Key Points You’ll need $2.5 million in retirement savings to spend $100,000 in your first year of retirement, according to the 4% rule. Realistically, you’ll be able to get by with less because Social Security will cover some of your costs. A budget of $100,000 a year may not go as far as you expect […]
Key Points By age 50, you’ve hopefully amassed a decent chunk of money in your 401(k). If you’re not happy with the number, there are steps you can take to catch up. The $23,760 Social Security bonus most retirees completely overlook › By the time you turn 50, you’re hopefully in a more stable place […]
Key Points Donald Trump’s tariffs and the Iran war are directly affecting consumer prices and providing a historic boost to next year’s estimated cost-of-living adjustment (COLA). Based on the latest independent estimates, Social Security’s COLA is about to do something that hasn’t been achieved in 30 years. Furthermore, tens of millions of retired-worker beneficiaries may […]
Key Points Social Security is six years away from a possible 22% benefit cut, but this is unlikely. Claiming Social Security at 62 permanently reduces your checks by 30%. Choose a claiming age based on your finances and life expectancy, not what the future might hold for your benefits. The $23,760 Social Security bonus most […]
Image source: Getty Images There’s plenty of “common knowledge” about credit scores that isn’t actually so common. And believing the wrong myths can quietly be hurting you. The average credit score in the U.S. sits at 714, according to Motley Fool Money research. If you’re well below that, there might be a few things that […]
Key Points Social Security’s 2027 COLA is shaping up to be higher than 2026’s raise. We won’t have an official COLA until mid-October. There are estimates based on current inflation data, but a big piece of the puzzle is still missing. The $23,760 Social Security bonus most retirees completely overlook › If you were disappointed […]
Key Points The Senior Citizens League (TSCL) recently updated its 2027 Social Security COLA prediction. The COLA estimate has fallen slightly, but it’s not locked in yet. We’ll learn the official 2027 COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › After an unimpressive 2.8% Social Security cost-of-living adjustment […]
Key Points Most people around this age have passed the six-figure mark, with some on track for a seven-figure nest egg. Workplace 401(k) accounts remain the workhorse for accumulating retirement savings, although most of this crowd also have sizable IRA balances. No matter where you stand, creating or updating a written plan for reaching your […]
Key Points The Social Security Administration will send your benefits to most other countries. There are nine exceptions, though this shouldn’t be a problem for most people. Contact the Social Security Administration if you have questions about receiving checks abroad. The $23,760 Social Security bonus most retirees completely overlook › Sometimes, you just want to […]
Key Points Savings in a traditional retirement account are subject to required minimum distributions (RMDs). Planning ahead could make your RMDs more manageable. There are steps you can take to reduce the tax hit and even make the most of that money. The $23,760 Social Security bonus most retirees completely overlook › There are a […]
Key Points You don’t have to take an RMD from certain retirement accounts, such as a Roth IRA. You must calculate IRA RMDs individually, but you don’t have to withdraw funds from every traditional IRA. A qualified charitable distribution (QCD) will fulfill your RMD without raising your tax bill. The $23,760 Social Security bonus most […]
Key Points Typically, you must be 62 or older and own your home outright or have a low mortgage balance. Because a reverse mortgage must be repaid upon death, it can reduce the amount left to heirs. Keep in mind that closing costs, insurance, and interest rates can affect the overall loan amount. The $23,760 […]
Key Points Medicare launched a GLP-1 Bridge Program last month, which runs through Dec. 31, 2027. Qualifying seniors will be able to get GLP-1s for weight loss for $50 per month. You must meet specific health and insurance criteria to qualify. The $23,760 Social Security bonus most retirees completely overlook › It’s hard to overstate […]
Key Points The younger end of the under-35 spectrum has unsurprisingly saved very little. The thirty-somethings, conversely, are off to a better start than you might expect. No matter where you stand compared to your peers, have a specific savings plan. The $23,760 Social Security bonus most retirees completely overlook › It’s no surprise that […]
Key Points When you apply for Social Security has a significant effect on the size of your checks. Most people would get the largest lifetime benefit by waiting until 70 to apply. The right claiming age for you depends on your finances and life expectancy. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Medicare open enrollment runs Oct. 15 through Dec. 7. During this time, current enrollees can make changes to their coverage. Before that period kicks off, review your prescriptions and provider network, and assess your current plan. The $23,760 Social Security bonus most retirees completely overlook › Around this time of year, the retail […]
Key Points Social Security faces a potential 22% benefit cut in 2032. Avoiding benefit cuts will likely involve raising taxes. Ordinary Americans will have to foot some of the bill, but we don’t know how much yet. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits are poised to take a […]
Key Points The cost-of-living adjustment to Social Security payments early next year should still be a healthy one. The program can’t sustain itself for many more years without a significant overhaul of funding and disbursements. Necessary changes to bolster the program can only happen through action by Congress and the White House. The $23,760 Social […]
