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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Thinking about buying a new (or new-to-you) car? Before you take out a car loan from the first dealer who gives you the thumbs-up, you need to make sure you know exactly what you’re signing up for—and how much it’ll really cost you. Right now, the average car payment is…
The 2024 presidential election is officially behind us, and the results are in: Donald Trump will be the next president of the United States. For some of you, that news probably has you super excited and ready to throw a party! But for many of you, we know you’re either…
Whether you got it from the news, your favorite social media platform, or that one friend who’s a self-proclaimed real estate expert, chances are you’ve heard that mortgage interest rates and home prices are pretty high these days—which is 100% true. If you’ve been thinking about buying a house or…
Are you being hounded by debt collectors? The constant phone calls, harsh language and threats to sue can be overwhelming and downright scary. Unfortunately, you also have to watch out for debt collectors who try to trick you into paying for a debt that’s already been paid or a debt…
If you’ve done any shopping recently, then you’ve probably seen an option at checkout to split up your total into four (or more) “easy payments.” Pay off debt fast and save more money with Financial Peace University. One of the biggest companies offering these kinds of buy now, pay later…
Short on cash? Need a loan to renovate your kitchen? Upgrade says they can help (for a fee, of course). Upgrade personal loans and credit cards may seem like an easy, risk-free way to borrow money. But don’t be fooled by the name—doing business with Upgrade won’t actually upgrade your…
There’s an uncomfortable situation we need to look at in this country: the student loan crisis. This debt disaster has become way too serious to ignore—and it’s affecting the lives of millions. Right now, the total amount of student loan debt in the U.S. is over $1.6 trillion.1 That’s mind boggling, folks. Let’s review…
Tired of constantly overspending? Budgeting can help you take control of your money. But if you want to actually stick to your budget every month, you have to track your expenses. Why is tracking expenses throughout the month so important? Because it helps you know where your money is going…
Okay, so you want to start budgeting. That’s great! But with so many budgeting methods out there, which one do you go with? One popular way to budget is the 50/30/20 rule, where you divide your spending and saving into three categories: 50% to needs, 30% to wants and 20% to…
We could all use some extra cash right now—for the next vacation, the next grocery run, or the next car repair that’s bound to happen. Get expert money advice to reach your money goals faster! Well, good news! There’s a money trend that’ll help you save some bucks and create…
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