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…
Trending
Spotlight This Week
More Articles
Personal Finance
Major changes to federal student loan repayment rules went into effect this month and are rippling across the system. Many…
Featured Articles
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…
Dept Managmnt
By Carmen Chan You’ve got your mortgage and car loan to pay, credit card bills and HELOC payments, and a running list of…
Banking
Team Name: Musgrave Dunn & AssociatesFirm: Merrill Wealth ManagementSenior Members: Travis Musgrave, Timothy Dunn, Valerie MarshallLocation: Lexington, KYTeam Custodied Assets: $1.4 billionBackground: Travis…
Credit Cards
All News
There’s no way around it: Getting a mortgage to buy a home is complex and time-consuming — about as enjoyable as doing your taxes. Lenders need to know seemingly everything about your finances before writing a check for hundreds of thousands of dollars to help you buy a home. But…
By Julie Jaggernath Has anyone ever told you that every time someone checks your credit, your credit score drops? There is some truth to this, but it really depends on who is checking your credit and why. The most important thing to know is that checking your own credit report…
A micro retirement is an intentional, extended career break taken mid-career rather than waiting until traditional retirement age. Unlike standard vacation time, these breaks typically last from a few weeks to a year, are usually unpaid, and are self-funded and self-directed rather than provided by an employer. Micro retirements can…
The order in which you withdraw money from your retirement accounts could cost, or save, you tens of thousands of dollars over the course of your retirement. While most retirees follow the conventional wisdom of tapping taxable accounts first and saving Roth accounts for last, this seemingly logical approach can…
Martinns/GettyImages; Illustration by Hunter Newton/Bankrate A money market account is a type of savings deposit account that tends to offer check-writing privileges and a debit card for ATM access to your savings. Typically, savings accounts usually don’t let you write checks from the account, making money market accounts a unique…
Claiming a dependent on your tax return can unlock meaningful savings, but the rules around who qualifies are more nuanced than many people realize. Whether you’re supporting a child, an aging parent, or another family member, understanding the IRS requirements and the benefits tied to dependency status can make a…
Key takeaways You typically need better credit to qualify for a home equity loan than a mortgage, but some lenders will still approve you with a score as low as 620. If your credit score isn’t ideal, you may still qualify for a home equity loan, but you’ll likely pay…
Key takeaways Getting preapproved for a mortgage before you start looking for an agent can help inform your decision. A referral from a trusted friend or family member is very helpful, but it’s still smart to do your own research. Look for someone with solid experience in the specific location…
With fuel prices skyrocketing due to his war in Iran, President Trump says he wants to suspend the federal gas tax “for a period of time.” GOP lawmakers immediately promised to introduce bills to do just that. And Democrats were way ahead of them: Back in March, senators Richard Blumenthal…
After my dad died, my siblings and I began sorting through the things he left behind. That included the expected things, like clothes and photographs, and the unexpected things, like financial records tucked into places we hadn’t known existed. When we were finally able to open the locked cubby behind…
Editor's Pick
