Choosing between claiming Social Security at 62 or waiting until 70 can create a wide gap in your monthly income. Starting early gives you more years of payments, while delaying may increase the amount of each check. The tradeoff comes down to how long you expect to collect benefits and…
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…
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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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The 65-day rule can give certain trusts more flexibility when deciding when to distribute income to beneficiaries. The IRS may treat an eligible distribution made during the first 65 days of a new tax year as though it occurred in the prior year. This can…
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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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Wondering just how much debt the average American has? We’ve got you covered! We’re going to look at the average American debt and break it down by age and different types of debt, like student loans, mortgages and credit cards. Pay off debt fast and save more money with Financial…
It’s weird to look back over 20 years and see how much has changed in your world. For me, it’s things like, The Dave Ramsey Show is now The Ramsey Show. I’m no longer the only host—I co-host the show with the Ramsey Personalities. My company had fewer than 200…
Generosity is one of my favorite things to talk about—because it’s one of the most freeing things you can do with money. When you give, you’re telling your money who’s really in charge (hint: It’s not you). It also goes hand in hand with contentment and helps us avoid that…
You may already know about the tax advantages of investing for retirement with a Roth retirement account. Tax-free growth and tax-free withdrawals in retirement? Sign us up for that every time! And if your money gets to grow from the start in a Roth account, all the better. But you…
An index fund is a kind of mutual fund that mirrors a financial market index, like the S&P 500. So an S&P 500 index fund would invest in companies included in the S&P 500 index, and the fund’s performance would keep pace with the index. Index funds have a reputation…
While your 401(k) at work and a Roth IRA are the best ways to save for retirement, they’re not the only ways to invest. That’s where a brokerage account comes in. Under the right circumstances, brokerage accounts (or taxable investment accounts) can give your nest egg a bigger boost beyond your tax-advantaged retirement accounts.…
Although student loans are advertised as the easiest way to pay for college, they’re actually a huge burden on your financial future. It’s important to plan for your children to go to college debt-free. (And yes—it’s totally possible!) So, let’s dig into all that 529 plans have to offer. What…
There are times in life when you have to make some big decisions. Where to go to college, who you’re going to marry, what house to buy . . . you know what I’m talking about! These are decisions that are going to have an impact on the rest of…
If you’re looking at your 401(k) options and have questions about how all this investment stuff works, you’re not alone. Maybe you’re asking, “How do I know these are good investment options?” or, “How much should I invest?” You might be reading through the information packet you got from HR and…
When it comes to retirement, most people find themselves either sitting in the regret of past money mistakes or winning big-time with money, on track to enjoy a retirement they’ve always dreamed about. Market chaos, inflation, your future—work with a pro to navigate this stuff. Here’s the difference: Those who…
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