Back to Medicare now. Retirees commonly have their Medicare Part B premiums automatically taken from their Social Security benefits. For 2024, that monthly sum is $174.70. The 2025 sum isn't known at the time of this writing, but it's projected by some to rise to $185 for 2025.

A good rule of thumb to figure out your retirement savings needs is to come up with an annual income you expect to need, subtract your annual Social Security benefit, and then multiply the remaining number by 25.

Though President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved – but financially troubled – entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House.

Your benefits may be cut in the future. In the coming years, Social Security is expected to owe more money in scheduled benefits than it collects in payroll taxes. That's becau

Key Insights from 24/7 Wall St. A larger Social Security benefit takes the pressure off your savings. Think about your desired retirement lifestyle and plan for one-off expenses. Use a time-tested withdrawal rate to figure out what nest egg to aim for.

Qualified workers are entitled to retirement benefits at age 62. But anyone who collects Social Security before full retirement age (FRA) will have a portion of their benefits withheld if their income exceeds certain limits known as the retirement earnings test (RET) amounts.