Key Points Saving for your senior years isn’t enough. Assuming your costs will shrink is a mistake. Relying too much on Social Security could hurt you. The $23,760 Social Security bonus most retirees completely overlook › Retirement is a stage of life you need to plan for. And the sooner you start, the easier a […]
Key Points A large Social Security COLA could increase your provisional income next year. This could put you at risk of owing income taxes on your benefits. A large COLA could also cause Social Security to run out of money faster than expected. The $23,760 Social Security bonus most retirees completely overlook › When you’re […]
Key Points Knowing more about Medicare could save you money. Understand what Medicare covers, when to enroll, and the costs you may be looking at. The $23,760 Social Security bonus most retirees completely overlook › Medicare is one of the most valuable benefits available to older Americans, but it’s also one of the most misunderstood. […]
Key Points Social Security is six years away from insolvency, despite 1983 reforms designed to prevent that. The early failure resulted from reality deviating from actuarial estimates. New reforms must be dynamic enough to adapt to actual economic and demographic shifts. The $23,760 Social Security bonus most retirees completely overlook › Social Security is facing […]
Key Points Social Security is facing financial pressures due to a shrinking labor force. If lawmakers don’t intervene, benefits may be subject to a substantial cut. It’s best to prepare for less Social Security even if lawmakers try to save the day. The $23,760 Social Security bonus most retirees completely overlook › Millions of Americans […]
Key Points Divorcing before you’ve been married for 10 consecutive years means losing access to spousal benefits. You can’t collect Social Security spousal benefits based on an ex-spouse’s work record if you’re remarried. Being incarcerated for 30 consecutive days or more automatically stops your spousal benefits. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points I’m expecting to face required minimum distributions due to having money in a traditional 401(k). While I intend to try to convert some of it to a Roth, I don’t expect to pull off a full conversion. Rather than panic, my aim is to take advantage of charitable opportunities and enjoy the money […]
Key Points The majority of retirees left the workforce with far less than $1 million. And the majority report that they’re living relatively comfortably. Still, there are things you can do to beef up your future financial security. The $23,760 Social Security bonus most retirees completely overlook › Many people are busy saving and investing […]
Key Points The average retirement account has a balance well below $2 million. While $2 million may seem like a lot, you need to take all of your costs into account. Having a concrete plan for the future is ultimately the key to a secure retirement. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points A recent study estimates the average 65-year-old will pay a staggering $185,500 in retirement healthcare costs. Original Medicare has many gaps, and you’ll need supplementary policies to reduce your out-of-pocket costs. The $23,760 Social Security bonus most retirees completely overlook › It’s no secret that retirement costs a lot of money. Even if […]
Key Points It’s important to have a sense of your expenses and income before you retire. Figure out when to claim Social Security and how much to withdraw from savings per year. Review your asset allocation and make the most of your final paycheck. The $23,760 Social Security bonus most retirees completely overlook › If […]
Key Points 2027 Social Security COLA projections have been volatile because of the Iran war. The latest estimates are for a 2027 Social Security benefit increase of 3.6% to 3.8%. The actual COLA could be higher or lower depending largely on what happens with energy prices. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Filing for Social Security at 70 could boost your monthly checks substantially. It could also leave you with a smaller total benefit if you only live up to a certain point. Make sure to consider your lifetime benefit when making your decision. The $23,760 Social Security bonus most retirees completely overlook › Figuring […]
Key Points Although recent scams often involve cryptocurrency, seniors holding this most basic investment are at risk. Current law makes it nearly impossible for some financial companies to protect client assets. The bill remains in the Senate, awaiting further action. The $23,760 Social Security bonus most retirees completely overlook › By passing the Financial Exploitation […]
Key Points Inflation can drive your retirement costs up over time. If you don’t have a plan, it can erode your savings and buying power. The right investments and decisions could help you beat inflation in the long term. The $23,760 Social Security bonus most retirees completely overlook › A big part of planning for […]
Key Points Among the states that do tax Social Security, most do so with a light touch. The federal government excludes some benefits from taxation. The $23,760 Social Security bonus most retirees completely overlook › Are you in or approaching retirement? Starting to collect Social Security benefits, or thinking about doing so soon? You may […]
Key Points Many retirees worry about outliving their savings. That could lead you to spend too conservatively. There are safeguards you can put in place to avoid depleting your nest egg prematurely. The $23,760 Social Security bonus most retirees completely overlook › There are plenty of aspects of retirement to worry about — health issues, […]
Key Points President Donald Trump’s policies are lifting inflation, which in turn is resulting in larger annual raises for Social Security recipients. Independent estimates suggest that Social Security’s cost-of-living adjustment (COLA) will range from 3.7% to 3.8% in 2027. Outsize COLAs can drain the Old-Age and Survivors Insurance trust fund’s asset reserves faster than initially […]