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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Listen, nobody wants to be on the receiving end of unemployment benefits. But if your company suddenly downsizes, a worldwide pandemic strikes, or AI renders your job “obsolete,” it’s nice to know there’s a safety net to catch you if you end up out of work. Get expert money advice…
Hey, we’re not going to geek out on accounting terminology, but to understand tax liability, it’s helpful to be familiar with two basic accounting terms: assets and liabilities. Assets are things you own—think money, property, your collection of obsolete cell phones. Liabilities are money you owe to other people. In other words: Bills…
Medical expenses can add up fast. If you’re wondering if you can deduct medical expenses from your taxes, the short answer is: maybe. Get expert money advice to reach your money goals faster! There are a few key things to keep in mind when you’re figuring out which medical expenses…
Taxes . . . can’t live with ’em, can’t live (in America) without ’em. Whether we like it or not, income taxes are as much a part of American life as baseball and apple pie. And while we groan and grumble as we fill out our tax returns every spring, our…
Wouldn’t it be awesome if you didn’t have to pay taxes? It would be so cool to be able to go out, work hard, and bring that money home without Uncle Sam or one of his 50 little nephews taking a cut. It’s a nice dream, but here in the…
The whole student loan situation over the last three-and-a-half years has been a dumpster fire (to say the least). From payment pauses to failed forgiveness, borrowers have had to deal with so much back and forth from the government, they could probably sue for whiplash. Now that borrowers are finally…
Buying a new car is quite the adrenaline rush. But the second you drive your shiny new vehicle off the lot, it’s like lighting a stack of hundred-dollar bills on fire. Why? Depreciation. Get expert money advice to reach your money goals faster! Car depreciation is the sneaky wealth killer…
Christmas is one of the best times of the year. And if you have kids, you know the joy of seeing their faces light up when they realize Santa squeezed himself down the chimney, dropped off a roomful of presents, and ate all the cookies in the house. It’s magical! No…
In case you haven’t heard, the Mint budgeting app is shutting down. And their users are being asked to move to . . . Credit Karma. But if you’re a Mint user who thinks you’ll be able to keep budgeting the same way, you’re going to be pretty disappointed. Because,…
Hey Mint users. We know you’re in the market for a new budgeting app. And we know there are plenty of options out there—so how do you pick? Let’s talk through a comparison of Mint vs. EveryDollar. What Is Mint? Mint was one of the most popular budgeting apps out…
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