Key Points The average Social Security retirement benefit would give you roughly $25,000 in 2026. Whether this will cover more than half your expenses depends on your lifestyle. An online tool can help you estimate your future Social Security benefit. The $23,760 Social Security bonus most retirees completely overlook › Social Security was supposed to […]
Key Points While you might spend less on certain expenses in retirement, other expenses could rise. Health issues could lead to larger medical bills. Being home more often could cost you as well. The $23,760 Social Security bonus most retirees completely overlook › You’ll often hear that in retirement, you shouldn’t need as much income […]
Key Points Social Security COLAs are based on inflation data from the third quarter of the year. September’s CPI-W is needed to make a COLA official. All retirees should stay tuned for a big announcement in mid-October. The $23,760 Social Security bonus most retirees completely overlook › If you’ve been following the news on Social […]
Key Points Claiming spousal benefits makes you eligible to receive up to 50% of your spouse’s primary insurance amount. Claiming spousal benefits before your full retirement age decreases your benefits by more than claiming standard benefits early. Divorced people are eligible to claim spousal benefits as long as they were married for at least 10 […]
Key Points Most people in this crowd have less saved up than you might guess. These investors also have about as much saved up outside of their 401(k) accounts as they do within their workplace retirement accounts. Wherever you stand in comparison to the average, focus more on you and your situation than where most […]
Key Points By 40, you should ideally be on your way to building a retirement nest egg. If you aren’t happy with your savings balance by 40, some lifestyle changes may be in order. The $23,760 Social Security bonus most retirees completely overlook › Age 40 is when a lot of people experience a financial […]
Key Points Some 65-year-olds have claimed Social Security, but others haven’t yet. Whether you’ve started your benefits already or plan to soon, there are a few key things to know about Social Security. You must understand the rules for Medicare, working while retired, and more. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points At 67, people born in 1960 or later reach full retirement age. At that point, Social Security benefits are yours without a reduction. Although waiting will lead to boosted checks, you may have your reasons for filing sooner. The $23,760 Social Security bonus most retirees completely overlook › In the context of Social […]
Key Points The latest Social Security Trustees report revealed that benefits could be reduced as early as 2032 if Congress doesn’t intervene. Current estimates point to a potential 22% cut. Even though lawmakers have never let Social Security cut benefits before, it’s important to prepare for that possibility, just in case. The $23,760 Social Security […]
Planning for an enjoyable retirement is a primary goal of many financial planning clients. For many, this means working full-time well into their 60s before leaving the workforce entirely. However, this ‘traditional’ view of retirement might not be a fit for every individual, as some might not want to wait until they reach their mid-60s […]
Michael Kitces
Key Points Many seniors rely on Social Security to provide a substantial portion of their income in their later years. Cost-of-living adjustments occur in most years to help benefits keep pace with inflation. Experts believe a flaw in the COLA formula may have cost retirees as much as 20% of their buying power in recent […]
Key Points Delaying Social Security until 70 can feel like a major sacrifice since you become eligible for benefits at 62. Putting off your claim provides you with more monthly income and higher COLAs on a dollar-for-dollar basis. What’s more, you can also get higher survivor benefits for your widow(er) if you were the higher […]
Key Points Before you retire, you must make sure you’re in a good financial position. This means you have to determine what your income needs will be. You should also estimate the amount that you’ll have available to spend. The $23,760 Social Security bonus most retirees completely overlook › Are you thinking about retiring in […]
Image source: Getty Images Gen Z carries the lowest credit card balance of any working generation — about $3,493 on average, according to Motley Fool Money research. That’s roughly half of what the average millennial owes. But this stat gets misread constantly. It’s easy to think Gen Z is just better at managing their money. […]
Key Points The first of three data points needed to determine the coming year’s increase in Social Security’s benefit payments is now in hand. Although the next two pieces of information could end up being markedly different than the first, that’s unlikely. While every beneficiary’s COLA raise is the same percentage, on a dollar basis, […]
Image source: Getty Images There are plenty of credit score myths out there. For example, lots of people think that checking your own credit score will lower it, or that your income is a factor in your score. Both false. In truth, there are only a few things worth thinking about when it comes to […]
Key Points If you got a tax refund last year, reduce your withholding to free up cash today. Consider tax-loss harvesting when rebalancing your investments. Make sure your retirement contributions are on track. The $23,760 Social Security bonus most retirees completely overlook › Taxes might be the last thing on your mind when it’s sweltering […]
Key Points If you sign up for Social Security at 65, your benefits will be reduced. Despite that hit, an early claim can sometimes pay off. One thing you don’t want to do is file for Social Security at 65 because you think you need to in order to get Medicare. The $23,760 Social Security […]
