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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If you’re like most people these days, you’ve probably taken a couple personality tests in your time. Whether that’s the Enneagram, Myers-Briggs, Strengths Finder, DiSC, Kolbe or even just a BuzzFeed quiz—the options are nearly endless when it comes to self-discovery and learning more about why you are the way…
Key takeaways You should still shop for the best auto refinance rates and terms even if you have bad credit — there is still a chance to find a competitive option for your budget. Refinancing your car loan with bad credit may make sense if you can lower your monthly…
New to budgeting and on Baby Step 1? We’re so glad you’re here! This guide will help you start your first monthly budget. Right now, you’re trading the short-term rush of immediate gratification for the peace of financial success over the long term. And that’s hard work. So, keep in…
Despite the pandemic, 2020 was a strong year for Dave Ramsey and Ramsey Solutions. Once it was clear the virus was not going to be a short term issue, Ramsey, along with his team, managed it like a war. In the end, the company was able to avoid layoffs and…
Illustration by Clay Laucella/Bankrate First-time homebuyer Ryan Katherine, 30 years old, bought a Salt Lake City home with her partner in 2023. After agreeing to a 2-1 buydown — where you pay a lower mortgage rate for the first two years — the couple’s initial 4.625% rate turned into their…
STUDY SUMMARY Ramsey Solutions conducted a study of more than 1,000 benefits decision-makers in companies of all sizes across the United States. 48% say that financial stress has a significant impact on their employees. Financial wellness is the number one benefit employers are looking to add in the next one…
If you’ve gotten a job interview in today’s crazy job market, then you should be proud of yourself! That alone is a big deal because it means your resumé really stood out to the hiring manager. Now it’s time to ace the next step: the interview. Ready to get started?…
STUDY SUMMARY Americans rank personal finances and money as their number one cause of significant stress. Thirty-four percent (34%) of Americans don’t believe they’ll recover from the financial setback of the pandemic. Of those who received a stimulus check in the last year, 41% used it to pay for necessities…
The awkward transition from childhood to adulthood known as adolescence is wonderful and mind-boggling and terrifying . . . for both kids and parents. It’s full of endless changes, ridiculous pressures to perform and raging hormones. No wonder the National Institute of Mental Health states that nearly one in three…
Getting car insurance is a no-brainer. In fact, the law says you’ve got to have it. (Unless you live in Virginia or New Hampshire, that is.) But figuring out how to get car insurance? Yeah, that takes a little more brain power. From deciding on where you’ll get your car insurance, to what type of coverage you need,…
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