Key Points Delaying Social Security gives you more monthly income. An annuity provides guaranteed payments. A cash cushion protects your savings during a market downturn. The $23,760 Social Security bonus most retirees completely overlook › One of the biggest fears retirees tend to share is running out of savings. Given that you don’t know how […]
Key Points If you were married for 10 consecutive years and meet other eligibility criteria, you can claim divorced spouse benefits. Your claim will not impact your ex’s benefits. The $23,760 Social Security bonus most retirees completely overlook › While few people would claim that divorce is easy, it can be even more difficult if […]
Key Points 78.4% of Philadelphia voters backed the establishment of PhillySaves. Businesses that can’t typically offer employees a retirement program will now be able to. PhillySaves is designed to enable employers to sidestep time-consuming, expensive administrative tasks. The $23,760 Social Security bonus most retirees completely overlook › On May 19, 2026, more than three-quarters (78.4%) […]
Key Points RMDs can create huge tax headaches. Planning for them ahead of time could save you money and hassle in the long run. Consider a spread-out Roth conversion if you have a large amount of money in a traditional retirement plan. The $23,760 Social Security bonus most retirees completely overlook › If you’re 60, […]
Key Points Working while claiming could increase your future benefits and standard of living. It could also put you at risk of losing money to the earnings test. You may owe benefit taxes on up to 85% of your checks. The $23,760 Social Security bonus most retirees completely overlook › You’ve probably thought carefully about […]
Key Points Washington made several key changes to Social Security in 1983 to avoid a funding shortfall. These changes included raising the payroll tax rate and FRA and adding benefit taxes for seniors. We may see similar changes happen again within the next few years. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Making history and surpassing milestones is nothing new for America’s leading retirement program. A second consecutive year with a “Trump bump” can lead to Social Security’s cost-of-living adjustment (COLA) making history in a nontraditional way. Additionally, some retired workers should enjoy a rare silver lining in 2027. The $23,760 Social Security bonus most […]
Key Points If there’s one thing survey respondents agreed upon, it’s that something must be done to prevent cuts to retiree benefits. In one survey, 96% of respondents said Senate candidates must explain their plans to prevent Social Security cuts. Cutting benefits, raising taxes, and raising the retirement age all failed to find support among […]
Key Points The median 401(k) balance is highest in the 55 to 64 age group. High earners can skew the average 401(k) balances because they contribute much more to plans. Fidelity recommends having eight times your annual salary saved by age 60. The $23,760 Social Security bonus most retirees completely overlook › One of the […]
Key Points Independent analyst Mary Johnson recently slashed her 2027 Social Security COLA forecast. Johnson’s move was based on improved inflation numbers in June. However, the positive inflation news for last month could prove to be only temporary. The $23,760 Social Security bonus most retirees completely overlook › Will Social Security beneficiaries receive a smaller […]
Key Points You’re allowed to have a job even if you’re getting Social Security. In some scenarios, your job could cause your checks to shrink. In others, you might see your benefits get larger. The $23,760 Social Security bonus most retirees completely overlook › Although some people see retirement as a time to stop working, […]
Key Points Social Security’s 2027 COLA is expected to be above average. Your checks will likely increase more in 2027 than they did in 2026. We won’t know the actual 2027 COLA until October. The $23,760 Social Security bonus most retirees completely overlook › All Americans have felt the strain on their wallets over the […]
Key Points While it’s a great thing to save for retirement, you shouldn’t bank on your IRA or 401(k) for cash you might need in a pinch. Your first priority should be to build a three- to six-month emergency fund. Keep that money someplace safe, like a high-yield savings account, so it can’t lose value […]
Key Points Claiming Social Security at age 62 rather than 67 means receiving 30% less for the rest of your life. But keep in mind that taking a claim now doesn’t insulate you from any future cuts. Claiming early isn’t always a bad decision; there are exceptions. The $23,760 Social Security bonus most retirees completely […]
Key Points You lose eligibility for a spousal benefit when your spouse dies. However, you gain the ability to claim a survivor benefit on their work record. You may be able to switch between survivor and retirement benefits to maximize your lifetime payouts. The $23,760 Social Security bonus most retirees completely overlook › Losing a […]
Key Points The 401(k) averages below are based on data gathered by Fidelity Investments. You can estimate your monthly retirement budget based on how much you have saved. Minimizing or eliminating debt will make your dollars stretch further. The $23,760 Social Security bonus most retirees completely overlook › Given the current cost of living, saving […]
Key Points A market downturn doesn’t have to derail your retirement plans. If you have enough cash to leave your investments alone, you may be able to safely retire on schedule. Consider the mental impact of a market crash when making your choice. The $23,760 Social Security bonus most retirees completely overlook › After years […]
Key Points Medicare starts at age 65, so you’ll need a healthcare plan if you’re going to retire before then. Learn how much your Social Security benefits grow or shrink depending on when you claim them. The $23,760 Social Security bonus most retirees completely overlook › Many of us occasionally (or often) dream of retiring […]
