President Trump’s Plan to Eliminate Social Security Benefit Taxes Would Save the Wealthy Thousands Per Year. Here’s How Much the Average American Would Benefit
You pay Social Security taxes throughout your career, so it can feel a little unfair if you have to pay taxes on your benefits in retirement. But that’s the reality an increasing number of retirees face. It’s a major pain point, particularly for those who don’t have a lot of personal savings to supplement their […]
The Next Few Decades Could See Retirees Leaving These Regions in Droves
Where you live in retirement is one of the most important decisions you’ll make. It’s not a purely financial choice, but finances certainly play a part in it. The place you call home determines your cost of living, the taxes you’ll owe, and more. If you look at it purely from a numbers perspective, some […]
Here’s What to Do If You Owe Social Security Benefit Taxes You Can’t Pay
“Boring” is a word that frequently comes to mind when people think about doing their taxes. But if you’re a retiree living off a fixed income, tax time can also be stressful. You probably don’t have an employer withholding money for taxes upfront, so you may actually owe the government. And the IRS might be […]
If You Put $300 in Your IRA Every Month for 20 Years, You Could Have This Much Cash by Retirement
Do you feel like you can’t save enough money for retirement for it to matter? Don’t fall into this trap! It often requires sacrifice and dedication to build a comfortable nest egg. And those who already have one usually grew their portfolio by taking small, steady steps. They may have started out with surprisingly modest […]
Deciding When to Claim Social Security? Here’s Why Age 62 Might Make Sense
As you approach retirement, you must make many important decisions, including where you’d like to retire, your savings withdrawal strategy, and when to claim Social Security. Decisions like how you plan to withdraw your savings may be much easier because they can be adjusted over time, but others have more long-term consequences, making them less […]
Could This Controversial Plan Proposed by President Trump Pave the Way for the Biggest Social Security Change Ever?
When he was running for president, Donald Trump declared that Social Security didn’t need to be touched. Last week, President Trump confirmed this premise, telling Fox News’ Sean Hannity, “Social Security won’t be touched.” However, there’s one change the president wants to make that might have huge implications for Social Security if some Republicans get […]
3 Required Minimum Distribution (RMD) Mistakes You Don’t Want to Risk
One of the nice things about saving for retirement in an IRA or 401(k) is enjoying certain tax breaks on the road to building wealth for your senior years. But there’s a downside to saving in accounts like these: having to deal with required minimum distributions (RMDs) down the line. If you’re wondering what the […]
Social Security’s 2026 Cost-of-Living Adjustment (COLA) Estimate Was Just Updated, and It’s a Mixed Bag for Retirees
In January, nearly 52 million retired-worker beneficiaries took home an average Social Security check of $1,978.77. Though this is a relatively modest monthly payout, it has historically proven vital to helping retirees make ends meet. Over the last 23 years, the survey-takers at Gallup have polled retirees to gauge their reliance on their Social Security […]
