Key Points Social Security is six years from a potential 22% benefit cut. Eliminating the cap on wages subject to Social Security taxes would go a long way toward reducing the funding shortfall. It won’t be enough to solve the insolvency crisis on its own. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Original Medicare does not put a cap on your out-of-pocket spending. If you want protection, a Medigap plan could help. Timely enrollment in Medigap could help you secure coverage that’s more affordable. The $23,760 Social Security bonus most retirees completely overlook › Turning 65 comes with a long Medicare to-do list. You’ll need […]
Key Points The average retirement account balance for people aged 45 to 54 is over $128,000 above the median balance. Having access to higher contribution limits after turning 50 years old can help boost retirement savings. Where you retire — and what you plan to do — can be huge factors in how much you […]
Key Points A 3.8% Social Security COLA would add roughly $79 to the average retirement benefit. The actual COLA could be higher or lower than this, depending on inflation over the next few months. The Social Security Administration will announce the official COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely […]
Key Points A Roth conversion lets your money grow tax-free in a Roth IRA once it’s moved over. You won’t have to pay taxes on your withdrawals or worry about required minimum distributions. If you expect to give a lot of your savings to charity, a Roth conversion may not pay. The $23,760 Social Security […]
Key Points All Social Security beneficiaries will get a COLA next year. The Social Security Administration will also update several other program rules, including earnings test limits. It will announce these changes on Oct. 14. The $23,760 Social Security bonus most retirees completely overlook › All eyes are on the 2027 Social Security cost-of-living adjustment […]
Key Points Soaring inflation has raised COLA predictions for 2027. The data needed to calculate an official COLA still hasn’t come in. If inflation cools, next year’s raise may not be as large as expected. The $23,760 Social Security bonus most retirees completely overlook › If you’ve been having a hard time keeping up with […]
Key Points Annuities can deliver regular income for a period of time — or for the rest of your life. They can be a smart part of your retirement plan. The $23,760 Social Security bonus most retirees completely overlook › Annuities can deliver regular, dependable income for part of our retirement — or for the […]
Key Points Steadily funding an IRA is a great way to build retirement wealth. Make sure you’re choosing the right investments. Don’t neglect an opportunity to grow your money tax-free. The $23,760 Social Security bonus most retirees completely overlook › It’s not a given that you’ll have access to a 401(k) for retirement savings purposes. […]
Key Points Social Security’s buying power is declining in part because of how the government calculates COLAs. The 2027 Social Security COLA is expected to be above average. It still might not be enough to cover all your increased costs next year. The $23,760 Social Security bonus most retirees completely overlook › If you used […]
Key Points Workers 50 and over can make catch-up contributions in a 401(k). A newer rule allows people ages 60 to 63 to make a “super catch-up.” It pays to take advantage of this option even if your 401(k) balance is strong already. The $23,760 Social Security bonus most retirees completely overlook › Not everyone […]
Key Points The average household retirement account balance for ages 35 to 44 stands at over $141,000. The median balance is much lower because it’s not skewed by wealthy individuals. Time and compound earnings can help you make up ground if you’re behind in savings. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points The estate tax limit has been dramatically increased to $15 million per individual. If your estate is larger than that, you may want to reduce your taxable estate before you die. There are generous exemptions for giving gifts while you are still alive. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Some people have amassed nest eggs that are big enough to support them in the future, assuming they grow over time. Other people need to keep saving and investing more. Crunch your own numbers and see how your finances look. The $23,760 Social Security bonus most retirees completely overlook › Any article about […]
Image source: Getty Images In most cases, no. Once you’ve paid off a balance transfer card, keeping it open usually helps your credit more than closing it. I totally understand the need to clean house and minimize your card footprint. Especially for cards you don’t use. But closing old cards often works against you. The […]
Key Points Rather than one single, decisive decision, IRA millionaires did many seemingly little things right. Less activity and just holding on to quality growth names for the long haul make a major difference to your bottom line. As always, though, time spent in the market is the biggest driver of IRA growth. The $23,760 […]
Key Points Tax-deferred account holders born between 1951 and 1959 must start RMDs at age 73. The Secure 2.0 Act exempted Roth 401(k) plans from RMDs while the original account holder is still alive. The Secure 2.0 Act reduced the excise tax penalty to 25% when RMDs are not completed on time. The $23,760 Social […]
Key Points It’s important to claim Social Security spousal benefits at the right time. Filing too early could hurt you, but so could filing too late. The $23,760 Social Security bonus most retirees completely overlook › If you were a lower earner during your career or didn’t work enough to qualify for Social Security on […]
