Key Points Social Security’s cost-of-living adjustments (COLAs) help benefits keep up with inflation. Current estimates are calling for a COLA as high as 4.7% in 2027. It’s too soon to announce a 2027 COLA officially, but here’s when you can tune in for that information. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Many financial advisors recommend waiting until age 70 to claim Social Security. However, there’s an opportunity cost involved with delaying. Whether or not holding off makes sense depends on your longevity and investing returns. The $23,760 Social Security bonus most retirees completely overlook › Wait as long as possible. That’s the advice that […]
Key Points It’s not a great feeling to be nearing retirement with inadequate savings. Review your spending carefully and try to boost your retirement plan contributions. Be open to adjusted plans that could include a later retirement date or a different sort of lifestyle. The $23,760 Social Security bonus most retirees completely overlook › By […]
Key Points If you’re nearing retirement, it may be time to reduce risk in your 401(k). That doesn’t mean you should stop contributing. You may be able to make catch-up contributions that boost your balance nicely. The $23,760 Social Security bonus most retirees completely overlook › If you’re three years away from retirement, you may […]
Key Points Arguably, no announcement is more anticipated by traditional Social Security beneficiaries than the annual cost-of-living adjustment (COLA). For a second consecutive year, President Donald Trump’s policies should lead to a historic “Trump bump” for Social Security recipients. Additionally, a pleasant surprise is in store for select retirees in 2027, courtesy of the latest […]
Key Points Current COLA forecasts for 2027 are coming in between 3.8% and 4.7%. At the higher end, that could add almost $100 a month to the typical Social Security benefit. It’s too soon to bank on any given COLA, as third-quarter inflation determines what increase comes through. The $23,760 Social Security bonus most retirees […]
Key Points The Social Security Administration will announce the cost-of-living adjustment (COLA) in mid-October. Personalized COLA notices will go out to all beneficiaries in December. Your first payments with the 2027 COLA included will arrive in mid-to-late January. The $23,760 Social Security bonus most retirees completely overlook › We’re just a few months away from […]
Key Points A good way to build retirement wealth is to start early and be consistent. The right investments could be your ticket to a strong nest egg even with modest monthly contributions. The $23,760 Social Security bonus most retirees completely overlook › When it comes to building retirement savings, it’s easy to assume you […]
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 […]
