Image source: Getty Images My twenties have been all about leveling up my finances. One of the simplest habits I’ve picked up recently — checking my credit score every week or two — has become an easy way to stay on top of my spending, and debunk a few credit myths along the way. I […]
Key Points Estimates for the 2027 Social Security COLA have dipped to 3.6%. This would still be enough to push the average spousal benefit into four-figure territory for the first time. We’ll officially learn the 2027 COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries got […]
Key Points The 2027 Social Security COLA prediction has dropped to 3.6%. This would still be higher than the 2.8% boost seniors got this year. The SSA will announce the official 2027 COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › The 2027 Social Security COLA projection just got […]
Key Points Claiming Social Security at 62 can shrink your monthly checks by 30%. It may also reduce the lifetime benefit you qualify to obtain. And it can reduce the survivor benefits your family members receive. The $23,760 Social Security bonus most retirees completely overlook › When seniors decide to apply for Social Security as […]
Key Points Inflation could erode your buying power over time in retirement. The right investment mix could come to your rescue. Increasing your Social Security benefits could also offer protection. The $23,760 Social Security bonus most retirees completely overlook › When you’re planning for retirement, it’s important to make sure you know what your expenses […]
Key Points You’ll need $2.5 million in retirement savings to spend $100,000 in your first year of retirement, according to the 4% rule. Realistically, you’ll be able to get by with less because Social Security will cover some of your costs. A budget of $100,000 a year may not go as far as you expect […]
Key Points By age 50, you’ve hopefully amassed a decent chunk of money in your 401(k). If you’re not happy with the number, there are steps you can take to catch up. The $23,760 Social Security bonus most retirees completely overlook › By the time you turn 50, you’re hopefully in a more stable place […]
Key Points Donald Trump’s tariffs and the Iran war are directly affecting consumer prices and providing a historic boost to next year’s estimated cost-of-living adjustment (COLA). Based on the latest independent estimates, Social Security’s COLA is about to do something that hasn’t been achieved in 30 years. Furthermore, tens of millions of retired-worker beneficiaries may […]
Key Points Social Security is six years away from a possible 22% benefit cut, but this is unlikely. Claiming Social Security at 62 permanently reduces your checks by 30%. Choose a claiming age based on your finances and life expectancy, not what the future might hold for your benefits. The $23,760 Social Security bonus most […]
Image source: Getty Images There’s plenty of “common knowledge” about credit scores that isn’t actually so common. And believing the wrong myths can quietly be hurting you. The average credit score in the U.S. sits at 714, according to Motley Fool Money research. If you’re well below that, there might be a few things that […]
Key Points Social Security’s 2027 COLA is shaping up to be higher than 2026’s raise. We won’t have an official COLA until mid-October. There are estimates based on current inflation data, but a big piece of the puzzle is still missing. The $23,760 Social Security bonus most retirees completely overlook › If you were disappointed […]
Key Points The Senior Citizens League (TSCL) recently updated its 2027 Social Security COLA prediction. The COLA estimate has fallen slightly, but it’s not locked in yet. We’ll learn the official 2027 COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › After an unimpressive 2.8% Social Security cost-of-living adjustment […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
