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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It’s no secret today’s economy is casting a shadow over many people’s lives, whether at the grocery store, gas pump or even keeping the lights on at home. But, so far, Americans, especially homeowners, appear to be holidng steady when it comes to their debt. Total mortgage balances have risen…
Image: Getty Images; Illustration: Bankrate Home equity rates posted broad gains this week. The $30,000 home equity line climbed 16 basis points to 7.26%, according to Bankrate’s national survey of lenders. Meanwhile, the five-year $30,000 home equity loan jumped 12 basis points to 8.03%. Even with this week’s increase, home…
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 6.43%, up from 6.37% 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…
Cross Photography, illustration by Clay Laucella/Bankrate For some, southern New Hampshire is the ideal three-day jaunt up from Boston or autumn leaf-peeping destination. But for Ebony Martin, it’s home. Though the 42-year-old now owns a house in Manchester, NH., there was a time when the market was so competitive it…
If you’ve been making your credit card payments consistently but your balance barely moves, you’re not alone. Many people feel stuck in a cycle where they are doing all the right things but not seeing progress. In partnership with American Consumer Credit Counseling, financial educator Tiffany Aliche, also known as…
Marriage and debt are like pregnancy and . . . nausea. For most people, you can’t have the exciting part without the latter. In fact, 63% of marriages start out in debt.1 Take Grace’s story, for example. She was completely debt-free with $10,000 in the bank before she got married.…
You’ve watched so many episodes of Fixer Upper you can practically guess what new home remodel miracle Chip and Joanna Gaines are about to pull off. And sure, their projects look hard, but you’re up for the challenge. Now you’re thinking of buying a fixer-upper yourself. Whether you’re a first-time…
One of the questions I’m asked most often is, “How can I talk to my spouse about money?” If you’re looking for that answer, I’m so glad you’re here. Talking about money can be intimidating for any number of reasons. Maybe one of you is reluctant to tackle your money…
STUDY SUMMARY 58% of Millennials are currently saving for retirement. Millennials are as likely to know how much money they’ll need to retire as Baby Boomers or Gen Xers. Millennials begin saving for retirement at an average age of 23. Downloads Infographics Have questions about this study? Email us or visit our newsroom for…
STUDY SUMMARY 40% of workers say their employers do not provide any type of retirement or financial education. Seven out of 10 workers who have zero retirement savings do not have access to any retirement education from their employers. Employers who do not provide access to retirement education have employees…
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