President Donald Trump’s Plan to End Social Security Benefit Taxation Would Solve 1 Problem While Exacerbating Another
You pay Social Security taxes throughout your career so you can enjoy guaranteed monthly checks in retirement. But when you retire, you could have to pay taxes on a portion of your benefits, too. It’s a major pain point for seniors, many of whom don’t have a lot of personal savings to supplement their checks. […]
Beyond Immediate Tax Savings: 4 Advantages of a 401(k)
You’ve undoubtedly heard financial professionals sing the virtues of 401(k)s. However, if the only feature you associate with the retirement saving plan is its tax advantages, you may be missing out. Beyond the money you can save, thanks to the pre-tax nature of most 401(k)s, there are plenty of other ways a 401(k) plan can […]
Plan to Work and Claim Social Security? 2 Pros and 3 Cons to Weigh First
If you’re in your late 50s or early 60s, you’ve probably given some thought to when you’ll sign up for Social Security. You want to choose a claiming age that will enable you to live comfortably today and hopefully get as much from the program as possible, but that’s not as straightforward as you might […]
President Donald Trump Is Now Caught Between a Rock and a Hard Place on Medicaid
Since being sworn into office on Jan. 20, President Donald Trump has walked a fine line when discussing the country’s largest social programs such as Medicare, Medicaid, and Social Security. Trump has gone on Fox News and said he has no plans to touch any of these programs. Yet Trump has also vowed to significantly […]
Is It a Good Idea to Retire During a Recession? 3 Things to Consider, First.
Recession is a word that can leave a sour taste in anyone’s mouth. For the vast majority of people, there’s no good association with recession; the only things they can think of are economic uncertainty, job losses, declining stocks, dwindling retirement savings, and stress. A recession can impact nearly everyone’s finances, but it can have […]
Can’t Get the Max $5,108 Social Security Benefit? Here’s What to Do Instead.
Even if you’ve saved decently for retirement, there’s a good chance Social Security will play an important role in your future finances. For this reason, it’s important to try to snag as large a monthly check as possible. The maximum monthly benefit Social Security will pay in 2025 is $5,108. But most retirees collect a […]
3 Ways to Reduce Your Required Minimum Distribution (RMD) and Pay Less in Taxes
Saving money for retirement in a 401(k) or IRA comes with some big tax advantages. Any money you contribute to the account is tax deductible. On top of that, you won’t pay any taxes on gains or dividends earned in the account. That can give you a lot more money to invest today and help […]
Saving Social Security Might Involve Raising Taxes. Here’s Why It May Not Be as Bad as You Think
You pay 6.2% of the first $176,100 you earn in Social Security payroll taxes in 2025. Self-employed workers pay even more. That’s already a pretty substantial bite out of your annual income, so it makes sense if you’re not a fan of raising payroll taxes as a way to keep Social Security solvent. But the […]
Prediction: 2 Ways President Donald Trump Will Decisively Change Social Security in 2025
For most retirees, Social Security provides much more than just a monthly check. It represents the foundation of their retirement income and is vital to making ends meet. For 23 years (2002-2024), national pollster Gallup has surveyed retirees to gain perspective on how important Social Security income is to their financial well-being. Every year, between […]
Here’s What I Did With My Retirement Portfolio After a Week of Stock Market Volatility
It’s been a doozy of a week for the stock market. With major indexes tumbling, a lot of investors no doubt lost sleep these past few days watching their portfolio values tank. I’m quite certain my retirement portfolio took a hit, too. But I don’t know exactly how much of a hit. Where to invest […]
