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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Update as of June 2023: Federal student loan payments will resume October 2023—with interest starting back September 1, 2023. Let’s be real: It’s been a rough few years. Maybe you were hit hard financially, and it’s been a struggle to keep food on the table, let alone worry about your student…
Hey, we know student loans are heavy. They can squeeze the life out of your income and feel like a weight you just can’t bear. If you’re looking for student loan help, the options can seem endless. From forgiveness to forbearance to consolidation . . . but how do you…
If you’re covered in student loan debt, then you know how hard it is. It’s like a dark rain cloud following you around, casting a shadow on all the good things in your life. When that rain cloud sticks around long enough, it’s easy to feel hopeless, even desperate. And…
You signed up for a timeshare. The pitch made it seem like the deal of a lifetime. But now you’re feeling trapped. You’re realizing that lump payment plus the growing annual maintenance fees plus the cost of traveling to your little slice of paradise isn’t really very paradise-like after all.…
In a world of debit cards and auto-drafts, writing a check might feel super outdated. But guess what? Some businesses are old school cool and require a check if you want to buy something. (They might even charge a fee if you pay with anything other than cash or check.)…
I travel a lot. Sometimes for work, and sometimes to sweep my wife off her feet with a not-so-surprise vacation. (Hey, it’s hard to hide a weekend getaway when you do a monthly budget together.) And as much as I love meeting new people and seeing new sights, travel can…
There’s a relatively new kid on the block in the investing world that’s gotten popular over the last few years, and it’s called an exchange-traded fund (ETF). Market chaos, inflation, your future—work with a pro to navigate this stuff. Since you should never invest in anything you don’t understand, let’s walk through…
Cue the silver bells, because shopping for gifts (and coming up with gift ideas) just got a lot easier! Instead of sitting in holiday traffic and burning the gas you paid an arm and a leg for, check out these gift ideas that can make a big impact on everyone…
Chances are, you’ve thought these five words before: But when things slow down . . . Maybe you’ve even added some more words at the end: But when things slow down . . . I’ll start that ministry . . . take that vacation . . . finish writing that…
Did you know Americans spent $886.7 billion on Christmas last year?1 That’s a lot of photo cards, personalized stockings, candy canes, Christmas music, Santa hats and sparkly ornaments. But unless you plan on skipping Christmas this year, you’ll find yourself a part of that $886.7 billion machine too. Good news: You…
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