Quick Read Healthcare costs rose 7.7% while Social Security COLA increased just 2.16%. This mismatch forces retirees back to work. Personal savings rate collapsed from 6.2% to 3.6% in under two years as spending outpaces income growth. Consumer sentiment at 56.4 sits near recessionary territory. Readings below 60 historically signal genuine financial distress. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more ...

Key Takeaways Americans in their 40s and 50s are in peak earning years, making this a pivotal time to build—or shore up—retirement savings. Competing priorities, from education costs to caregiving, often collide with long-term retirement saving goals during this stage of life. Even with less time left to save, strategic moves in your 40s and early 50s can still meaningfully strengthen your retirement outlook. How Many Americans Ages 45–54 Have Any Retirement Savings at All Households led by peopl ...

A 50-year-old Ohio woman wants to make a change. And a recent hospital stay that led to lost wages prompted her change of heart. Ann from Cincinnati called into The Ramsey Show because she is living paycheck-to-paycheck and has no retirement savings. Must Read Willing to admit she wasn’t good with money, she said she didn’t have a relationship with her family growing up to learn how to budget (1). Ann added that she was overwhelmed about where to start. Ramsey Show co-host Ken Coleman offered some opt ...

Quick Read Healthcare costs rose 6.91% over the past year while the 2.8% COLA adjustment covers only a fraction of that gap. Medicare premiums consumed over $40 of the $56 monthly COLA increase for retirees receiving $2,000 per month. Over a 20-year retirement annual shortfalls between COLA and actual costs compound to tens of thousands in lost purchasing power. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read mo ...

Core Insights - A significant portion of Gen Xers and boomers regret not starting their retirement savings earlier, with over 80% expressing this sentiment according to a 2025 survey by Nationwide Retirement Institute [2] - Many individuals who began saving early still wish they had adopted different strategies, particularly in protecting their savings from market volatility and ensuring sustainable retirement income [3] - Despite starting late, there are still opportunities for individuals to improve their financial situation and prepare for retirement [4] Financial Literacy and Preparedness - A considerable number of Gen Xers (54%) and boomers (39%) lack a full understanding of compounding, and over half mistakenly believe their 401(k) will provide a stable monthly income akin to a paycheck [5] - Resources for financial education are available through platforms like MyMoney.gov and non-profits such as Khan Academy, as well as personal finance literature and financial planners [6] - American adults estimate they will need approximately $1.26 million to retire comfortably, highlighting the importance of assessing current financial situations [6] Retirement Savings and Concerns - Despite financial concerns, 46% of Gen Xers and 56% of boomers feel financially prepared for retirement, while a significant portion believes they may outlive their savings [7] - Average retirement account balances indicate potential shortfalls, with Gen Xers holding an average 401(k) balance of $192,300 and an IRA balance of $103,952, while boomers have averages of $249,300 and $257,002 respectively [8]

The nice thing about saving for retirement in a traditional IRA or 401(k) is getting a tax break on your contributions each year you make them. The downside is having to not only pay taxes on your withdrawals, but deal with required minimum distributions, or RMDs, in retirement. RMDs can be a huge hassle when you're forced to remove money from your savings you don't have an obvious need for. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, cal ...

Core Insights - Social Security is a crucial source of income for retirees, but it often falls short of meeting their financial needs [1][2][3] Income from Social Security - The average monthly benefit provided by Social Security is $2,071, translating to an annual income of $24,852 for retirees [3] - Many retirees find it challenging to cover basic living expenses solely with Social Security benefits, indicating the need for additional income sources [4] Supplementary Savings - Social Security is designed to replace only about 40% of pre-retirement income, while a recommended replacement rate is around 70% to ideally 80%-90% [5] - It is essential for retirees to save and invest throughout their working years to ensure financial stability in retirement [6] Maximizing Benefits - There are lesser-known strategies that can significantly enhance Social Security benefits, potentially adding up to $23,760 annually for retirees [7]

Key Takeaways Older workers were the most likely to max out their 401(k)s, according to a recent report. Those who feel behind on saving can improve their outlook by increasing contributions, delaying Social Security, or working longer. If you're approaching retirement but aren't on track to have enough money saved, now might be a good time to try upping your 401(k) contributions. Of all age groups, those aged 55 to 64 were the most likely to have maxed out their 401(k)s in 2024, according to Vangu ...

Core Insights - Research indicates that working with a financial advisor can enhance net returns by approximately 3% over time, potentially leading to significant growth in retirement portfolios [1][4][5] - Many Americans are falling short in their retirement savings, highlighting the importance of seeking professional financial advice to maximize contributions [2][3] Retirement Preparedness - The average retirement account balance for Americans is $333,940, which is significantly below the $1.26 million that many believe is necessary for a comfortable retirement [3][4] - Only 40% of baby boomers aged 61 to 65 are projected to retire successfully, meaning over half may struggle to maintain their standard of living [5] Financial Strategies - Delaying retirement and Social Security can provide financial advantages, allowing investments to grow and delaying withdrawals [10][11] - Micro-investing apps like Acorns can help individuals start saving for retirement by rounding up everyday purchases and investing the spare change [12][13][14] Diversification and Wealth Preservation - Diversifying retirement savings through options like gold IRAs can protect against inflation and economic downturns [15][16][18] - Priority Gold offers services for converting existing IRAs into gold IRAs, including free rollovers and storage [17] Family Financial Security - Life insurance is a crucial component of retirement planning, providing financial security for loved ones after death [19][20][21] - Ethos offers term life insurance options that can be obtained quickly and without medical exams, ensuring families are not burdened with unexpected costs [22][23]

Core Insights - Medicare Part B premiums for most seniors will be $202.90 per month in 2026, but some may face significantly higher costs due to income-related adjustments [2][4] - The Medicare Income-Related Monthly Adjustment Amount (IRMAA) imposes higher premiums on retirees with incomes exceeding certain thresholds, impacting affordability [4][5] Group 1: Premium Structure - Seniors with incomes above $109,000 in 2026 will incur additional costs, with a surcharge of $81.20 for single filers earning between $109,000 and $137,000 [6] - Married joint filers will not face a surcharge until their combined income reaches $218,000, but they will still pay higher premiums [6] - For single filers earning $500,000 or more, the total Medicare Part B premium will rise to $689.90, including a surcharge of $487.00 [7] Group 2: IRMAA and Roth Conversions - IRMAA surcharges begin at an income of $109,000 for single filers, with high earners facing up to $487 extra monthly [8] - Roth IRA distributions are not counted as taxable income for IRMAA purposes, which may help avoid higher Medicare premiums [8] - However, Roth conversions are taxable events and can trigger IRMAA surcharges two years later if done after age 63 [8]