Each year, Social Security benefits may increase with a cost-of-living adjustment (COLA), but higher Medicare premiums can reduce how much of that raise reaches your monthly budget. Since both are calculated differently, they do not necessarily move at the same rate. Comparing the dollar value of your COLA with changes…
If you’re 65 with $900,000 and no pension, the income your portfolio can provide depends on how much you withdraw and the number of years your savings need to last. Taking too large a withdrawal early in retirement could increase the risk of running short later, while spending too little…
At age 45, skipping your 401(k) match means giving up more than your employer’s contribution. You also lose the potential investment growth this money could earn over the next 20 years. Depending on the size of the match and the investment-return assumptions used, that could leave you with almost $115,000…
Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…
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Major changes to federal student loan repayment rules went into effect this month and are rippling across the system. Many…
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How Does Medical Debt Happen? Some health costs don’t fit into a monthly budget. A major dental procedure or a new health problem can be hard to plan for. It’s common to end up financing the gap, whether that’s a clinic’s own payment plan, a…
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By Carmen Chan You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of…
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Team Name: Musgrave Dunn & AssociatesFirm: Merrill Wealth ManagementSenior Members: Travis Musgrave, Timothy Dunn, Valerie MarshallLocation: Lexington, KYTeam Custodied Assets: $1.4 billionBackground: Travis…
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JGI/Tom Grill/Getty Images Key takeaways Instant loans are quick, but they often come with extremely high fees and predatory terms. Consider alternatives, like debt negotiation or a bad credit loan, before turning to instant options like payday loans. Review any loan contract carefully to ensure you understand the terms and…
elenaleonova/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Bad credit loans typically have higher interest rates and fees, so it’s important to calculate the total borrowing cost before accepting an offer. Many lenders consider factors beyond your credit score, including your income, employment history and debt-to-income ratio. Legitimate lenders won’t guarantee…
In today’s world, credit cards are pretty common; millions of Americans use them daily. In turn, credit card debt is also common and on the rise. Credit cards are neither good nor bad; they are simply a tool. The real cost of credit cards depends on your usage. Is your…
Key takeaways If you find yourself in too much debt to keep up with, you might be able to negotiate with your credit card issuer to settle some of your debt. Debt settlement works by negotiating with an issuer until they agree to let you pay off part of your…
There aren’t enough homes for sale. Existing homeowners have self-imposed golden handcuffs in the form of 3% mortgage rates, and they aren’t in a hurry to move. We keep hearing that the U.S. needs more housing inventory, which is true, but that lament is geographic. In fact, some markets are…
Image: Getty Images; Illustration: Bankrate A split decision for home equity rates this week. In its fifth straight week of gains, the $30,000 home equity line of credit jumped two basis points to 7.41%, close to its highest level this year, according to Bankrate’s national survey of lenders. Meanwhile, the…
While obtaining coverage past age 75 comes with challenges, including higher premiums and more limited options, several types of policies remain available that are specifically designed for older adults. Taking advantage of these options can provide much-needed protection from financial burden for your family during an already difficult time, or…
Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates moved up once again this week, with the 30-year fixed rate averaging 6.46%, up from 6.43% last week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week…
Key takeaways A home equity line of credit (HELOC) is a variable-rate form of financing that lets you cash in on the equity you have in your home. HELOCs are a revolving line of credit, similar to a credit card — you can borrow what you need, repay it, then…
visualspace/Getty Images: Illustration by Grant Crowder/Bankrate Key takeaways Most real estate agents get paid a commission from each sale they close, rather than a regular salary. The commission is typically a percentage of the home’s final sale price, so they make more on higher-priced homes. Rates can be negotiated, but…
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