Key Points Many people have inaccurate beliefs about Social Security. One common myth is that the program will run out of money. Confusion about full retirement age is another common error. The $23,760 Social Security bonus most retirees completely overlook › Although Social Security is a critical source of income for retirees, many seniors (and […]
Key Points At 67, you can claim Social Security without reduced benefits. Waiting could pay off in a serious way. You get more freedom to earn money while collecting benefits once you turn 67. The $23,760 Social Security bonus most retirees completely overlook › If your 67th birthday is getting close, it could signal a […]
Key Points The average retirement saver at age 70 has around $600,000. The median savings for a 70-year-old is only around $200,000. You are probably better off thinking about a savings target based on your income. The $23,760 Social Security bonus most retirees completely overlook › How do I compare? That’s a question that humans […]
Key Points Few announcements are more anticipated than the annual reveal of Social Security’s cost-of-living adjustment (COLA) in October. Two of Donald Trump’s policies are expected to boost Social Security’s annual raise for the upcoming year. Based on the latest COLA and Medicare Part B premium estimates for 2027, a pleasant surprise likely awaits tens […]
Key Points Social Security beneficiaries who have not yet reached their full retirement age are allowed to work, but that can reduce their retirement benefits payments. A recently introduced bill would eliminate this potential penalty for working while also receiving benefits payments. Although critics fear turning this bill into law would put further strain on […]
Key Points A Medicare Advantage plan can lower premiums and bundle extras, like dental and vision, but restricts your choice of providers. In some states, if you leave Medicare Advantage and want to switch to Medigap, underwriting may be required, particularly after trial rights expire. Consider switching only if the plan you’re moving to is […]
Key Points You can claim Social Security as early as 62, but you may not get your full benefits until 67. With potential Social Security cuts looming, you may be inclined to sign up for benefits as soon as you can. Doing so could make your life more difficult financially. The $23,760 Social Security bonus […]
Key Points Before you make a large 401(k) withdrawal, you must understand the implications. Specifically, if you are on Medicare, a big withdrawal could result in much higher premiums. You need to know Medicare’s rules for IRMAA to prepare for the effect of a large withdrawal. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points The 2027 Social Security COLA will be announced on Oct. 14, 2026. Recent estimates suggest it will come in at around 3.6%. This would add roughly $75 to the average monthly benefit. The $23,760 Social Security bonus most retirees completely overlook › The long-awaited 2027 Social Security cost-of-living adjustment (COLA) announcement is now […]
Key Points The average 401(k) balance was $141,000 as of the first quarter of 2026, according to Fidelity. Whether that’s enough depends on your age and how you envision retirement. Save as much as you’re able, and set a retirement savings target if you don’t already have one. The $23,760 Social Security bonus most retirees […]
Key Points A Medicare Part D premium subsidy program will end in 2027. Medicare Part D premiums may rise by more than you’re used to next year. Use the Open Enrollment Period to shop around for your most affordable Part D plan for 2027. The $23,760 Social Security bonus most retirees completely overlook › Medicare […]
Key Points Social Security is rapidly approaching insolvency, but benefit cuts are unlikely. Washington will likely intervene to fix Social Security, though it may come down to the wire. Any Social Security fix will cost someone, making it difficult for politicians to agree on a plan. The $23,760 Social Security bonus most retirees completely overlook […]
Key Points Surviving spouses receiving survivor benefits are eligible to receive all of their deceased spouse’s benefits. Social Security has a maximum amount it pays out to a single family, including surviving spouses and children. Children can receive up to 75% of a deceased parent’s primary insurance amount. The $23,760 Social Security bonus most retirees […]
Key Points Current projections are calling for a Social Security COLA in the 3.4% to 3.6% range. If the 2027 COLA lands in the mid-3% range, the typical retiree on Social Security could see a decent monthly boost. There’s a missing piece of the puzzle to factor in when calculating how much Social Security checks […]
Key Points The Social Security Administration pays benefits to dependent parents of qualifying deceased workers. You must be at least 62, and your child must have been providing at least half your financial support. You could get up to 82.5% of the benefit your child would have qualified for at the time of their death. […]
Key Points The latest Social Security COLA estimate from Senior Citizens League is 3.6%, down from 3.8% a month ago. We will get the next number needed for the calculation on Sept. 11, 2026. We’ll learn the official COLA on Oct. 14, 2026. The $23,760 Social Security bonus most retirees completely overlook › The 2027 […]
Key Points Housing is most people’s largest monthly expense. Relocating in retirement could give you some more breathing room in your budget. Moving in retirement isn’t right for everyone, and not every move will save you money. The $23,760 Social Security bonus most retirees completely overlook › Watching your savings dwindle is a frightening feeling, […]
Key Points Retiring into a stock market crash can be stressful and, in some cases, risky. Whether you need to delay retirement in that scenario depends on your income plan. If you have enough assets outside the stock market, you may be able to move forward with your original retirement date. The $23,760 Social Security […]
