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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STUDY SUMMARY 53% of working Baby Boomers who aren’t currently saving for retirement have no plans to save. Just 9% of middle-income workers save 15% or more of their income for retirement. Men are nearly twice as likely as women to have saved $250,000 for retirement. Downloads Have questions about…
Here’s the truth, you guys: Everyone needs a plan for their money. That’s why everyone needs a budget—and a family budget meeting! Now, when you hear “budget meeting,” you might think that sounds like a blast or the most awful thing ever (depending on your personality). Regardless of how you…
There’s nothing like a global pandemic to make you rethink some of your Christmas traditions. Do I really want to host a potluck? Should we even bother with new Christmas outfits? Guess I’m doing all my Christmas shopping online this year! We all look forward to Christmas traditions, like decorating…
STUDY SUMMARY Money is the number one issue married couples argue about. 86% of couples who got married in the last five years started out in debt. The higher a couple’s debt burden, the more likely they are to argue about money. Couples in healthy marriages are much more likely…
If you’re new to the world of investing, you’re probably wondering whether you need the help of a financial advisor. Here’s the truth: Even the most seasoned investors find value in having an investment professional guide their overall financial plan. According to a Ramsey Solutions research study, 44% of people who partner…
We’ve all seen them. Bright yellow and red signs with promises of instant cash to help you get to payday. And all you have to do is sign over your dignity and any leftover hopes of being financially stable in the near future. Yup—we’re talking about payday lenders. They’re the…
Preparing for your first meeting with a financial planner? Congrats! That’s a big step! It’s no secret that a lot of Americans feel clueless and helpless about retirement. Not having a solid plan could create an uncomfortable retirement that leaves you strapped for income and dependent on your children. And…
Moving is hard work. Packing all your stuff, helping your kids and pets make the transition, and loading a moving van with boxes isn’t easy. Oh, and did you remember to change your kids’ school records, shut off the utilities, call the post office, set up the internet, and schedule…
If you’re underwater on your mortgage, that means you owe more on your home than it’s worth. That’s not a situation any homeowner wants to be in, but it happens to more people than you may think! If you owe more on your home than it’s currently worth, it’s easy…
As the old saying goes: Those who fail to plan, plan to fail. And we want you to succeed. That’s why we believe financial planning is so important. It can be the difference between just scraping by and reaching the goals that are most important to you. But what if you aren’t…
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