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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Whether you’ve been raising children, caring for family members, or simply taking some time off, it’s exciting to start dreaming about doing work you love again (plus bringing home a paycheck!). It’s also intimidating to step back into the workforce when you feel rusty. Fear starts to creep in. Doubt…
Social Security benefits can be taxed at the federal level depending on your total income in retirement. Whether you owe taxes on your benefits, and how much, depends on very old data. The IRS uses income thresholds set decades ago that have never been adjusted for inflation. As incomes and…
Few things can stir up anxiety like having to negotiate a salary—especially if it’s your dream job and you’re worried about losing the offer quicker than it came. Here’s the thing: Just because someone offers you a salary doesn’t mean you can’t ask for something different—in fact, you should. But if you’re…
Land contracts can offer a path to homeownership without a traditional mortgage, but the financial responsibilities involved are not always straightforward. Property tax obligations in particular depend on how the contract is structured, and misunderstanding them can lead to serious financial consequences for either party. Here is what to know…
Word on the street is, you just landed a new job. Congratulations! Starting a new job comes with a flood of emotions. You’re probably excited about the endless possibilities and also feeling some butterflies in your stomach about this new chapter. There’s pressure to perform. There are expectations to achieve…
It’s a story as old as time itself. You go to the mall and buy a nice pair of jeans—but when you put them on at home, they don’t fit as great as you imagined. It happens to all of us. Get expert money advice to reach your money goals…
Getting married is a huge deal, but guess what people usually forget in the middle of all that wedding planning and honeymooning? Insurance! We know, you’ve got a lot going on as you prepare to spend the rest of your lives together. But it’s so important to do an insurance coverage checkup whenever you…
As a homeowner, you want to protect your home at all costs. But no matter how much you plan ahead, there are some things you simply can’t prepare for—like the tree in your front yard getting struck by lightning and crushing your car on the way down. It happens! And…
It’s really hard to be on social media and not compare yourself to others. Your body isn’t good enough, your wardrobe isn’t trendy enough, and your house isn’t Pottery-Barn enough. It might even make you feel like you aren’t enough. Get expert money advice to reach your money goals faster!…
Ever heard of an ultramarathon? It’s a race that’s anywhere from 30 to more than 200 miles long. So to go from couch potato to distance runner, you’d have to commit to loads of blood, sweat and tears. Could you do it? Absolutely! But only with a great plan and…
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