Key Takeaways Morningstar’s new analysis suggests a 3.9% starting withdrawal rate gives retirees a high probability of not running out of money during a 30-year retirement. Delaying Social Security until age 70 can meaningfully boost lifetime retirement income, but it may require temporary spending cuts or bridge strategies. You've done the work of saving for retirement, but now that you've reached your golden years, do you have a plan for how you'll spend down your nest egg? For future retirees, M ...

Maskot / Getty Images Before making any changes, you'll want to review your retirement savings and planned spending holistically. Key Takeaways Morningstar’s new analysis suggests a 3.9% starting withdrawal rate gives retirees a high probability of not running out of money during a 30-year retirement. Delaying Social Security until age 70 can meaningfully boost lifetime retirement income, but it may require temporary spending cuts or bridge strategies. You've done the work of saving for retirement, ...

Core Insights - The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite are key stock market indexes that measure the performance of the U.S. stock market, typically moving in tandem but with varying degrees of gains or losses depending on market conditions and economic state [1] Group 1: Index Characteristics - The S&P 500 uses market capitalization for weighting, includes approximately 500 of the largest U.S. stocks across 11 sectors, providing a broad market performance view [2] - The Nasdaq also employs market cap weighting but consists of over 3,000 stocks, heavily focused on the technology sector, making it a benchmark for tech and growth companies [2] - The Dow is a smaller index with 30 established "blue-chip" stocks, using stock prices for weighting, resulting in a more conservative representation of the market [2] Group 2: Performance Analysis - As of December 2025, the S&P 500 decreased by 0.1%, the Dow increased by 0.7%, and the Nasdaq decreased by 0.5% compared to November [3] - When adjusted for inflation, the real month-over-month changes were 0.4% for the S&P 500, 1.2% for the Dow, and -0.1% for the Nasdaq [4] - Over the last decade, each index has shown significant growth in real terms: S&P 500 up 138%, Dow up 118%, and Nasdaq up 144% [4]

Core Insights - The Social Security Administration has a structured schedule for distributing payments to over 74 million beneficiaries, primarily based on their birth dates [1][6] - Supplemental Security Income (SSI) is distributed separately from Social Security benefits, typically on the first of each month, with adjustments made for holidays or weekends [2] Payment Schedule - Payments for Social Security benefits are made on the second, third, or fourth Wednesday of each month, while those who began receiving benefits before May 1997 receive payments on the third of each month [1][3] - In 2026, Social Security payments will increase by 2.8% due to inflation adjustments, impacting over 74 million beneficiaries [3][6] January 2026 Payment Breakdown - January 1 is a national holiday, so SSI payments for January will be made on December 31, 2025 [7] - Payment dates for Social Security benefits in January are as follows: - January 2: Benefits for those collecting since before May 1997 - January 14: Benefits for those born between the 1st and 10th - January 21: Benefits for those born between the 11th and 20th - January 28: Benefits for those born between the 21st and 31st - January 30: SSI payments for February [7] Monthly Payment Schedule Overview - The payment schedule continues similarly for the following months, with specific dates assigned for beneficiaries based on their birth dates and SSI payments issued at the beginning of each month [7][10][11]

Core Insights - Current spending habits can predict retirement financial needs, emphasizing the importance of planning based on present expenses [1][2] Group 1: Retirement Planning - To create a retirement budget, individuals should accurately track monthly spending, excluding work-related expenses and including retirement-related costs like travel and healthcare [3] - A general guideline suggests needing 25 times the current annual expenses in investments to retire comfortably, with a Safe Withdrawal Rate (SWR) of 4% [3][4] - Adjusting current spending for inflation is crucial, with a recommended rate of 3% for planning purposes, particularly for healthcare and lifestyle expenses [5] Group 2: Spending Patterns in Retirement - Spending patterns in retirement typically follow a "retirement smile," where initial spending is higher due to fulfilling bucket list items, tapering off, and then increasing again due to long-term care costs [6] - Certain expenses are expected to decrease in retirement, such as work-related costs, mortgage payments, and child expenses, while travel, healthcare, and leisure spending are likely to rise [7]

Core Insights - The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite are key stock market indexes that reflect the performance of the U.S. stock market, with varying degrees of gains and losses depending on market conditions and economic state [1][2]. Index Characteristics - The S&P 500 includes approximately 500 of the largest U.S. stocks, weighted by market capitalization, providing a broad market performance view [2]. - The Nasdaq comprises over 3,000 stocks, heavily focused on the technology sector, making it a benchmark for technology and growth companies [2]. - The Dow consists of 30 blue-chip stocks, weighted by stock prices, offering a more conservative representation of the market [2]. Historical Performance - Since their peaks in 2000, the performance changes of the indexes are as follows: Dow increased by 288.5% nominally and 105.6% in real terms; S&P 500 rose by 322.9% nominally and 123.8% in real terms; Nasdaq grew by 325.0% nominally and 124.9% in real terms [4]. - As of August 29, 2025, the month-over-month changes were: S&P 500 up 1.9%, Dow up 3.2%, and Nasdaq up 1.6% [4]. - Adjusted for inflation, the real month-over-month changes were 1.8% for S&P 500, 3.0% for Dow, and 1.4% for Nasdaq [6]. Long-term Growth - Over the last 10 years, each index has shown significant growth in real terms: S&P 500 up 124%, Dow up 106%, and Nasdaq up 125% [8]. ETF Performance - The SPY ETF, tracking the S&P 500, shows a current real purchasing power of $3,499 from an initial investment of $1,000 at its March 2000 peak, reflecting a real compounded annual return of 5.05% [13]. - The DIA ETF, tracking the Dow, has a current real purchasing power of $3,515 from the same initial investment, with a real compounded annual return of 5.03% [14]. - The QQQ ETF, tracking the Nasdaq-100, has a current real purchasing power of $3,113 from the initial investment, yielding a real compounded annual return of 4.56% [16].

Acquisition of TMA - The acquisition of TMA aims to create the most competitive telecom company in Argentina with premium infrastructure[19] - The acquisition is expected to increase EBITDA generation while maintaining stable leverage[19] - The transaction rationale includes greater synergies and efficiencies to increase profitability[19] - The acquisition is considered a market repair transaction, addressing limited profitability and investment capacity of a player[19] Financial Performance - Telecom Argentina reported 1.3 billion US dollars in 1Q25 revenues[12] - Adjusted EBITDA for 1Q25 reached 165 million US dollars, an increase of 8% compared to 1Q24[12] - 1Q25 CAPEX amounted to 165 million US dollars, focused on mobile and FTTH network deployment[12] - The company's EBITDA margin was 33.1% in 1Q25, compared to 30.3% in 1Q24[12] - Net debt to estimated proforma EBITDA was 1.9x LTM1Q25[12] Operational Highlights - The company has 4.1 million broadband subscribers, maintaining its market leader position[12] - Mobile subscribers reached 21.3 million, including 2.6 million from Paraguay and Uruguay, also holding a market leader position[12] - Pay TV subscribers totaled 3.1 million, with 111,000 in Paraguay and Uruguay[12] - Personal Pay has onboarded approximately 3.9 million clients, ranking as the 2 Fintech in Argentina based on total remunerated account balances[12]