Key Points Most Medicare enrollees don't pay a premium for Part A. There are still deductibles and coinsurance to worry about. Part A costs are up in 2026, so it's important to know what to expect. The $23,760 Social Security bonus most retirees completely overlook › If you're enrolled in Medicare, you probably don't pay a premium for Part A, which covers hospital care. But that doesn't mean Part A is totally free. The costs associated with Medicare Part A tend to rise from year to year, and 202 ...

Key Points Ensure your Social Security benefit is based on accurate information by checking your earnings record. Verify that your payment information is up to date. If you expect to owe taxes on benefits, decide whether you want money withheld from your checks to cover this. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits are set to jump in a few weeks when the 2.8% 2026 cost-of-living adjustment (COLA) takes effect. You're probably anxiously await ...

While many older Americans have struggled with the rising cost of living in 2025, an increase in Part B Medicare premiums in 2026 likely won’t make things any easier. In fact, this increase packs a one-two punch that will not only affect health insurance premiums, but Social Security benefits as well. The Centers for Medicare and Medicaid Services recently announced the monthly cost of Part B coverage would increase from $185 to $202.90 per month, an increase of 9.7%, CNBC reports (1). Must Read This in ...

Key Points It's vital to plan for your retirement, long before you retire. Ideally, you should aim to have multiple income streams. Estimate your future expenses carefully and comprehensively. The $23,760 Social Security bonus most retirees completely overlook › What's the single most common retirement planning mistake people make in their 50s? I'd say that it's not reading up on retirement and how to plan well for it, so that they don't end up facing unpleasant surprises. If you haven't planned ...

Core Insights - Women anticipate living longer, with a median life expectancy of 90 years, yet many lack sufficient retirement savings [2][7] - A significant percentage of women, specifically 27% of Generation X and 19% of baby boomer women, have saved less than $25,000 for retirement [3][7] - Factors contributing to lower retirement savings among women include the wage gap, caregiving responsibilities, and limited access to retirement benefits [4][7] Retirement Savings Challenges - Women generally receive smaller Social Security benefits due to lower lifetime earnings, which are based on the highest 35 earning years [5][7] - The life expectancy for men is 75.8 years, while for women it is 81.1 years, highlighting the disparity in retirement preparedness [4] Strategies for Improvement - Women can enhance their retirement savings by delaying Social Security benefits, which can lead to higher monthly payments [8][9] - Working longer can also contribute to increased retirement savings and delayed Social Security collection, benefiting from higher earnings [9] - Starting to save for retirement as early as possible allows individuals to take advantage of compound interest, significantly increasing retirement funds over time [10]

Core Insights - Retirement savings strategies can significantly enhance financial security for seniors, allowing them to maximize their nest eggs and stretch their savings further. Group 1: Catch-Up Contributions - Individuals aged 50 and older can make additional contributions to retirement accounts, with a catch-up contribution limit of $7,500 for 401(k) plans in 2025, raising the total to $30,500, and an additional $1,000 for IRAs, increasing the limit to $8,000 [3][4] - A couple maximizing catch-up contributions in their 401(k) plans can add $15,000 annually in tax-deferred savings, potentially accumulating around $207,000 over 10 years at a 7% growth rate [4] - Contributing to traditional 401(k) plans and IRAs reduces taxable income during high-earning years, allowing for withdrawals at potentially lower tax rates in retirement [5] Group 2: Delaying Social Security - Delaying Social Security benefits until age 70 can increase benefits by approximately 8% for each year past full retirement age, providing a guaranteed return that is risk-free [6] - For example, an individual entitled to $2,000 monthly at full retirement age would receive $2,480 monthly by waiting until 70, resulting in an additional $5,760 annually, which can compound to significant lifetime benefits [7] - This strategy is particularly advantageous for higher earners and those with longer life expectancies, as it can lead to substantial additional benefits if they live into their 80s or 90s [7] Group 3: Debt Elimination - Carrying debt into retirement can severely impact savings, as interest payments reduce available funds for living expenses or investment growth [8] - Seniors are advised to prioritize debt elimination in their final working years, focusing first on high-interest credit cards, followed by car loans and mortgages [8] - Even low-interest debt can create mandatory payments that strain fixed retirement income, making debt elimination a critical strategy for financial stability in retirement [8]

Core Insights - Inflation reached a 3% annual rate in September, leading to a 2.8% increase in Social Security benefits for over 71 million Americans [1] - Many individuals are optimistic about their retirement but lack proper planning to ensure they can cover essential expenses [3][4] - A significant portion of the population has not factored in inflation and healthcare costs into their retirement planning, with 55% of Americans overlooking inflation [4][5] Retirement Planning Concerns - Survey results indicate that 89% of Americans believe they can cover essential retirement expenses, but this confidence is not backed by adequate planning [3] - The rising cost of living, including rent and healthcare, is not being considered in retirement strategies, which could lead to financial shortfalls [4][5] - Millennials are particularly confident about their future but may not have enough time to adjust their plans as they face uncertainties regarding government benefits [6][7] Global Perspective - Concerns about government retirement systems are widespread, with individuals in the US, Brazil, Mexico, and Japan expressing doubts about the reliability of benefits [8] - The generational divide shows that millennials anticipate greater challenges in retirement, including the burden of caring for both adult children and elderly parents [10]

Core Insights - The article emphasizes the importance of reviewing and correcting Social Security earnings records before the end of 2025 to ensure accurate benefit calculations in the future [1][6][8] Social Security Benefits Calculation - The Social Security Administration calculates benefits based on average monthly earnings over the 35 highest-earning years, adjusted for inflation, known as averaged indexed monthly earnings (AIME) [3][4] - Accurate reporting of income paid into Social Security is crucial, as the IRS shares this data with the Social Security Administration [4][5] Importance of Accurate Earnings Records - Errors in earnings records can lead to significant reductions in future Social Security benefits, with even one year of zero income potentially impacting retirement checks [5][6][8] - Prompt correction of any mistakes in the earnings record is essential to avoid financial loss [6][8] Accessing and Correcting Earnings Records - Individuals can view their Social Security earnings record through a my Social Security account, which requires identity verification [9]

Core Insights - The tax bracket for most Americans is determined by salary during working years, but in retirement, individuals have more control over their income sources and tax implications [1][2] - Many retirees are unaware that improper withdrawal strategies can lead to significant tax liabilities, potentially costing tens of thousands of dollars [2][3] Withdrawal Strategies - A common strategy is to withdraw from taxable accounts first, followed by tax-deferred accounts like traditional IRAs and 401(k)s, saving Roth accounts for last; this may seem beneficial initially but can increase lifetime tax bills [3][5] - An example is provided of a retiree named Jane, who has $1.5 million in various accounts; delaying withdrawals from her 401(k) could lead to higher tax brackets and increased taxation on Social Security benefits due to required minimum distributions (RMDs) starting at age 73 [4][5] Tax Implications - Wealthy retirees like Jane may face additional tax burdens such as the Net Investment Income Tax (NIIT) and potentially the Alternative Minimum Tax (AMT), depending on their income and deductions [5]

Core Insights - Retirement planning can be complex and overwhelming, leading to costly mistakes without professional guidance [1][2] Group 1: Common Retirement Planning Mistakes - Claiming Social Security too early can result in a smaller benefit for life; delaying benefits until age 70 can increase the amount by 8% per year [3] - Ignoring taxes on Social Security can lead to taxation on up to 85% of benefits if other income sources are present; working with a financial advisor is recommended to manage withdrawals [4] - Failing to take required minimum distributions (RMDs) by age 73 from tax-advantaged accounts can incur an excise tax; automatic withdrawals can help mitigate this risk [5] Group 2: Medicare and Tax Considerations - Missing Medicare enrollment can result in a 10% penalty for each year of delay, increasing monthly costs; staying informed about enrollment windows is crucial [6] - Triggering Income-Related Monthly Adjustment Amount (IRMAA) taxes can occur from significant income spikes; spreading income across multiple years can help avoid extra charges [7]