Key Points It’s important to make sure your retirement income plan is resilient. Make certain your numbers line up even if there’s an early market crash or period of soaring inflation. Also prepare for your medical costs to be higher than expected. The $23,760 Social Security bonus most retirees completely overlook › If you’re planning […]
Key Points Retirees need to understand how Social Security benefits work. Some seniors are caught off guard by a key rule each year. This rule works differently than many other parts of the Social Security program, and it costs retirees money. The $23,760 Social Security bonus most retirees completely overlook › For millions of retirees […]
Key Points Many people don’t understand the effect of inflation, which can really cost them. Many don’t sufficiently understand interest charges, either. The $23,760 Social Security bonus most retirees completely overlook › The Financial Industry Regulatory Authority, or FINRA, offers a seven-question financial literacy quiz — and the average American only got 3.3 answers right. […]
Key Points Roth conversions, required minimum distributions, and Social Security income can all impact the taxes you’ll pay in retirement. Planning ahead can ensure you keep more of your retirement savings and Social Security for yourself. The $23,760 Social Security bonus most retirees completely overlook › One of the cold, hard truths about planning your […]
Key Points Data shows that Social Security benefits have lost almost 14% of their buying power over the past decade. Much of the problem boils down to how the program’s cost-of-living adjustments (COLAs) are calculated. Lawmakers could change the COLA formula, but there’s been resistence. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Nearly 90% of Americans ages 65 and older receive Social Security benefits. The deep political divide in Congress makes passing a bill to save Social Security more difficult. Waiting to shore up Social Security not only hurts today’s recipients, but also future generations. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points The 2027 Social Security COLA is estimated to be about 3.8%. This would be enough to push the average spousal benefit over $1,000 per month for the first time. The Social Security Administration will officially announce the COLA in October. The $23,760 Social Security bonus most retirees completely overlook › Spousal Social Security […]
Key Points Social Security is on track for an above-average 2027 COLA, according to recent projections. This could significantly increase the program’s expenses. That may deplete Social Security’s trust funds sooner than expected. The $23,760 Social Security bonus most retirees completely overlook › Seniors hoping for a large 2027 Social Security cost-of-living adjustment (COLA) may […]
Key Points A $600,000 nest egg could give you financial breathing room in retirement. It’s still important to manage your expenses carefully. Choose your splurges mindfully, and you may find that you have more than enough savings to do the things you want to. The $23,760 Social Security bonus most retirees completely overlook › Many […]
Key Points A $1 million nest egg would give you roughly $40,000 in annual retirement income. Inflation will continue to drive up living expenses, so you may need to plan for a higher annual income in retirement. You’ll likely have Social Security to help you cover some of your costs. The $23,760 Social Security bonus […]
Key Points Claiming Social Security at 62 can reduce your checks by up to 30%. It can still be the right move if you lack personal savings or have a short life expectancy. Review all of your options before deciding when you want to claim Social Security. The $23,760 Social Security bonus most retirees completely […]
Key Points Required minimum distributions (RMDs) could have a big impact on your retirement finances. Getting your RMD timing right is key. Understanding the consequences of taking or not taking RMDs is also crucial. The $23,760 Social Security bonus most retirees completely overlook › Turning 73 is an important milestone for retirement planning. If you’re […]
Key Points The fewer working age Americans there are, the less money goes into the Social Security trust fund. Immigration crackdowns have led to fewer people paying into the trust fund. The One Big Beauiful Bill Act provides short-term relief to current retirees, but pushes the trust fund depletion date up by one year. The […]
Key Points You need an emergency fund to brace against unexpected financial challenges. Be sure to live below your means, not above your means. Think twice before co-signing a loan. The $23,760 Social Security bonus most retirees completely overlook › As we go through our financial lives, we often make decisions that seem harmless or […]
Key Points The Social Security cost-of-living adjustment (COLA) provides retirees with a benefits increase in most years. Retirees need to understand what the COLA can actually do for them. The COLA may be falling short for most retirees. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries receive a cost-of-living adjustment […]
Image source: Getty Images Realistically, you can pay off a $10,000 balance with the right balance transfer card in 21 months on a budget of around $500 a month. Finding a card with a long 0% intro APR window is key. Then, just divide your balance (plus the transfer fee) across those months and you […]
Key Points Social Security benefits could be cut by 22% in 2032. Seniors should prioritize savings now and paying down high-interest debt. Have a backup plan for what you’ll do if your Social Security benefits drop in the future. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries got some scary […]
Key Points Social Security’s spousal benefits work differently from standard retirement benefits based on your own work history. It’s important to understand when to claim spousal benefits and how much they might be worth. You should also know what happens when you’re eligible for two sets of benefits at the same time. The $23,760 Social […]
