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 […]
Key Points The Social Security retirement earnings test only applies if you claim benefits early. The retirement earnings test limit is calculated monthly rather than annually if you retire mid-year. Benefits that are withheld for going over the retirement earnings test limit are gradually returned after you reach your full retirement age. The $23,760 Social […]
Key Points Social Security made an announcement on June 2 about an upcoming change. The change is one that the Administration has been moving toward for months. It is an unpopular policy, but it appears Social Security isn’t backing down. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits are a […]
Key Points Social Security income isn’t a luxury — it’s a veritable necessity for most retirees. The Social Security Administration uses four variables to calculate your monthly payout, arguably none of which is more important than your claiming age. An expansive analysis of 20,000 retired-worker claims finds that one claiming age is far superior to […]
Key Points Average 401(k) balances range from ~$245K–$265K for ages 55–70. Fidelity recommends 7–10x your salary saved between ages 55 and 67. Focus on total retirement income and spending, not just your 401(k) balance. The $23,760 Social Security bonus most retirees completely overlook › How much money should you have saved up for retirement? It […]
Key Points The summer months are crucial to Social Security COLAs. Current estimates could move depending on how inflation trends in July, August, and September. Seniors may be eager for a larger COLA, but it will come at a price. The $23,760 Social Security bonus most retirees completely overlook › If you rely on Social […]
Key Points It’s a good time to see about maximizing retirement plan contributions and looking into a Roth conversion. Selling investments strategically also makes sense. Make sure you’re paying the IRS what you’re supposed to. The $23,760 Social Security bonus most retirees completely overlook › For many people, summer is the optimal time to relax. […]
Key Points The maximum Social Security benefit in 2026 is $5,181 per month. The 2027 COLA will likely be somewhere around 3.8%. The Social Security Administration will officially announce the COLA in October. The $23,760 Social Security bonus most retirees completely overlook › Every Social Security beneficiary will get a cost-of-living adjustment (COLA) next year, […]
Key Points The Social Security COLA formula is based on workers’ spending habits, not retirees’. There is a separate inflation index that tracks senior spending habits, the CPI-E. A switch to the CPI-E would increase COLAs in most years, but that’s unlikely to happen in the near future. The $23,760 Social Security bonus most retirees […]
Key Points Start saving as early as you can, even if you can only spare a few dollars a month. Figure out how much you think you’ll actually need for retirement, rather than choosing an arbitrary benchmark to aim for. Claim as much of your 401(k) match as you can afford to each year. The […]
Key Points Give your savings a last-minute boost. Do a thorough portfolio checkup. Get rid of costly debt so it doesn’t monopolize your retirement income. The $23,760 Social Security bonus most retirees completely overlook › If you’re planning to retire in 2028, you’re clearly entering the home stretch of your career. At the same time, […]
Key Points Medicare Part A will pay for short-term stays in a Medicare-certified skilled nursing facility. The cost of long-term stays in an assisted living community or nursing home falls to you. The list of services Medicare will not cover is much longer than the list of services it will pay for. The $23,760 Social […]
Key Points A QCD is a charitable donation you can make in lieu of a required minimum distribution (RMD). You must donate to a qualifying tax-exempt organization for it to count. The money may not pass through your hands first, or it will not count as a QCD. The $23,760 Social Security bonus most retirees […]
Key Points Social Security is facing a financial shortfall. The One Big Beautiful Bill Act worsened the financial shortfall. While everyone agrees Social Security needs reform, many politicians are reluctant to make tough choices. The $23,760 Social Security bonus most retirees completely overlook › Social Security is in trouble. That doesn’t mean benefits will end, […]
Key Points You need to have a detailed plan to achieve retirement security. Many people have bought into retirement myths that could cost them. Learning the truth about Social Security and investing ensures you’re actually prepared to support yourself as a senior. The $23,760 Social Security bonus most retirees completely overlook › Planning for retirement […]
Key Points Social Security benefits got a 2.8% COLA in 2026. Many seniors are hoping for a more generous raise in 2027. While recent inflation data suggests next year’s COLA may be larger, that’s not automatically positive news. The $23,760 Social Security bonus most retirees completely overlook › If you’re collecting Social Security, you may […]
