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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On April 30, 2026, President Trump signed an executive order aimed at closing the retirement-savings gap for those without 401(k) plans through the creation of TrumpIRA.gov. The federal platform is designed to connect uncovered workers with low-cost individual retirement accounts and pair those accounts with the Saver’s Match, created under…
The 2026 spring homebuying season was supposed to mark the end of the doldrums for the U.S. housing market. Instead, American homebuyers are still sitting on their hands. Home sales dropped over the first third of the year, according to the National Association of Realtors (NAR), falling nearly every month…
Certificates of deposits (CDs) continue to be worth considering as a component of your savings strategy in 2026. Yields on the best CD rates are down after peaking in late 2023, but they still remain well above national averages and the rate of inflation. “Savers can still take advantage of…
The moment Runbo Li’s parents bought his childhood home is something he hasn’t forgotten. In 1998, his parents emigrated from China to build a better life for him and his younger sister. For nearly a decade, they lived carefully, saving whatever they could while working jobs at Penn State University.…
Credit cards are a financial tool that could make or break your finances and credit score. When used responsibly, they can contribute positively to your credit score and overall financial health, but your financial health could take a turn if you mismanage your credit cards and accumulate credit card debt.…
Key takeaways If your credit card was declined while you were trying to make a purchase, don’t panic — there are several reasons why this could’ve happened, many of which can be resolved quickly. Some common reasons your credit card might be declined include having the card’s credit limit maxed…
Most of us know how to use our credit card to make purchases, but not everybody knows how to get cash from a credit card at an ATM. When you use your credit card to request a cash advance, you can withdraw money from your credit card and use it…
By Julie Jaggernath When you’re trying to figure out how to get out of debt, it helps to know that not every debt needs to be tackled with the same urgency. Some debts are more expensive than others, and your debt repayment strategy should reflect that. That doesn’t mean you…
When you take money from your 401(k) through a withdrawal, rollover or loan default, the IRS requires specific reporting on your tax return. The forms you receive, what each figure represents and how to report them correctly can affect both what you owe and whether you face penalties for errors…
Claiming dependents correctly could help reduce your tax bill. A family with two qualifying children may potentially receive several thousand dollars in combined tax credits, including the Child Tax Credit and the Child and Dependent Care Credit. Someone supporting an elderly parent may also qualify for additional benefits, including head…
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