Key Points Claiming Social Security before reaching for intended full retirement age reduces the size of your monthly payment. I’ll collect these cash payments for a longer period of time, though, and I may be able to do something more constructive with them than the program itself can do. This plan works well for me […]
Key Points As you get older, your healthcare needs often increase. Medicare can provide insurance coverage for you after age 65. Many people mistakenly assume Medicare covers everything they need, when that’s simply not true. The $23,760 Social Security bonus most retirees completely overlook › As you get older, your spending on healthcare often tends […]
Key Points Median retirement savings among Americans 65 to 74 amounted to $200,000 the last time the Federal Reserve collected that data. A nest egg that small gives you a cushion but may not change your lifestyle all that much. With careful budgeting, modest expenses, and part-time work, you may be able to manage on […]
Key Points You may need income to supplement your Social Security checks. You’re allowed to work while receiving benefits, but your age determines whether you’re subject to an earnings limit. A large paycheck on top of Social Security could result in withheld benefits. The $23,760 Social Security bonus most retirees completely overlook › Working during […]
Key Points The 4% rule says retirees should be comfortable withdrawing 4% of their total savings in the first year and adjust for inflation each year afterward. Age 70 is the latest age at which you can delay claiming Social Security benefits. You should use the 4% rule as a starting point, not a fixed […]
Key Points Retirees can claim Social Security benefits as early as age 62 and as late as age 70. However, the amounts one can claim at different ages vary significantly. The $23,760 Social Security bonus most retirees completely overlook › Planning for Social Security and choosing when to claim benefits are two things every worker […]
Key Points I’ve prioritized 401(k) contributions for many years. My 401(k) won’t give me access to those funds without a penalty if I end up retiring early. I’m branching out into a taxable brokerage account to buy myself more options. The $23,760 Social Security bonus most retirees completely overlook › There’s a reason retirement savers […]
Key Points Social Security cost-of-living adjustments help retirees keep pace with inflation. Given increased costs this year, the 2027 COLA could be a substantial one. The specific amount it adds to your check depends on your current benefit. The $23,760 Social Security bonus most retirees completely overlook › In 2027, retirees could find themselves with […]
Key Points A $3 million nest egg should buy you plenty of financial security in retirement. If you’re not careful, $3 million in savings could still run out. The right strategy lessens that likelihood. The $23,760 Social Security bonus most retirees completely overlook › There are many people who reach retirement with little to no […]
Key Points No generation feels like they’re going to be able to save enough to fund a comfortable retirement. Investors between the ages of 46 and 61, however, are particularly behind. Fortunately, it’s not too late for most of this crowd to shore up their savings shortfall. The $23,760 Social Security bonus most retirees completely […]
Key Points The age when you claim Social Security retirement benefits affects your monthly and lifetime income. The data is clear on the right claiming age for most retirees — 70. For seniors collecting spousal benefits, however, claiming at age 70 would be a bad choice. The $23,760 Social Security bonus most retirees completely overlook […]
Image source: Getty Images A couple months ago, a guy applied to rent an apartment I manage, so I pulled his credit report as part of the screening process. He had six credit cards, every one of them maxed out, all on minimum payments. Almost all of them, it turned out, were balance transfer cards. […]
Have you ever received a text or voice message from someone claiming to be an investment professional and requesting confidential personally identifiable information? Have you seen a video posted on social media featuring a known celebrity promoting a “fantastic” investment opportunity? Has someone who sounds like a family member called with a frantic ask for […]
As you journey with children from ABCs to adulthood, investing for their future can help to build a strong foundation for the years ahead. The earlier you begin, the more time the funds can benefit from the power of compounding, where money earned from investments can generate additional returns over time. There’s a range of […]
Key Points Age 62 is the earliest age to claim Social Security. If your full retirement age is 67, claiming at 62 reduces your monthly payments by 30%. There are other consequences of an early claim you should know about. The $23,760 Social Security bonus most retirees completely overlook › Claiming Social Security when you […]
Key Points Many investors “sell in May and go away” as the Fed goes silent. But retirees shouldn’t neglect their retirement strategies during the summer slump. The $23,760 Social Security bonus most retirees completely overlook › The stock market’s trading activity usually slows down during the summer. Many investors “sell in May and go away,” […]
Key Points Review your portfolio’s risk profile. Don’t stop making contributions. Figure out a plan for spending the money you’ve saved. The $23,760 Social Security bonus most retirees completely overlook › If you’re about five years away from retirement, you may be getting increasingly excited about the idea of not going to work every day […]
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 […]
