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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What if we told you the prices on groceries, clothes and even houses were going to drop? You’d probably be thrilled! Lower prices? Heck yes. We’re big fans of you keeping more money in your pockets too—but not when the reason for it is deflation. De—who? Deflation. So what is…
No matter who you are or what industry you’re in, it’s important to set goals for your career. Career goals keep us moving forward, prevent us from getting stuck or stagnant, and give us something bigger than ourselves to work toward. In fact, one of my favorite Scriptures is “I…
Who am I? Get expert money advice to reach your money goals faster! If you’re asking yourself that question, you’re in good company. Scholars, philosophers, psychologists, teachers, rabbis and pastors have debated identity for centuries. It’s hard to put it into words—and yet it’s so foundational to how we make…
Money fights are the worst. Well, let’s face it: All fights are pretty awful. But if you and your spouse (or significant other) have been fighting about money, you’re not alone. Get expert money advice to reach your money goals faster! In fact, 41% of married couples say fighting is…
Every small-business owner knows how difficult and confusing it is to deal with their employees’ health care. We don’t need to tell you that health care costs are increasing every year at an average rate of 5.4%.1 You feel it. So, what’s a small-business owner to do if they want to provide…
PC Photography/Getty Images: Illustration by Issiah Davis/Bankrate Key takeaways Your debt-to-income (DTI) ratio represents the percentage of income you have left after making monthly debt payments. Your DTI is a key factor in mortgage approval. Most lenders prefer DTI ratios of 36 percent or below. With a lower DTI, you’re…
Ugh. Feelings. Everyone—and I mean everyone—has feelings. And we all have different ways of dealing with them. Maybe you, like Drake, enjoy being “in your feelings.” Or maybe you do everything in your power to avoid them. You just keep scrolling or eating or drinking or exercising or working or…
Unless you’ve got one of those magical unicorn health insurance plans with no deductible, no copay, a low premium and tons of coverage, it’s easy to feel like your health insurance plan is taking more than it gives. But the good news is that there’s at least one way to…
Every year, hurricanes cause billions of dollars in damage, and the majority of it is caused by wind and flooding—two things most regular homeowners insurance policies don’t cover. That’s why if you live in a hurricane-prone area, you need to make sure you’ve got the coverage you need. We’ll dig…
Hamburgers, check. Cookies, check. Lord of the Rings Extended Edition, check. For some people (looking at you, Floridians), a hurricane checklist appears more like a Fourth of July cookout list than a disaster plan. While hurricane parties are a real thing, so are the problems you’ll face if the storm’s…
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