Key Points Social Security benefits are losing buying power largely because of how COLAs are calculated. Aligning COLAs with senior spending habits could prevent this. It’s unlikely we’ll see any significant changes to COLA calculations in the next few years. The $23,760 Social Security bonus most retirees completely overlook › The average Social Security benefit […]
Key Points If you’re retiring in just a few years, it’s crucial to review your portfolio’s risk profile. It’s also important to have plenty of cash on hand. You may also want to focus on assets that pay you regularly in retirement. The $23,760 Social Security bonus most retirees completely overlook › If you’re aiming […]
Key Points The latest estimates put the 2027 COLA at around 3.8%. This would add roughly $76 to a $2,000 monthly benefit. We won’t know the actual 2027 COLA until mid-October. The $23,760 Social Security bonus most retirees completely overlook › With less than three months to go until the official 2027 Social Security cost-of-living […]
Key Points Your claiming age will affect the size of your monthly and lifetime benefits. Early claimers risk losing money to the earnings test. Married couples should coordinate their claiming ages to maximize their household benefits. The $23,760 Social Security bonus most retirees completely overlook › One of the biggest retirement decisions you’ll make is […]
Key Points The 2027 Social Security COLA is projected to be higher than average based on current inflation numbers. Medicare Part B premiums are automatically deducted from retirees’ Social Security benefits. The annual COLA is expected to outpace the Medicare hike for the first time since 2023. The $23,760 Social Security bonus most retirees completely […]
Key Points When you don’t need Social Security to cover your costs, you can employ different filing strategies. Claiming benefits early and investing the money could work out in your favor. Delaying your claim could help you secure a larger monthly and lifetime paycheck. The $23,760 Social Security bonus most retirees completely overlook › There […]
Key Points Failing to enroll in Medicare on time could be costly. It’s important to understand when you’re supposed to sign up and when you can wait. Don’t assume you can delay enrollment just because you have health insurance. The $23,760 Social Security bonus most retirees completely overlook › A lot of people know that […]
Key Points Roth conversions are a great way to avoid or minimize RMDs. A large conversion in a single year could lead to surcharges on your Medicare premiums. Spacing out conversions could help you avoid that problem. The $23,760 Social Security bonus most retirees completely overlook › Roth conversions can be an effective part of […]
Key Points Early estimates point to a larger COLA for 2027 than last year’s 2.8% increase. The ongoing war in Iran and data center boom could drive costs higher throughout the economy. Regardless of the COLA percentage, the dollars will only go so far. The $23,760 Social Security bonus most retirees completely overlook › This […]
Key Points Filing early could leave you shortchanged. Delaying spousal benefits could cost you money. Failing to talk to your spouse could impact your joint income. The $23,760 Social Security bonus most retirees completely overlook › Social Security might be one of your most important income streams when you retire. For this reason, it’s important […]
Key Points Limited fund options may cost you money and mess up your strategy. Early withdrawal penalties could trip you up. RMDs could be a problem later. The $23,760 Social Security bonus most retirees completely overlook › There’s a reason so many people like saving for retirement in a 401(k) plan. It’s easy to contribute […]
Key Points You may think you’re prepared for retirement, but certain expenses are easy to overlook. It’s important to prepare for hidden costs like inflation. Many people also underestimate the amount they’re going to spend on healthcare in retirement. The $23,760 Social Security bonus most retirees completely overlook › Being financially prepared for retirement involves […]
Key Points Medicare is a big expense for many seniors. Signing up at the wrong time or choosing the wrong plan could lead to higher costs. You might also get penalized for having a higher income. The $23,760 Social Security bonus most retirees completely overlook › A lot of people wait until at least age […]
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Key Points Social Security faces a big financial shortfall that could result in benefit cuts. That doesn’t necessarily need to affect your plans if most of your income stems from another source. If you’ll rely heavily on Social Security, you may want to make a few key moves. The $23,760 Social Security bonus most retirees […]
Key Points People often shoot for a dollar figure when they think about their retirement nest egg. More important than the size of your 401(k) is your income replacement ratio. The $23,760 Social Security bonus most retirees completely overlook › Americans believe they need $1.46 million in savings to retire comfortably, according to a recent […]
Key Points Being forced to retire earlier could mean falling short of savings goals. Before you panic, take stock of your options, including strategically claiming Social Security. See if there are options for generating income through gig or consulting work, even if you can’t line up full-time employment. The $23,760 Social Security bonus most retirees […]
Key Points You might easily have a six-figure retirement income with $3 million in savings. Depending on your core expenses, that could leave you with plenty of money for travel and entertainment. A $3 million nest egg can still run out, so you need to manage your withdrawals cautiously. The $23,760 Social Security bonus most […]
