Statistics Say This Is the Best Age to Claim Social Security
You may have heard that there’s no one best age to claim Social Security, and that’s true. Everyone’s situation is unique. Factors like your life expectancy and your financial situation determine which claiming age provides you with the largest lifetime benefit. For some, that’s right away at 62, while for others, it might mean delaying […]
If I Could Tell Retirees 1 Thing About Social Security, I’d Say to Do This Before You Claim Benefits
You’ve paid into Social Security for decades, so it’s only natural to be excited about finally getting something back from the program. But it’s important not to rush your decision. The age at which you sign up for benefits affects you in more ways than one, and it’s difficult to undo your decision once you’ve […]
I Want to Be a 401(k) Millionaire by Retirement. Here’s How I’m Planning to Get There.
Most people aren’t financial experts or market wizards. It’s not that they can’t learn; they just have other things going on between kids, a career, hobbies, and more. My day-to-day responsibilities also leave me with little time to manage my nest egg. But I’m still using a 401(k) plan to build my dream retirement. Investing […]
Social Security’s Largest Changes Coming in 2025
2025 is rapidly approaching, and it’s important to know what to expect from a personal finance perspective once the new year begins. And while there are no major policy changes to Social Security, there are still some important changes for both retirees and workers to be aware of. Each year, there are several inflation-based changes, […]
Social Security Benefits Get a Cost-of-Living Adjustment (COLA) in 2025, and It’s a Big Deal for Retirees
Nearlyl 52 million retired workers received a Social Security check in October 2024, and the vast majority of those people depend on monthly benefits to make ends meet. Indeed, 88% of retirees consider Social Security an important source of income, according to Gallup Somewhat surprisingly, two-thirds of adults surveyed by Nationwide Retirement Institute answered incorrectly […]
3 Required Minimum Distribution (RMD) Rules Investors Must Know Before 2025
Tax-deferred retirement accounts like traditional IRAs and 401(k) plans let investors reduce their tax burden in a given year by deducting contributions from their gross income. But the tax payments cannot be postponed indefinitely. Individuals with tax-deferred accounts must take required minimum distributions (RMDs) once they reach a certain age. Read on to learn three […]
My Cousin Has $2 Million in Retirement Savings and Still Works at Age 66. Here’s Why.
When a cousin of mine retired at 65, we all figured he was set for life. He’d always held down a good job, and I knew from talking to him that he had plenty of money socked away in savings. Recently, he disclosed to me that his nest egg was worth about $2 million at […]
Here’s the Typical Net Worth for Your Income
Tracking your net worth is like keeping a scorecard of your financial progress in life. Calculating your net worth is straightforward. First, you add up all of your assets — your checking account, your retirement savings, your home. From that, you subtract all your liabilities — your student loans, your mortgage, your credit card balances. […]
5 Perfect Costco Gifts for the Mom Who Has Everything
Image source: Upsplash/The Motley Fool Shopping for a mom who seems to have it all? Let’s be honest — her “thanks, but I don’t really need anything” response isn’t helpful. Fear not; Costco has the perfect lineup of gifts she didn’t know she needed but absolutely deserves. And here’s the twist: Every pick follows our […]
5 Christmas Gifts for the Costco Mega Fan in Your Life
Image source: Upsplash/ The Motley Fool There are around 128 million Costco members, more than half of whom have the top-tier (read: more expensive) Executive membership. If you live within driving distance of a Costco, there’s a good chance someone on your gift list is a Costco fan. (You know the one. They tell you […]
