Key Points Social Security COLAs are based on third-quarter inflation data. July is the first month of the third quarter of 2026. We’ll learn the official 2027 COLA this coming Oct. 14. The $23,760 Social Security bonus most retirees completely overlook › The 2027 Social Security cost-of-living adjustment (COLA) announcement isn’t until October, but we […]
Key Points $2 million is a lot of money, but it won’t go as far in the future as it does today. Social Security benefits may not go as far in the future, either. Focus on saving what you can each month, and increase your retirement contributions when possible. The $23,760 Social Security bonus most […]
Key Points Claiming Social Security at 65 will reduce your checks by about 13%. You’ll have to pay your Part B premiums out of pocket if you sign up for Medicare first. Be aware that applying for Medicare late will trigger some costly penalties. The $23,760 Social Security bonus most retirees completely overlook › If […]
Key Points Claiming Social Security early can shrink your monthly check. You may decide after you claimed Social Security that you regret doing so. There are options available to you, but they present challenges. The $23,760 Social Security bonus most retirees completely overlook › You become eligible to claim Social Security at 62, and many […]
Key Points Social Security has just six years until it faces a possible 22% benefit cut. You may still be fine to retire early if you weren’t planning to rely heavily on your benefits. If you expected Social Security to make up a significant portion of your monthly income, you may want to delay retirement […]
Key Points Social Security’s Cost of Living Adjustment will be announced in October. You can monitor CPI-W data in the meantime to get an idea of what it may be. It’s also worth taking note of what the Federal Reserve does during this time. The $23,760 Social Security bonus most retirees completely overlook › Retirees […]
Key Points RMDs are due by Dec. 31 each year. There’s the option to delay your first RMD to the following tax year. Doing so might seem like a wise decision, but it could easily backfire. The $23,760 Social Security bonus most retirees completely overlook › If you have money in a traditional IRA or […]
Image source: Getty Images If you drop a $100 bill on the sidewalk, it’s gone for good. That’s the whole case for why a credit card is usually safer than cash. Fraud on a credit card can get disputed and reversed. Lost or stolen cash almost never comes back. The one place cash wins is […]
Key Points Claiming Social Security at 70 nets you your largest monthly checks. For many people, it also leads to their largest lifetime benefit. Those with short life expectancies or little savings may do better by applying earlier. The $23,760 Social Security bonus most retirees completely overlook › Waiting eight years after you become eligible […]
Key Points Social Security spousal benefits could be a valuable source of retirement income. While claiming them early could cause them to shrink, waiting too long is a problem, too. Knowing the rules could help you claim spousal benefits at the right time. The $23,760 Social Security bonus most retirees completely overlook › If you […]
Key Points The average retirement account balance among 55- to 64-year-olds in 2025 was $305,006. Among those 65 and up, the average balance was $330,186. Someone who has $500,000 has more than the average balance, but may still not have enough to retire. The $23,760 Social Security bonus most retirees completely overlook › Many Americans […]
Key Points Studies have shown the most optimum age for most people to claim Social Security. It’s much later than most people claim. Not claiming at the optimum age means many people leave money on the table. The $23,760 Social Security bonus most retirees completely overlook › You can claim Social Security starting at 62, […]
Key Points Even though $1.2 million is a nice amount of money, it needs to be managed carefully. Establish a withdrawal rate that makes sense for your asset mix and timeline. Maintain a strong cash cushion and be flexible when the market isn’t cooperative. The $23,760 Social Security bonus most retirees completely overlook › As […]
Key Points Inflation could erode your buying power over time. It’s important to invest strategically in retirement so inflation doesn’t win. Boosting key income streams could also help. The $23,760 Social Security bonus most retirees completely overlook › You might assume that a stock market crash is your biggest risk in retirement. But even if […]
Key Points Some government officials have discussed the possibility of raising Social Security’s full retirement age. This would constitute a benefit cut for younger workers. It’s not guaranteed to happen; there are other ways to address Social Security’s looming budget shortfall. The $23,760 Social Security bonus most retirees completely overlook › If you’re counting on […]
Key Points Social Security’s cost-of-living adjustments (COLAs) help benefits keep up with inflation. Current estimates are calling for a COLA as high as 4.7% in 2027. It’s too soon to announce a 2027 COLA officially, but here’s when you can tune in for that information. The $23,760 Social Security bonus most retirees completely overlook › […]
Key Points Many financial advisors recommend waiting until age 70 to claim Social Security. However, there’s an opportunity cost involved with delaying. Whether or not holding off makes sense depends on your longevity and investing returns. The $23,760 Social Security bonus most retirees completely overlook › Wait as long as possible. That’s the advice that […]
Key Points It’s not a great feeling to be nearing retirement with inadequate savings. Review your spending carefully and try to boost your retirement plan contributions. Be open to adjusted plans that could include a later retirement date or a different sort of lifestyle. The $23,760 Social Security bonus most retirees completely overlook › By […]
