Key Points A popular rule from Fidelity says you should have saved 10x your salary by age 67 to retire comfortably. This would give the average worker a savings target of about $650,000. Try to increase your savings rate and claim any 401(k) match you qualify for if you’re behind where you want to be. […]
Key Points Working and claiming Social Security could cause you to owe more Social Security benefit taxes. A lot depends on your provisional income — which incorporates several factors. Plan for these taxes in advance so that you aren’t caught off guard by your tax bill. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Filing for Social Security at 62 will shrink your monthly checks by about 30% compared to waiting until full retirement age. An early claim could also result in smaller survivor benefits for your spouse. If you’re the higher earner in your household, you may not want to sign up for benefits at 62. […]
Key Points Medicare Part B premiums and Social Security benefit taxes might consume some or all of your COLA. We will learn the 2027 Medicare Part B premium increase later this year. You could owe ordinary income taxes on up to 85% of your Social Security benefits in 2027. The $23,760 Social Security bonus most […]
Key Points Many people focus on saving $1 million for retirement. If you have modest needs, you may be able to get by on much less. Rather than fixate on $1 million, focus on what savings figure you need to support your personal expenses. The $23,760 Social Security bonus most retirees completely overlook › If […]
By The White Coat Investor, originally published at The White Coat Investor. EDITOR’S NOTE: Deadine alert! August 31 is the final day you can apply for the WCI Medical School Scholarship, which will give away $55,000 to professional students in the US. For all the details of this year’s scholarship (or to find out how […]
The White Coat Investor
Key Points A spouse’s death may force you to choose between claiming a retirement benefit and a survivor benefit. You may be able to strategically delay one and then switch benefits later to maximize your household income. Contact the Social Security Administration to switch benefit types. The $23,760 Social Security bonus most retirees completely overlook […]
Image source: Getty Images If your score is sitting at 750, the fastest way to reach 800 is to fine-tune one number: your credit utilization. That’s the share of your available credit you’re actually using. Here’s a quick refresher in what makes up your typical FICO® Score: Payment History (35%) Credit utilization (30%) Length of […]
Key Points Few announcements are more anticipated by retirees than the annual Social Security cost-of-living adjustment (COLA) reveal. Two of President Donald Trump’s policies are boosting the prevailing inflation rate, thereby setting up Social Security beneficiaries for a historic raise in 2027. However, annual Trump bumps are digging an even bigger hole for Social Security. […]
Key Points How much of the windfall is passed on to policyholders will vary by insurer. It’s possible that insurers will expand services like wellness programs and prevenitive care. More attractive plans may lead to higher enrollment in Medicare Advantage. The $23,760 Social Security bonus most retirees completely overlook › The federal government has announced […]
Image source: Getty Images Buy now, pay later (BNPL) can feel “free” at the checkout. The catch is how fast that free window slams shut. Among people who fell behind on a payment, 64% got charged for it, according to Motley Fool Money research. A 0% intro APR credit card solves that exact problem. Instead […]
Key Points The historical average increase is 2.6%. Experts are predicting an increase of 3.4% to 3.6% to be announced in October. There may be a big decrease coming within a decade. The $23,760 Social Security bonus most retirees completely overlook › If you’re a retiree collecting Social Security benefits — or you’re just a […]
Key Points Earlier this year, one Social Security expert was projecting a 4.7% COLA for 2027. At this point, a raise in the mid-3% range looks more likely. While a smaller COLA might seem disappointing at first, there’s a big perk that comes with getting a smaller boost. The $23,760 Social Security bonus most retirees […]
By Ben Carlson, originally published at A Wealth of Common Sense. I’m not much of a contrarian. By definition, contrarians are wrong most of the time. Fighting the herd only tends to work at the extremes. Here’s one of my most contrarian opinions right now: I’m not worried about a U.S. government debt crisis. We […]
Ben Carlson
Key Points By age 35, you’ve hopefully started to build some retirement savings. The good news is that you may have three more decades of wealth building ahead of you. If you’re struggling to find money for your 401(k), a careful budget review could be in order. The $23,760 Social Security bonus most retirees completely […]
Key Points The average retiree on Social Security today collects about $25,000 a year. With very low expenses, retiring on just Social Security may be feasible. It’s best to set yourself up with outside income so you don’t end up having to pinch pennies. The $23,760 Social Security bonus most retirees completely overlook › There’s […]
Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that Vanguard is planning to acquire RIA custodian Altruist and how it is likely to send ripples across the wealth management and asset management spectrum. While it immediately provides Altruist with the backing of an enormous […]
Michael Kitces
Key Points The 2027 Social Security COLA will almost certainly be larger than the 2.8% 2026 COLA. However, it may come in lower than the current 3.6% estimate. We’ll learn the actual 2027 COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › We won’t know the 2027 Social Security […]
Fritz Gilbert writes The Retirement Manifesto, on preparing for retirement and on the life that follows it. His writing follows his own transition out of full-time work. Read more at theretirementmanifesto.com.
