The financial news that actually matters
Tens of millions of Americans who depend on Social Security, SSI, or veterans benefits could receive an extra $200 per month for six months under a bill filed by Senate Democrats, a temporary supplement that would total $1,200 per person if enacted. The proposal has not passed, no payments have been scheduled, and the bill…
For the roughly 15 million retirees collecting Social Security checks of $1,200 a month or less, a 3.9 percent cost-of-living adjustment in 2027 would add about $47 to their monthly payment. That sounds like relief until the other side of the ledger comes into focus: Medicare Part B premiums are projected to rise by $15.70…
The voice on the line sounds official. The caller identifies himself as a Medicare fraud investigator, recites a case number, and warns that suspicious charges have appeared on the beneficiary’s account. To “secure” it, he asks the person to read back the Medicare Beneficiary Identifier printed on their card. The caller ID even shows a…
A worker who turns 60 this year and maxes out every available dollar in their 401(k) can now set aside $34,750 in a single tax year. That is not a typo, and it is not available to everyone. Starting in 2025 and continuing through the 2026 tax year, employees who are 60, 61, 62, or…
A retiree who turned 73 last year and holds $500,000 in a traditional IRA owes the IRS a required minimum distribution of roughly $18,868, calculated using the Uniform Lifetime Table published in IRS Publication 590-B. If that money does not leave the account by December 31, the IRS will impose a 25 percent excise tax…
Somewhere in the United States, a 70-year-old who just filed for Social Security will receive a deposit of $5,251 this month. That person earned at or above the taxable wage cap for 35 straight years, never filed early, and waited until the last possible moment to claim. Almost no one else will see a number…
The first paychecks of 2026 delivered an unwelcome surprise to millions of older workers who earn six figures: their 401(k) catch-up contributions are now being taxed upfront, with no option to defer. Under a provision of the SECURE 2.0 Act that took full effect this year, anyone over 50 whose 2025 FICA wages from their…
Your mother passed away in 2021 at age 74, leaving you a $500,000 traditional IRA. She had been taking required minimum distributions for years. You rolled nothing over, took nothing out, and heard the IRS was waiving penalties while it sorted out the rules. That grace period is over. Starting with the 2025 tax year,…
A family with one paycheck and two adults can shelter $15,000 a year in IRAs for 2026, split evenly between the working spouse and the partner who stays home. That is not a workaround or a loophole. It is a provision written directly into the tax code, and the IRS just made it slightly more…
Picture a couple, both 65, both in good health, retiring this year with solid savings and Medicare cards in hand. According to Fidelity Investments, they should still expect to spend roughly $345,000 of their own money on health care before they die. That figure, drawn from Fidelity’s closely watched annual Retiree Health Care Cost Estimate,…