Key Points Surging inflation and an underperforming market could put you at risk of depleting your nest egg. Setting yourself up with guaranteed income could help offset that risk. The right asset mix is crucial as well. The $23,760 Social Security bonus most retirees completely overlook › There’s lots to worry about in the context […]
Key Points The annual COLA is set based on changes in the CPI-W data from the third quarter of each year. July’s CPI-W rose 3.4% year over year, but inflation cooled from June. Social Security recipients have continued to lose purchasing power in their benefits. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Healthcare can be a huge expense for older Americans. Saving extra for it ahead of time could help you avoid financial stress. It’s just as important to choose your Medicare coverage carefully and understand your plan’s rules and benefits. The $23,760 Social Security bonus most retirees completely overlook › Many people spend years […]
Key Points The annual cost-of-living adjustment (COLA) is determined by inflation data. Inflation has swung wildly this year, due to the Iran conflict. The most important inflation data for the COLA comes in July, August, and September. The $23,760 Social Security bonus most retirees completely overlook › While investors were eagerly awaiting July inflation data […]
Key Points Initial projections are calling for a larger Social Security COLA in 2027 than in 2026. A larger raise will come at the cost of higher prices. It also may not help seniors keep up with inflation as much as expected. The $23,760 Social Security bonus most retirees completely overlook › Social Security’s cost-of-living […]
Key Points A Roth conversion allows you to enjoy the benefits of a Roth IRA. While it can give you more flexibility in retirement, it could spur unwanted consequences in the near term. Run the numbers on your conversion to avoid surprises. The $23,760 Social Security bonus most retirees completely overlook › A Roth conversion […]
Key Points Before you retire, make sure you figure out what expenses you’ll be looking at. Also figure out where your income will come from. Have a plan for keeping busy so you don’t end up unhappy. The $23,760 Social Security bonus most retirees completely overlook › If you’re gearing up to retire, you may […]
Key Points Incorporate healthcare costs into your postretirement budget. Regularly review your Medicare plan to ensure you’re receiving the most comprehensive coverage at the lowest cost. Creating a healthcare “bucket” allows you to keep healthcare costs separate from everyday expenses. The $23,760 Social Security bonus most retirees completely overlook › Fidelity Investments routinely crunches the […]
Key Points Social Security COLAs are meant to help retirees keep up with rising costs. Those raises are based on specific inflation data. An official number should come out in mid-October, but only if all goes smoothly. The $23,760 Social Security bonus most retirees completely overlook › There are many people who end up collecting […]
Key Points The Bureau of Labor Statistics released the July inflation report earlier today, Aug. 12, which showed a slight easing in trailing 12-month price increases. Looking solely at the headline inflation figure can be deceiving, as Social Security’s 2027 cost-of-living adjustment (COLA) is on track to make history in a variety of ways. Additionally, […]
Key Points Social Security benefits can be difficult to understand. Checking these blind spots can increase your monthly payments. The $23,760 Social Security bonus most retirees completely overlook › Claiming Social Security benefits can be a complex and confusing process for retirees. As a result, many retirees leave money on the table by glossing over […]
Key Points Certain expenses in retirement can be substantial and somewhat unpredictable. Have a plan for covering healthcare and housing. Budget accordingly so you can afford to fill your days with meaningful activities. The $23,760 Social Security bonus most retirees completely overlook › Before you retire, there are a few key financial moves you should […]
Key Points If you’ve retired early and are collecting Social Security, working could lower that benefit — at least temporarily. You might also lose means-based benefits from Medicaid or the Supplemental Nutrition Assistance Program. It could also affect subsidies you might be receiving via the Affordable Care Act’s Health Insurance Marketplace. The $23,760 Social Security […]
Key Points Borrowing from a 401(k) might seem like an easy way to get access to money. You don’t need a credit check, and you’re repaying yourself instead of a bank. There can be huge consequences if you don’t repay your loan on time, so proceed with caution. The $23,760 Social Security bonus most retirees […]
Key Points The average 60-year-old living in the United States has saved up a sizable sum for retirement. Most people at or around this age have much less than this highly skewed average. If you’re still working and contributing to your retirement account, you’ve got time to significantly expand your savings. The $23,760 Social Security […]
Key Points Consistently strong taxable earnings are the foundation for above-average Social Security retirement benefits. Future retirees, however, must also earn these higher incomes for a little longer than most people wish to work. Holding off for as long as possible before claiming benefits also bolsters your future benefits. The $23,760 Social Security bonus most […]
Key Points You may qualify for spousal benefits if you didn’t earn enough to get Social Security on your own. It’s important to know when you can file for spousal benefits. Also understand what income those benefits might lead to. The $23,760 Social Security bonus most retirees completely overlook › Qualifying for Social Security benefits […]
Key Points Medicare has a standard premium it charges for Part B, while Part D costs are plan-specific. If you earn too much money, you could face surcharges on Part B and D premiums. Withdrawing from savings strategically and choosing the right retirement plan could help you avoid paying more for Medicare. The $23,760 Social […]
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