Key Points Steadily funding an IRA is a great way to build retirement wealth. Make sure you’re choosing the right investments. Don’t neglect an opportunity to grow your money tax-free. The $23,760 Social Security bonus most retirees completely overlook › It’s not a given that you’ll have access to a 401(k) for retirement savings purposes. […]
Key Points Social Security’s buying power is declining in part because of how the government calculates COLAs. The 2027 Social Security COLA is expected to be above average. It still might not be enough to cover all your increased costs next year. The $23,760 Social Security bonus most retirees completely overlook › If you used […]
Key Points Workers 50 and over can make catch-up contributions in a 401(k). A newer rule allows people ages 60 to 63 to make a “super catch-up.” It pays to take advantage of this option even if your 401(k) balance is strong already. The $23,760 Social Security bonus most retirees completely overlook › Not everyone […]
Key Points The average household retirement account balance for ages 35 to 44 stands at over $141,000. The median balance is much lower because it’s not skewed by wealthy individuals. Time and compound earnings can help you make up ground if you’re behind in savings. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points The estate tax limit has been dramatically increased to $15 million per individual. If your estate is larger than that, you may want to reduce your taxable estate before you die. There are generous exemptions for giving gifts while you are still alive. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Some people have amassed nest eggs that are big enough to support them in the future, assuming they grow over time. Other people need to keep saving and investing more. Crunch your own numbers and see how your finances look. The $23,760 Social Security bonus most retirees completely overlook › Any article about […]
Image source: Getty Images In most cases, no. Once you’ve paid off a balance transfer card, keeping it open usually helps your credit more than closing it. I totally understand the need to clean house and minimize your card footprint. Especially for cards you don’t use. But closing old cards often works against you. The […]
Key Points Rather than one single, decisive decision, IRA millionaires did many seemingly little things right. Less activity and just holding on to quality growth names for the long haul make a major difference to your bottom line. As always, though, time spent in the market is the biggest driver of IRA growth. The $23,760 […]
Key Points Tax-deferred account holders born between 1951 and 1959 must start RMDs at age 73. The Secure 2.0 Act exempted Roth 401(k) plans from RMDs while the original account holder is still alive. The Secure 2.0 Act reduced the excise tax penalty to 25% when RMDs are not completed on time. The $23,760 Social […]
Key Points It’s important to claim Social Security spousal benefits at the right time. Filing too early could hurt you, but so could filing too late. The $23,760 Social Security bonus most retirees completely overlook › If you were a lower earner during your career or didn’t work enough to qualify for Social Security on […]
Key Points The 4% rule tells you to withdraw 4% of your retirement savings your first year and adjust future withdrawals for inflation. Adopting a flexible approach to the rule could protect your money during market downturns. It could also give you more leeway to spend on experiences and other things that are important to […]
Key Points The 2027 Social Security COLA is estimated to be 3.8%. This would add nearly $200 to the checks of the wealthiest Social Security beneficiaries. The average senior would get a roughly $79 benefit boost. The $23,760 Social Security bonus most retirees completely overlook › We’re still a few months away from the official […]
Key Points It’s important to go into retirement feeling financially prepared. If retirement is soon, now’s the time to review your assets and see how you’re doing savings-wise. It’s also smart to figure out when you’ll claim Social Security and how those benefits fit into your plans. The $23,760 Social Security bonus most retirees completely […]
Key Points Early Social Security claimants can lose money to the earnings test if they’re still working. The earnings test withholds money from your checks if your income exceeds certain limits. When you reach full retirement age, any money withheld due to the earnings test comes back as a benefit boost. The $23,760 Social Security […]
Key Points Social Security’s Old-Age and Survivors Insurance trust fund, which pays retired workers and survivor beneficiaries, is forecast to exhaust its asset reserves by the fourth quarter of 2032. Two of Donald Trump’s policies are fattening Social Security’s annual cost-of-living adjustments (COLAs) — but larger payouts come at a potentially steep cost to the […]
Key Points You may be aware that filing for Social Security early will result in reduced benefits. That’s not the only consequence to be mindful of. Look at the big picture before deciding that filing at 62 is the right choice. The $23,760 Social Security bonus most retirees completely overlook › There’s a key retirement […]
Key Points Delaying Social Security until you are 70 will maximize your monthly payment. If that age is your target, here’s how to tell whether you are ahead of your peers in saving. The $23,760 Social Security bonus most retirees completely overlook › Saving for retirement is not an easy task. It helps to have […]
Key Points Older Americans don’t have very large 401(k) balances on average. You can grow more savings by starting early and investing wisely. If you’re nearing retirement with limited savings, claiming Social Security strategically could help compensate. The $23,760 Social Security bonus most retirees completely overlook › If you’re approaching retirement, you’ve probably wondered whether […]
