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If You’ve Saved This Much for Retirement by Age 50, You’re Ahead of the Game

If You’ve Saved This Much for Retirement by Age 50, You’re Ahead of the Game

Key Points Most people around this age have passed the six-figure mark, with some on track for a seven-figure nest egg. Workplace 401(k) accounts remain the workhorse for accumulating retirement savings, although most of this crowd also have sizable IRA balances. No matter where you stand, creating or updating a written plan for reaching your […]

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Retiring Abroad? You May Not Be Able to Get Social Security Checks in These 9 Countries

Retiring Abroad? You May Not Be Able to Get Social Security Checks in These 9 Countries

Key Points The Social Security Administration will send your benefits to most other countries. There are nine exceptions, though this shouldn’t be a problem for most people. Contact the Social Security Administration if you have questions about receiving checks abroad. The $23,760 Social Security bonus most retirees completely overlook › Sometimes, you just want to […]

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Looking at RMDs in Retirement? 3 Tips to Manage Them.

Looking at RMDs in Retirement? 3 Tips to Manage Them.

Key Points Savings in a traditional retirement account are subject to required minimum distributions (RMDs). Planning ahead could make your RMDs more manageable. There are steps you can take to reduce the tax hit and even make the most of that money. The $23,760 Social Security bonus most retirees completely overlook › There are a […]

The Motley Fool
3 Little-Known RMD Rules That Could Save You Money

3 Little-Known RMD Rules That Could Save You Money

Key Points You don’t have to take an RMD from certain retirement accounts, such as a Roth IRA. You must calculate IRA RMDs individually, but you don’t have to withdraw funds from every traditional IRA. A qualified charitable distribution (QCD) will fulfill your RMD without raising your tax bill. The $23,760 Social Security bonus most […]

The Motley Fool
Considering a Reverse Mortgage? 4 Things to Consider First.

Considering a Reverse Mortgage? 4 Things to Consider First.

Key Points Typically, you must be 62 or older and own your home outright or have a low mortgage balance. Because a reverse mortgage must be repaid upon death, it can reduce the amount left to heirs. Keep in mind that closing costs, insurance, and interest rates can affect the overall loan amount. The $23,760 […]

The Motley Fool
Medicare Launched a New Program Last Month That Could Lead to Big Savings for Seniors

Medicare Launched a New Program Last Month That Could Lead to Big Savings for Seniors

Key Points Medicare launched a GLP-1 Bridge Program last month, which runs through Dec. 31, 2027. Qualifying seniors will be able to get GLP-1s for weight loss for $50 per month. You must meet specific health and insurance criteria to qualify. The $23,760 Social Security bonus most retirees completely overlook › It’s hard to overstate […]

The Motley Fool
Under 35? Here’s the Average Retirement Savings for People Your Age

Under 35? Here’s the Average Retirement Savings for People Your Age

Key Points The younger end of the under-35 spectrum has unsurprisingly saved very little. The thirty-somethings, conversely, are off to a better start than you might expect. No matter where you stand compared to your peers, have a specific savings plan. The $23,760 Social Security bonus most retirees completely overlook › It’s no surprise that […]

The Motley Fool
Medicare Open Enrollment Is 2 Months Away: Do These Things to Prepare Now

Medicare Open Enrollment Is 2 Months Away: Do These Things to Prepare Now

Key Points Medicare open enrollment runs Oct. 15 through Dec. 7. During this time, current enrollees can make changes to their coverage. Before that period kicks off, review your prescriptions and provider network, and assess your current plan. The $23,760 Social Security bonus most retirees completely overlook › Around this time of year, the retail […]

The Motley Fool
Social Security’s 3.6% COLA Bump Could Push the Program Toward a Funding Crisis

Social Security’s 3.6% COLA Bump Could Push the Program Toward a Funding Crisis

Key Points The cost-of-living adjustment to Social Security payments early next year should still be a healthy one. The program can’t sustain itself for many more years without a significant overhaul of funding and disbursements. Necessary changes to bolster the program can only happen through action by Congress and the White House. The $23,760 Social […]

The Motley Fool
Social Security Is in Dire Straits, Thanks in Part to President Donald Trump, but Taxing the Rich Won’t Fix the Problem

Social Security Is in Dire Straits, Thanks in Part to President Donald Trump, but Taxing the Rich Won’t Fix the Problem

Key Points Social Security’s Old-Age and Survivors Insurance trust fund (OASI) — the fund that pays retired workers and survivor beneficiaries — is an estimated six years away from exhausting its asset reserves. Although ongoing demographic shifts are primarily responsible for Social Security’s deteriorating financial outlook, President Trump’s policies are also playing a role. While […]

The Motley Fool
Is $500,000 Enough? What Retirement Really Looks Like on a Half-Million-Dollar Nest Egg.

Is $500,000 Enough? What Retirement Really Looks Like on a Half-Million-Dollar Nest Egg.

Key Points If you’re following the 4% rule, retiring on $500,000 alone generally supports a modest lifestyle. Additional income from Social Security, a pension, or part-time work can help your money last. A good budget is essential if you want to make the most of $500,000. The $23,760 Social Security bonus most retirees completely overlook […]

The Motley Fool
How to Use Your Home Equity to Live Better in Retirement

How to Use Your Home Equity to Live Better in Retirement

Key Points If you determine that selling your home is your best move, it may free up substantial cash for living expenses and investments. While a reverse mortgage is certainly an option, it’s not without risks. Home-equity withdrawals could affect your taxable income and eligibility for financial aid — so make it a point to […]

The Motley Fool
New Federal Bill Would Protect Against Elder Financial Fraud: Until It Passes, Here’s What States Are Doing to Help

New Federal Bill Would Protect Against Elder Financial Fraud: Until It Passes, Here’s What States Are Doing to Help

Key Points As federal lawmakers attempt to protect Americans from investment fraud, at least 33 states now have protections in place designed to help shield them from bank-related fraud. States have authorized banks and credit unions to temporarily freeze suspicious transactions when elder exploitation is suspected. Increasingly, laws permit or require reports to law enforcement […]

The Motley Fool
Social Security’s 2027 COLA Just Got Downgraded: What Retirees Need to Know Now

Social Security’s 2027 COLA Just Got Downgraded: What Retirees Need to Know Now

Key Points Cooling inflation has led experts to lower their Social Security cost-of-living adjustment (COLA) forecasts for the new year, There’s still time for things to change before an official COLA is announced. A smaller 2027 COLA might seem like bad news, but there’s a silver lining. The $23,760 Social Security bonus most retirees completely […]

The Motley Fool
Worried About Outliving Your Retirement Savings? 4 Key Moves to Lower the Odds.

Worried About Outliving Your Retirement Savings? 4 Key Moves to Lower the Odds.

Key Points Surging inflation and an underperforming market could put you at risk of depleting your nest egg. Setting yourself up with guaranteed income could help offset that risk. The right asset mix is crucial as well. The $23,760 Social Security bonus most retirees completely overlook › There’s lots to worry about in the context […]

The Motley Fool
The Latest Inflation Data Means Good and Bad News for Social Security Recipients

The Latest Inflation Data Means Good and Bad News for Social Security Recipients

Key Points The annual COLA is set based on changes in the CPI-W data from the third quarter of each year. July’s CPI-W rose 3.4% year over year, but inflation cooled from June. Social Security recipients have continued to lose purchasing power in their benefits. The $23,760 Social Security bonus most retirees completely overlook › […]

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