Key Points COLAs are based on a price index that actively excludes senior households. There’s a separate index, the Consumer Price Index for the Elderly (CPI-E), that tracks seniors’ spending. Switching to the CPI-E would increase COLAs in most years. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries are likely […]
Key Points Social Security is just a few years away from steep benefit cuts without government intervention. It’s likely the Social Security payroll tax rate will increase, costing workers. The longer the government waits to address this issue, the more costly the fix will be. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Medicare’s open enrollment period in the fall gives you a chance to make changes to your coverage. Now’s the time to review your prescriptions and discuss possible changes with your providers. Also determine what aspects of your current coverage work and what needs to be improved. The $23,760 Social Security bonus most retirees […]
Key Points Some possible fixes involve capping benefits for high earners. Increasing the full retirement age would reduce benefits for younger earners. Changes to Social Security benefit taxes could cost seniors more at tax time. The $23,760 Social Security bonus most retirees completely overlook › It’s been in the headlines for weeks now: Social Security […]
Key Points Claiming Social Security early may result in a smaller monthly benefit. Your annual COLAs will be smaller in terms of dollar value. If you’re still working, you could lose more of your checks to the earnings test. The $23,760 Social Security bonus most retirees completely overlook › If anyone’s ever cautioned you not […]
Key Points Many retirees are eagerly awaiting an official COLA announcement. That number should become available by October, along with other key updates. Retirees and workers alike should tune in mid-month for some changes. The $23,760 Social Security bonus most retirees completely overlook › If you’re seeing Social Security in the news a lot lately, […]
Key Points The annual Social Security COLA is determined using inflation data from the third quarter of each year. President Trump’s inability to fully open the strait could keep oil prices elevated, driving up inflation during that quarter. The official COLA number is expected to be released on Oct. 14. The $23,760 Social Security bonus […]
Key Points Roth conversions could pave the way to tax-free investment gains and withdrawals. They’re also a great way to get out of taking required minimum distributions. Roth conversions are a taxable event, and not planning carefully could have unwanted consequences. The $23,760 Social Security bonus most retirees completely overlook › If you don’t like […]
Key Points There’s really no amount of retirement savings that absolutely guarantees you won’t run out. With the right strategy, you could substantially lower your risk of depleting your nest egg in your lifetime. The same strategy that works for a smaller nest egg could also work for a larger one. The $23,760 Social Security […]
Key Points The nationwide inflation rate remains above long-term norms. If that holds, beneficiaries should see a similar increase in their payments. Investors should also aim to make their current assets generate more spendable cash. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries are marching their way toward a decent-sized […]
Key Points Social Security cost-of-living adjustments (COLAs) are determined by inflation data in July, August, and September of each year. June inflation data showed the potential for the 2027 COLA to come in lower than expected. However, it’s not a done deal yet, and there are some benefits to having a lower COLA. The $23,760 […]
Key Points Working while on Social Security is allowed, but if you’re under full retirement age, you’ll be subject to an earnings limit. Exceeding that limit could cause benefits to be withheld. With a high enough income, you risk losing your entire Social Security check temporarily. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points A Roth conversion could lower your taxes in retirement and help you avoid RMDs. It’s important to give yourself as much time as possible to do a Roth conversion. Take advantage of low-income years to minimize the tax hit. The $23,760 Social Security bonus most retirees completely overlook › People who save for […]
Key Points IRAs and 401(k)s come loaded with tax breaks. They can also impose rules and restrictions that make branching out crucial. In addition to having multiple homes for your retirement savings, it’s also important to know when you have enough. The $23,760 Social Security bonus most retirees completely overlook › If you want to […]
Key Points Your filing age helps determine how much Social Security you get each month. While claiming early reduces your benefits, that’s not always a bad call. Make sure you run one key calculation before signing up for Social Security. The $23,760 Social Security bonus most retirees completely overlook › Deciding when to claim Social […]
Key Points You need to be comfortable with your savings level and have a plan for healthcare. It’s important to understand Social Security and create a filing strategy. Make sure you’re not neglecting the mental health aspect of retirement. The $23,760 Social Security bonus most retirees completely overlook › If you’ve put in a fair […]
Key Points Although I became a saver in my 20s, I made some blunders along the way. I didn’t choose the right retirement account for my situation. I delayed a key investment that could’ve had a big payoff. The $23,760 Social Security bonus most retirees completely overlook › I know a lot of people who […]
Key Points Most people don’t qualify for Social Security’s maximum benefit. Snagging the largest possible check requires you to earn a high salary for decades. There are steps you can take to boost your Social Security even if the maximum monthly check is out of reach. The $23,760 Social Security bonus most retirees completely overlook […]
