Key Points Many people know to plan for healthcare expenses in retirement. Long-term care is its own separate category, and Medicare may not cover any of it. It’s important to understand your options for covering long-term care before your senior years kick off. The $23,760 Social Security bonus most retirees completely overlook › If you’re […]
Key Points Medicare now covers select GLP-1s for weight loss for qualifying beneficiaries. You must have a Medicare plan that covers prescription drugs to be eligible. This GLP-1 Bridge program only lasts through Dec. 31, 2027. The $23,760 Social Security bonus most retirees completely overlook › You probably saw some living expenses drop once you […]
Key Points Whether the federal government taxes your benefits depends on your total income. Only eight states continue to tax benefits at the state level. Understanding how benefits will be taxed can help you develop a money-saving strategy. The $23,760 Social Security bonus most retirees completely overlook › It wasn’t until 1984 that Social Security […]
Key Points Social Security will be insolvent in six years and could face a 22% benefit cut at that time. I tried a simulator tool that explores how different changes would affect Social Security. I wasn’t able to find a path forward that didn’t hurt at least some ordinary Americans financially. The $23,760 Social Security […]
Key Points Relocating in retirement could give you access to better weather and cheaper costs. You’ll need to make sure the decision won’t upend your social life. Also, make sure your new locale will continue to work for you as you age. The $23,760 Social Security bonus most retirees completely overlook › The nice thing […]
Key Points The Senior Citizens League is projecting that 2027’s Social Security COLA will be around 3.8%. This would be an above-average cost-of-living adjustment, but it would still only add about $79 to the average monthly check. The official 2027 COLA won’t be determined until October. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Data reveals that most middle-aged to older Americans would be well-served claiming Social Security at 70. Only roughly 10% opt to wait until 70 to maximize delayed retirement credits. While waiting on Social Security makes sense for many people, it’s not necessarily the optimal move for everyone. The $23,760 Social Security bonus most […]
Key Points You may be worried about choosing the wrong IRA investments. An even bigger mistake could be delaying contributions to that account. Rather than focus on maxing out, start by getting into the habit of funding that account. The $23,760 Social Security bonus most retirees completely overlook › If you’re hoping to enjoy a […]
Key Points Claiming Social Security before reaching for intended full retirement age reduces the size of your monthly payment. I’ll collect these cash payments for a longer period of time, though, and I may be able to do something more constructive with them than the program itself can do. This plan works well for me […]
Key Points As you get older, your healthcare needs often increase. Medicare can provide insurance coverage for you after age 65. Many people mistakenly assume Medicare covers everything they need, when that’s simply not true. The $23,760 Social Security bonus most retirees completely overlook › As you get older, your spending on healthcare often tends […]
Key Points Median retirement savings among Americans 65 to 74 amounted to $200,000 the last time the Federal Reserve collected that data. A nest egg that small gives you a cushion but may not change your lifestyle all that much. With careful budgeting, modest expenses, and part-time work, you may be able to manage on […]
Key Points You may need income to supplement your Social Security checks. You’re allowed to work while receiving benefits, but your age determines whether you’re subject to an earnings limit. A large paycheck on top of Social Security could result in withheld benefits. The $23,760 Social Security bonus most retirees completely overlook › Working during […]
Key Points The 4% rule says retirees should be comfortable withdrawing 4% of their total savings in the first year and adjust for inflation each year afterward. Age 70 is the latest age at which you can delay claiming Social Security benefits. You should use the 4% rule as a starting point, not a fixed […]
Key Points Retirees can claim Social Security benefits as early as age 62 and as late as age 70. However, the amounts one can claim at different ages vary significantly. The $23,760 Social Security bonus most retirees completely overlook › Planning for Social Security and choosing when to claim benefits are two things every worker […]
Key Points I’ve prioritized 401(k) contributions for many years. My 401(k) won’t give me access to those funds without a penalty if I end up retiring early. I’m branching out into a taxable brokerage account to buy myself more options. The $23,760 Social Security bonus most retirees completely overlook › There’s a reason retirement savers […]
Key Points Social Security cost-of-living adjustments help retirees keep pace with inflation. Given increased costs this year, the 2027 COLA could be a substantial one. The specific amount it adds to your check depends on your current benefit. The $23,760 Social Security bonus most retirees completely overlook › In 2027, retirees could find themselves with […]
Key Points A $3 million nest egg should buy you plenty of financial security in retirement. If you’re not careful, $3 million in savings could still run out. The right strategy lessens that likelihood. The $23,760 Social Security bonus most retirees completely overlook › There are many people who reach retirement with little to no […]
Key Points No generation feels like they’re going to be able to save enough to fund a comfortable retirement. Investors between the ages of 46 and 61, however, are particularly behind. Fortunately, it’s not too late for most of this crowd to shore up their savings shortfall. The $23,760 Social Security bonus most retirees completely […]
