Key Points A $1 million nest egg would give you roughly $40,000 in annual retirement income. Inflation will continue to drive up living expenses, so you may need to plan for a higher annual income in retirement. You’ll likely have Social Security to help you cover some of your costs. The $23,760 Social Security bonus […]
Key Points Claiming Social Security at 62 can reduce your checks by up to 30%. It can still be the right move if you lack personal savings or have a short life expectancy. Review all of your options before deciding when you want to claim Social Security. The $23,760 Social Security bonus most retirees completely […]
Key Points Required minimum distributions (RMDs) could have a big impact on your retirement finances. Getting your RMD timing right is key. Understanding the consequences of taking or not taking RMDs is also crucial. The $23,760 Social Security bonus most retirees completely overlook › Turning 73 is an important milestone for retirement planning. If you’re […]
Key Points The fewer working age Americans there are, the less money goes into the Social Security trust fund. Immigration crackdowns have led to fewer people paying into the trust fund. The One Big Beauiful Bill Act provides short-term relief to current retirees, but pushes the trust fund depletion date up by one year. The […]
Key Points You need an emergency fund to brace against unexpected financial challenges. Be sure to live below your means, not above your means. Think twice before co-signing a loan. The $23,760 Social Security bonus most retirees completely overlook › As we go through our financial lives, we often make decisions that seem harmless or […]
Key Points The Social Security cost-of-living adjustment (COLA) provides retirees with a benefits increase in most years. Retirees need to understand what the COLA can actually do for them. The COLA may be falling short for most retirees. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries receive a cost-of-living adjustment […]
Image source: Getty Images Realistically, you can pay off a $10,000 balance with the right balance transfer card in 21 months on a budget of around $500 a month. Finding a card with a long 0% intro APR window is key. Then, just divide your balance (plus the transfer fee) across those months and you […]
Key Points Social Security benefits could be cut by 22% in 2032. Seniors should prioritize savings now and paying down high-interest debt. Have a backup plan for what you’ll do if your Social Security benefits drop in the future. The $23,760 Social Security bonus most retirees completely overlook › Social Security beneficiaries got some scary […]
Key Points Social Security’s spousal benefits work differently from standard retirement benefits based on your own work history. It’s important to understand when to claim spousal benefits and how much they might be worth. You should also know what happens when you’re eligible for two sets of benefits at the same time. The $23,760 Social […]
Key Points People typically need 55% to 80% of their working income in retirement. Social Security does a lot of the lifting, but people still need to save their own nest egg. Most people fail to properly save for retirement, but it’s never too late. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points It’s too soon to know what Social Security’s 2027 cost-of-living adjustment (COLA) will amount to. Your best bet is to build a budget that holds up well, regardless of the exact number. Make sure you’re prioritizing your core expenses, and leave yourself wiggle room for unplanned bills. The $23,760 Social Security bonus most […]
Key Points Taxes, home repairs, and Medicare expenses could eat up more of your income than expected. There are ways to manage all of these expenses with less stress. The $23,760 Social Security bonus most retirees completely overlook › Retirement is an exciting milestone. But it’s also not something you should jump into. It’s important […]
Key Points You’ll obviously need investment income in retirement, but you’ll still need capital growth as well. Meeting multiple goals for your money is easier to achieve when your savings are separated into groupings, each with a distinct purpose. There’s a proven magic number for the amount of cash that can be removed from your […]
Key Points Social Security benefits are going to be an important source of income in your senior years. Many people make mistakes about when they claim benefits, and they end up regretting it. Taking two steps before you claim Social Security could help you shore up your finances. The $23,760 Social Security bonus most retirees […]
Image source: Getty Images Every summer I take a road trip from California to Montana with my family. We drive about 2,600 miles, crossing through multiple states, and it always amazes me to see the difference in gas prices along the way. In Los Angeles when we leave we’re paying sometimes $6.00+ per gallon, then […]
Key Points It’s been a history-packed past year and change for Social Security, with the average monthly retired-worker benefit surpassing $2,000 for the first time. The Donald Trump-led Iran war is driving up the U.S. inflation rate, which in turn could deliver one of the largest Social Security raises in the last 36 years. However, […]
Key Points You can claim Social Security starting at age 62. Many people err by rushing to claim benefits. Not being strategic about your claim could leave you with far less Social Security income. The $23,760 Social Security bonus most retirees completely overlook › Turning 62 is a huge milestone for most American workers, because […]
Key Points If you’re reliant on Social Security to cover your costs, a smaller benefit could be a problem. Make sure the Social Security Administration has accurate wage data for you on file. Look at different ways to supplement your retirement income. The $23,760 Social Security bonus most retirees completely overlook › In the course […]
