Key Points If you’re aiming to retire in about five years, it’s time to assess your financial situation. Review your savings, build a retirement budget, and come up with a Social Security strategy. Aim to eliminate costly debt and make sure your investments are allocated appropriately. The $23,760 Social Security bonus most retirees completely overlook […]
Image source: Getty Images Just paid off $5,000 in credit card debt at once? Good news: A few positive knock-on effects just kicked in, too. Your credit score won’t jump right away — it usually takes one to two billing cycles for the lower balance to show up on your report. But other financial benefits […]
Key Points Social Security is facing a funding shortfall that could result in benefit cuts. One proposal to prevent that is to raise full retirement age for future beneficiaries. Doing so might help Social Security’s bottom line, but this change could come at a serious cost. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Saving $100 per month can add up over time, even if it doesn’t seem like much now. Whether it’s enough to retire on depends on your lifestyle. You likely won’t have to cover your retirement expenses entirely on your own. The $23,760 Social Security bonus most retirees completely overlook › You want to […]
Key Points Social Security’s trust funds are running out of money faster than previously expected. Beneficiaries could face a 22% cut in six years. Washington will likely intervene to save the program, but any fix will cost someone. The $23,760 Social Security bonus most retirees completely overlook › Your Social Security benefits show up reliably […]
Key Points Many people know to plan for healthcare expenses in retirement. Long-term care is its own separate category, and Medicare may not cover any of it. It’s important to understand your options for covering long-term care before your senior years kick off. The $23,760 Social Security bonus most retirees completely overlook › If you’re […]
Key Points Medicare now covers select GLP-1s for weight loss for qualifying beneficiaries. You must have a Medicare plan that covers prescription drugs to be eligible. This GLP-1 Bridge program only lasts through Dec. 31, 2027. The $23,760 Social Security bonus most retirees completely overlook › You probably saw some living expenses drop once you […]
Key Points Whether the federal government taxes your benefits depends on your total income. Only eight states continue to tax benefits at the state level. Understanding how benefits will be taxed can help you develop a money-saving strategy. The $23,760 Social Security bonus most retirees completely overlook › It wasn’t until 1984 that Social Security […]
Key Points Social Security will be insolvent in six years and could face a 22% benefit cut at that time. I tried a simulator tool that explores how different changes would affect Social Security. I wasn’t able to find a path forward that didn’t hurt at least some ordinary Americans financially. The $23,760 Social Security […]
Key Points Relocating in retirement could give you access to better weather and cheaper costs. You’ll need to make sure the decision won’t upend your social life. Also, make sure your new locale will continue to work for you as you age. The $23,760 Social Security bonus most retirees completely overlook › The nice thing […]
Key Points The Senior Citizens League is projecting that 2027’s Social Security COLA will be around 3.8%. This would be an above-average cost-of-living adjustment, but it would still only add about $79 to the average monthly check. The official 2027 COLA won’t be determined until October. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Data reveals that most middle-aged to older Americans would be well-served claiming Social Security at 70. Only roughly 10% opt to wait until 70 to maximize delayed retirement credits. While waiting on Social Security makes sense for many people, it’s not necessarily the optimal move for everyone. The $23,760 Social Security bonus most […]
Key Points You may be worried about choosing the wrong IRA investments. An even bigger mistake could be delaying contributions to that account. Rather than focus on maxing out, start by getting into the habit of funding that account. The $23,760 Social Security bonus most retirees completely overlook › If you’re hoping to enjoy a […]
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 […]
