Author: Money Mechanics

Key Takeaways Rochester, N.Y., Harrisburg, Pa., and Granite City, Ill. are the top housing markets for first-time homebuyers in 2026, according to a Realtor.com study.The study looked not only at housing prices, but also local inventory levels and economic outlooks.Amenities were also factored in, including conveniences like restaurants, day cares, shopping and commute times. First-time homebuyers in 2026 will continue to face a tough housing market thanks to sky-high housing prices and elevated mortgage rates. However, there are some areas where conditions are expected to be more favorable for first-time homebuyers, according to a new report from Realtor.com. Places like…

(Image credit: Getty Images)When it comes to filing for Social Security, everyone should be taking steps to maximize their eligible Social Security benefits.However, findings of a Center for Retirement Research at Boston College study estimating that more than $10 billion in benefits are left on the table each year make this more clear than ever. The issue of unclaimed benefits is even greater for women, for a multitude of reasons.If you are a woman approaching retirement — whether you are single, married, divorced or widowed — it’s critical that you review all of your eligible Social Security filing options to…

(Image credit: Getty Images)You’ve spent years making careful, disciplined financial decisions. You’ve built a retirement plan, stuck to it and reached a point where you’re no longer wondering if you have enough. But you’re struggling with how to enjoy it.That’s more common than you might think. I meet a lot of people who are financially free but emotionally stuck. The plan says they’re more than ready, but they can’t bring themselves to spend.The reasons people don’t spend — even when they canIn my experience, the numbers aren’t what hold people back. Some people live far below their means even when…

Key Takeaways While many Americans consider $1.5 million to be the “magic number” that they need to save in order to retire, experts advise saving more than that.$1.5 million might not be enough due to the rising cost of healthcare as well as inflation.If you’re looking to retire early, consider either continuing to work in some capacity or being more aggressive with your savings during your working years. According to Northwestern Mutual, in 2025, the average American thought they needed to save $1.26 million by age 65 in order to retire comfortably. In 2024, that figure was $1.46 million. However,…

Question: My husband and I are retired, comfortable, and mortgage-free with $970K in savings and $5K in Social Security benefits per month. He wants to downsize to lower our costs, but I love our spacious house. Help!Answer: For many people, retirement presents an opportunity to downsize to a smaller home and shed some of the costs associated with having a larger one. Yet recent Redfin data shows that older Americans aren’t particularly motivated to downsize in today’s housing market.About one-third of baby boomer homeowners say they’ll never sell. And almost 45% of Silent Generation members say the same. But downsizing…

Key Takeaways Paris, Tennessee’s low cost of living can help you stretch your savings. The median monthly housing costs are less than half the national median. Despite its small size, health care is surprisingly accessible here. Paris is home to one of Henry county’s two major hospitals. Bordering an 841-acre forest and a 160,000-acre lake, Paris offers easy access to nature and outdoor recreation. The welcoming community, creative spirit, and long-standing local traditions provide plenty of opportunities to feel connected. It may not be the pride of France, but Paris, Tennessee, is still a worthwhile destination, at least for retirement.…

Key Takeaways Finland is the world’s happiest country, according to the World Happiness Report, offering retirees (and others) peace, safety, and balance.You can collect U.S. Social Security benefits while living in Finland.Healthcare is universal, high-quality, and accessible to residents, although private insurance is still an option.The cost of living is comparable to that in the U.S., but taxes are higher.Travel, culture, and nature make retirement in Finland both enriching and easy. If you’ve ever dreamed of a peaceful retirement surrounded by nature, Finland might be calling your name. Ranked the happiest country in the world by Gallup’s World Happiness Report,…

(Image credit: Getty Images)To help you understand what’s going on in the economy, business and politics and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts (Get a free issue of The Kiplinger Letter or subscribe). You’ll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest…To help you make plans for the year ahead, here are 10 of our top forecasts for 2026 for the economy, politics,…

Key Takeaways A 2025 study found that more than half of 401(k) plans from 2009 to 2013 offered consumers at least one investment fund option that shared revenue with the plan’s administrator.Those plans had higher hidden costs, which can add up to thousands in lost value by the time you retire. Do you really know how your 401(k) plan is invested? If not, you might be putting your money in costlier mutual funds and not know it, new research suggests. Researchers analyzed the 1,000 largest 401(k) plans between 2009 and 2013—the only years when the Department of Labor required detailed…

Key Takeaways Recent research shows that married retirees withdraw about 2.1% of their savings annually, while spending 80% of their guaranteed income, like Social Security. Morningstar’s latest analysis suggests retirees can safely withdraw 3.9% to start, close to the classic 4% annual withdrawal rule Those willing to adjust spending based on market conditions could take out up to almost 6%. The 4% rule is one of the best-known in personal finance: it’s the percentage of your retirement savings you should withdraw in your first year. Every year afterward, you adjust the percentage for inflation, and, if you have enough saved,…