress […]
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Key Points A lot of people go from working full time to retiring overnight. That transition can be difficult emotionally and financially. A phased retirement may be a better approach, and there are different ways to pull one off. The $23,760 Social Security bonus most retirees completely overlook › For many people, retirement is viewed […]
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Image source: Getty Images The right balance transfer card depends on how much debt you’re carrying. If you’ve got a small balance, hunt for the lowest transfer fee. A big balance? Hunt for the longest 0% window — and keep in mind the credit limit. When you match the right card to your balance, you’ll […]
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Key Points Retiree households spend a little less than younger U.S. households do. Still, America’s senior households also collect less monthly income. Regardless of how much money you’ve got coming in or going out, making it work for you starts with making a careful, specific budget plan. The $23,760 Social Security bonus most retirees completely […]
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Key Points Some Social Security recipients are subject to an earnings test. Exceeding its limits could result in having benefits withheld. You can avoid an earnings limit by waiting until full retirement age to claim benefits. The $23,760 Social Security bonus most retirees completely overlook › Many people look forward to having Social Security as […]
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Key Points Rework your budget to free up cash. Consider a later Social Security claim. Adjust your working plans. The $23,760 Social Security bonus most retirees completely overlook › A lot of people know how important it is to save for retirement but don’t manage to get started until they’re well into their careers. If […]
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Key Points Social Security could face a 22% benefit cut in six years. States with higher average benefits would see bigger cuts. The government will likely intervene to prevent cuts this extreme. The $23,760 Social Security bonus most retirees completely overlook › Social Security can’t keep going the way it has been for much longer. […]
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Key Points Social Security could face a 22% benefit cut by the end of 2032. This would reduce the current average monthly Social Security benefit by $458. The government will likely step in to avoid benefit cuts, but it may have to raise taxes. The $23,760 Social Security bonus most retirees completely overlook › We’re […]
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Key Points If you’re not careful, you could deplete $1 million in savings in your lifetime. Your withdrawal rate should hinge on your investment mix and retirement timeline. It’s important to adjust your strategy in line with market conditions. The $23,760 Social Security bonus most retirees completely overlook › Retiring with $1 million is something […]
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Key Points Social Security survivor benefits are available for many survivors, including, sometimes, the children or even the parents of the deceased. Much depends on the age of both the survivor and the deceased. It also matters whether one or both have started collecting regular Social Security benefits. The $23,760 Social Security bonus most retirees […]
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