Key Points While it’s a great thing to save for retirement, you shouldn’t bank on your IRA or 401(k) for cash you might need in a pinch. Your first priority should be to build a three- to six-month emergency fund. Keep that money someplace safe, like a high-yield savings account, so it can’t lose value […]
Key Points Claiming Social Security at age 62 rather than 67 means receiving 30% less for the rest of your life. But keep in mind that taking a claim now doesn’t insulate you from any future cuts. Claiming early isn’t always a bad decision; there are exceptions. The $23,760 Social Security bonus most retirees completely […]
Key Points You lose eligibility for a spousal benefit when your spouse dies. However, you gain the ability to claim a survivor benefit on their work record. You may be able to switch between survivor and retirement benefits to maximize your lifetime payouts. The $23,760 Social Security bonus most retirees completely overlook › Losing a […]
Key Points The 401(k) averages below are based on data gathered by Fidelity Investments. You can estimate your monthly retirement budget based on how much you have saved. Minimizing or eliminating debt will make your dollars stretch further. The $23,760 Social Security bonus most retirees completely overlook › Given the current cost of living, saving […]
Key Points A market downturn doesn’t have to derail your retirement plans. If you have enough cash to leave your investments alone, you may be able to safely retire on schedule. Consider the mental impact of a market crash when making your choice. The $23,760 Social Security bonus most retirees completely overlook › After years […]
Key Points Medicare starts at age 65, so you’ll need a healthcare plan if you’re going to retire before then. Learn how much your Social Security benefits grow or shrink depending on when you claim them. The $23,760 Social Security bonus most retirees completely overlook › Many of us occasionally (or often) dream of retiring […]
Key Points Claiming Social Security at 62 can reduce your benefits by up to 30%. Waiting longer to claim will grow your monthly benefit until you qualify for your largest checks at 70. The best claiming age for you depends on your finances and your life expectancy. The $23,760 Social Security bonus most retirees completely […]
Key Points Data shows Social Security benefits have lost significant buying power over the past decade. Flaws in the COLA calculation are largely to blame. Changing that formula could help retirees better keep up with rising costs, but there are several reasons lawmakers aren’t acting. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points An early retirement package could make sense if you’re burned out and are happy with your savings. It’s important to review your offer carefully to make sure it’s fair. Be mindful of what might happen if you don’t take a retirement package. The $23,760 Social Security bonus most retirees completely overlook › An […]
Key Points Social Security benefits are losing buying power largely because of how COLAs are calculated. Aligning COLAs with senior spending habits could prevent this. It’s unlikely we’ll see any significant changes to COLA calculations in the next few years. The $23,760 Social Security bonus most retirees completely overlook › The average Social Security benefit […]
Key Points If you’re retiring in just a few years, it’s crucial to review your portfolio’s risk profile. It’s also important to have plenty of cash on hand. You may also want to focus on assets that pay you regularly in retirement. The $23,760 Social Security bonus most retirees completely overlook › If you’re aiming […]
Key Points The latest estimates put the 2027 COLA at around 3.8%. This would add roughly $76 to a $2,000 monthly benefit. We won’t know the actual 2027 COLA until mid-October. The $23,760 Social Security bonus most retirees completely overlook › With less than three months to go until the official 2027 Social Security cost-of-living […]
Key Points Your claiming age will affect the size of your monthly and lifetime benefits. Early claimers risk losing money to the earnings test. Married couples should coordinate their claiming ages to maximize their household benefits. The $23,760 Social Security bonus most retirees completely overlook › One of the biggest retirement decisions you’ll make is […]
Key Points The 2027 Social Security COLA is projected to be higher than average based on current inflation numbers. Medicare Part B premiums are automatically deducted from retirees’ Social Security benefits. The annual COLA is expected to outpace the Medicare hike for the first time since 2023. The $23,760 Social Security bonus most retirees completely […]
Key Points When you don’t need Social Security to cover your costs, you can employ different filing strategies. Claiming benefits early and investing the money could work out in your favor. Delaying your claim could help you secure a larger monthly and lifetime paycheck. The $23,760 Social Security bonus most retirees completely overlook › There […]
Key Points Failing to enroll in Medicare on time could be costly. It’s important to understand when you’re supposed to sign up and when you can wait. Don’t assume you can delay enrollment just because you have health insurance. The $23,760 Social Security bonus most retirees completely overlook › A lot of people know that […]
Key Points Roth conversions are a great way to avoid or minimize RMDs. A large conversion in a single year could lead to surcharges on your Medicare premiums. Spacing out conversions could help you avoid that problem. The $23,760 Social Security bonus most retirees completely overlook › Roth conversions can be an effective part of […]
Key Points Early estimates point to a larger COLA for 2027 than last year’s 2.8% increase. The ongoing war in Iran and data center boom could drive costs higher throughout the economy. Regardless of the COLA percentage, the dollars will only go so far. The $23,760 Social Security bonus most retirees completely overlook › This […]
