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 […]
Key Points Healthcare can be a huge expense for retirees. Understanding when to enroll in Medicare and how your plan works is key. Also remember that you’re not locked into the same Part D or Advantage plan for life. The $23,760 Social Security bonus most retirees completely overlook › When you think about the expenses […]
Key Points Those faced with burdensome home expenses may downsize or move to lower-cost areas to stretch funds. Community support and social connections can provide practical assistance, but both types of connections can enhance emotional well-being. The first thing retirees living on Social Security benefits alone should consider is signing up for all government and […]
Key Points Maximizing a healthcare savings account (HSA) is a tax-efficient way to save for healthcare in retirement. Creating a separate healthcare bucket in your portfolio allows you to set aside money for medical costs. Earmarking $200,000 for lifetime healthcare expenses can transform uncertain future costs into a plan. The $23,760 Social Security bonus most […]
Key Points A mortgage in retirement is no problem, as long as the monthly payment fits safely within your budget. If necessary, you could consider making changes to your mortgage to lower payments. There are also property taxes, homeowner’s insurance, and home maintenance to keep up with, too. The $23,760 Social Security bonus most retirees […]
Key Points Social Security’s intended retirement age, or full retirement age, for this year is 67. However, beneficiaries have the option of claiming as soon as they’re 62 years old. Just understand how much it will affect what you collect if you claim at this age. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Required minimum distributions can add to your taxable income. They can also have other consequences, such as higher Medicare premiums. One trick could help you satisfy your RMDs without increasing your tax bill at all. The $23,760 Social Security bonus most retirees completely overlook › If you have money saved in a traditional […]
Key Points Inflation will continue to drive up living expenses. Aging typically brings increased healthcare costs, and Medicare doesn’t cover everything. Social Security may not go as far in the future as it does today. The $23,760 Social Security bonus most retirees completely overlook › At first glance, the idea that you might spend less […]
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 […]
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