3 Reasons You Should Never Buy a House When You Retire
Image source: Getty Images Planning for your future retirement is going to require you to look at your finances in a holistic way. Not only do you have to consider if you have enough money to get through the day-to-day, you have to figure out what that day-to-day even looks like once you’re the captain […]
3 New Required Minimum Distribution (RMD) Rules Everyone Must Know Before the End of 2024
One of the biggest benefits of saving in traditional retirement accounts like a 401(k) or IRA is the upfront tax break you receive. You won’t owe any income taxes on contributions in the year you make them. That can give you extra cash now, enabling you to save more for retirement. But you can’t defer […]
The Fed Will Probably Cut Interest Rates This Week. Do These 3 Things Before That Happens
Image source: The Motley Fool/Upsplash Have you noticed that the cost of groceries and other expenses aren’t rising as quickly as they were at this time last year, or the year before? Thankfully, inflation has been cooling, which is a great thing for our budgets. The Federal Reserve is clearly happy with the way inflation […]
Social Security’s New Cost-of-Living Adjustment (COLA) Is Out — and Most Americans Think It’s Not Enough. What Do You Think?
Social Security is vital for most retirees. It delivers about 30% of income to those Americans aged 66 or older. Indeed, per the Social Security Administration (SSA): “Among Social Security beneficiaries aged 65 and older, 12% of men and 15% of women rely on Social Security for 90% or more of their income.” One great […]
Here’s What Social Security’s 2025 Cost-of-Living Adjustment (COLA) Means for Your Benefit
For the overwhelming majority of retirees, Social Security represents more than just a monthly check. It’s a vital source of income that lays a financial foundation for aging Americans who can no longer provide for themselves. For the last 23 years, Gallup has been conducting annual surveys to determine how reliant retirees are on the […]
Saving for Retirement? Here Are 2025’s IRA Contribution Limits.
To maintain a comfortable lifestyle in retirement, you generally need to go in with savings or have access to income outside of Social Security. The typical retired worker today collects a Social Security benefit of only about $1,922 a month, which translates into an annual income of about $23,000. That may be enough to just […]
Don’t Forget About These 2 Required Minimum Distribution (RMD) Rule Changes for 2024
Retirement accounts like 401(k)s and IRAs offer valuable tax breaks, but they also come with a lot of rules. These rules apply not only to how much you can contribute and what you can invest in, but also when you can — and must — take money out of your account. Mandatory annual withdrawals known […]
1 Little-Known Social Security Rule Could Boost Your Monthly Check Up to 26.7%, Even if You’re Already Collecting Benefits
You might not realize it, but your Social Security check isn’t set in stone once you claim benefits. On top of the annual COLA, which increases monthly benefits to keep up with inflation, there are several factors that could result in a boost to your income. Examples include switching to spousal or survivor benefits, or […]
The 3 Worst Mistakes You Can Make With 0% APR Credit Cards
Image source: The Motley Fool/Upsplash Most credit cards make it expensive to borrow money. On credit cards that are charged interest, the average rate is a staggering 23.37%, according to Federal Reserve data. For every $1,000 in debt, you’re paying about $233 per year in interest. In comparison, 0% APR credit cards look like an […]
3 Reasons Not to Sign a Mortgage Today — Despite the Lower Rates
Image source: Upsplash/The Motley Fool Mortgage rates are lower today than they were a year ago. Last October, the average 30-year loan rate was over 7%. As of this writing, the average 30-year mortgage is 6.44%. But just a couple of weeks ago, mortgage rates were sitting closer to 6%. So all told, it’s a […]
