Key Points While they may not happen, retirees should factor potential cuts into their long-term financial planning. Advocacy groups for Social Security reform are working to protect benefits. Ultimately, Congress will determine whether the Social Security trust fund is shored up or runs dry. The $23,760 Social Security bonus most retirees completely overlook › The […]
Key Points It’s OK to factor Social Security into your retirement income. It’s not OK to make those benefits your sole source of income. Make sure you understand how much income Social Security is meant to replace and the challenges the program faces. The $23,760 Social Security bonus most retirees completely overlook › I was […]
Key Points Social Security is an important source of guaranteed lifetime income. You may be able to maximize your benefits in multiple ways without working longer. Being strategic on how you invest for retirement can help you bring home more Social Security. The $23,760 Social Security bonus most retirees completely overlook › Maximizing Social Security […]
Key Points The longer you wait to claim, the bigger your benefits payment gets (and it’s no small amount). Delaying the initiation of your benefits could also raise the benefit your spouse may be due in the event of your passing. Unless you need your Social Security retirement benefits income when you turn 67, waiting […]
Key Points Many people believe they need at least $1 million for a secure retirement. This is possible, but it depends on how much you earn and when you start. You need to set specific savings goals and automate the process. The $23,760 Social Security bonus most retirees completely overlook › If you retire with […]
Key Points If you work while collecting Social Security benefits, you may not get to keep all of your retirement income. While you can work as much as you want after full retirement age, you forfeit benefits if you’re younger. The good news is that you get back the benefits you missed later in life. […]
Key Points Maximizing your Social Security income can make your retirement more secure. You can do this by using the right accounts to invest in for retirement. The account you select can affect whether you pay taxes on Social Security. The $23,760 Social Security bonus most retirees completely overlook › Sources of guaranteed income that […]
Key Points Social Security’s 2027 cost-of-living adjustment (COLA) reveal is subject to a historic Trump bump. Two of President Donald Trump’s policies may yield one of the largest Social Security raises over the last 35 years. Additionally, select retirees may retain more of their Social Security COLA next year, courtesy of a rare silver lining. […]
Key Points A Roth conversion lets you move funds from a traditional retirement account into a Roth IRA. In doing so, you avoid taxes on withdrawals and RMDs. Roth conversions are a taxable event themselves, so timing them carefully is key. The $23,760 Social Security bonus most retirees completely overlook › If you’re nearing retirement […]
Key Points While the 2027 premium boosts may not be dramatic, they could cut into your budget over time. Compare Medicare plans to ensure you’re enrolling in the right plan for you — and your budget. The $23,760 Social Security bonus most retirees completely overlook › Seniors on Medicare should brace for another round of […]
Key Points Experts recently lowered their 2027 Social Security COLA forecasts. These reduced projections reflect lower-than-expected inflation. Lower inflation now is better for retirees than a larger Social Security check next year. The $23,760 Social Security bonus most retirees completely overlook › For employees, receiving a smaller raise than initially expected isn’t a good thing. […]
Key Points Required minimum distributions, or RMDs, can cause steep penalties when they’re missed. Planning poorly could also result in a larger tax bill. The right strategies could boost your finances and make RMDs less painful. The $23,760 Social Security bonus most retirees completely overlook › Saving for retirement in a traditional individual retirement account […]
Key Points The average 60-year-old has a pretty modest 401(k) balance. If your balance is smaller, there are steps you can take to catch up. If your balance is comparable to the average, it’s important to know what that might mean for your retirement. The $23,760 Social Security bonus most retirees completely overlook › The […]
Key Points Delaying Social Security from ages 67 to 70 could increase your checks by 24%. Waiting until age 70 to apply for benefits may not be the right choice for those with a short life expectancy. Claiming Social Security early might be to your advantage if your personal savings aren’t enough to cover your […]
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 […]
