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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Browsing home listings, dreaming about life’s next chapter, finally reaching your homeownership goals—these are all the exciting things you look forward to when deciding to buy a house. And while all of that is definitely part of the fun and games, coming face to face with a real-life real estate…
Back in the day, it wasn’t unusual for someone to stick with one employer their entire career, working their way up the corporate ladder because there was a really nice pension plan waiting for them at retirement. Market chaos, inflation, your future—work with a pro to navigate this stuff. But…
Think about the biggest life change you’ve had in the past year. The past five years? Now think about what’s coming up in the next five. You’ve probably got at least one major event that either just happened or is getting ready to happen. Maybe you’re celebrating the birth of…
Ever been at a dinner party where someone started using fancy investing terms that made everyone feel intimidated? One of the things we love doing is helping people understand complicated investing topics. And market capitalization is one of those $20 words that we like to explain in simple terms. Let’s take a…
Setting up a trust can be a powerful way to manage and protect assets. However, it also comes with important tax responsibilities. One of the first steps many trustees face is obtaining a tax ID, or EIN. This allows the trust to operate as its own financial entity. Understanding when…
You’re not alone if thinking about life insurance doesn’t fall high on your list of fun things to do. But part of the “fun” of being an adult means handling business every day, right? Right! And besides, once you know a few basic things about how life insurance works and…
Key takeaways Personal loans are best for one-time, fixed expenses, while personal lines of credit are best for ongoing financing needs or purchases that require flexibility. Both options offer lower average interest rates than credit cards for borrowers with good credit. Repayment terms depend on how much you borrow and…
Transferring property with a quitclaim deed may seem like a quick and tax-free move, especially among family members. However, the reality can be far more complicated. These transfers often avoid immediate taxes. However, they can quietly set the stage for a much larger capital gains bill down the road. Understanding…
You’re probably somewhat aware of your personality type: whether you’re an introvert or an extrovert, a control freak or totally laid back. But did you know you have a money personality type too? We each have our own tendencies that make up our money personality as a whole. You may…
Images by Getty Images; Illustration by Issiah Davis/Bankrate Key takeaways Cash-out auto refinancing lets you borrow money by swapping your car loan out for a larger loan, typically with different terms. The amount you can access depends on your vehicle’s value, your credit history and the lender. Be sure to…
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