Should You Add a Transfer on Death Beneficiary to Your Assets? #298
Retire With Ryan
On the show this week, I’m talking all about the topic of probate and how adding a Transfer on Death (TOD) or Payable on Death (POD) beneficiary designation to certain assets can help you avoid your estate being tied up in the probate process. You’ll learn which types of accounts allow for TOD or POD beneficiaries, why these designations might be preferable to joint tenancy, and the pros and cons of setting them up. I break down step-ups in cost basis, the impact on estate taxes, and touch on differences across states—plus considerations to make sure your estate plan actually fits your...
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Tax Extension Mistakes to Avoid This Filing Season, #297
Retire With Ryan
In the last episode, I discussed seven mistakes to avoid when filing your 2025 taxes. So in this episode, I'm going to discuss the tax-filing mistakes people can make when filing an extension. Here are the four most common extension errors that could cost you money, including misconceptions about payment deadlines, underestimating taxes, and the importance of understanding state-specific extension rules. You will want to hear this episode if you are interested in... [00:00] Mistakes that people can make if they're filing an extension [01:41] Importance of filing for an extension by...
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7 Tax Mistakes to Avoid When Filing Your 2025 Taxes, Ep#296
Retire With Ryan
Tax season is here, and if you’re just now gathering your documents to file your return—or preparing them for your CPA—this is the time to slow down and make sure you’re not making costly mistakes. In this episode, I walk through seven tax mistakes I frequently see both tax preparers and self-filers make when filing their returns. Some of these errors seem simple on the surface, but they can lead to penalties, missed deductions, delayed refunds, or paying more taxes than necessary. My goal in this episode is to help you avoid these pitfalls so you can file confidently and keep more of...
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What We Still Don’t Know About Trump Accounts, Ep#295
Retire With Ryan
If you watched President Trump’s recent State of the Union address, you probably heard about the new Trump accounts, also known as 530A accounts. In this episode, I break down how these tax-advantaged investment accounts are designed to work, who qualifies, and—just as importantly, what we still don’t know. There’s been a lot of excitement, especially around the $1,000 seed money for eligible children. But before you rush to open one, there are several unanswered questions that deserve your attention. What Are Trump Accounts—and Who Qualifies? Trump accounts were introduced...
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Is It Wise to Gift My Children Money While I’m Alive? Ep#294
Retire With Ryan
If you have children and you’ve been thinking, “Why wait until I’m gone to help them financially?”—this episode is for you. In Episode 294, I walk through the biggest things to consider before making gifts to your kids while you’re still alive, and I break down some of the smartest ways to do it without triggering unnecessary taxes. I’m seeing this trend more and more with my clients, and it makes sense. Financial markets have performed well, real estate has surged, and many retirees are in a stronger position than generations before them. But just because you can gift money...
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Learn the ABCs of Medicare, Ep293
Retire With Ryan
If you’re approaching age 65, Medicare can feel overwhelming fast. Between Parts A, B, C, and D and the timing rules tied to each—it’s easy to make a costly mistake if you don’t understand how the pieces fit together. In this episode, I walk through the Medicare “alphabet,” explaining what each part does, when enrollment matters most, and how your decisions interact with the rest of your retirement plan. We also cover common questions that come up when clients transition from employer-sponsored coverage to Medicare for the first time. Whether retirement is right around the corner...
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6 Changes To Social Security Happening in 2026, #292
Retire With Ryan
The landscape of Social Security is changing yet again. As we enter 2026, six big changes will impact both current and future retirees. I break down everything from the new cost of living adjustment (COLA), increases in the earnings test limit, and updated eligibility requirements, all the way to shifts in the full retirement age and the solvency projections for the Social Security Trust Fund. You’ll also hear practical tips on maximizing your Social Security benefits, how to prepare for what’s ahead, and why it’s more important than ever to have a solid retirement plan in place. ...
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Protecting Your Schwab Accounts From A RAT Attack, #291
Retire With Ryan
Have you ever fallen victim to a RAT attack? No, not the furry kind, a Remote Access Trojan attack. I’m discussing how cybercriminals use social engineering to target victims, and the real-world impact these threats can have on your investment accounts and personal information. I reveal the latest tactics scammers use, and, most importantly, offer practical tips to help you recognize warning signs, safeguard your accounts, and minimize your risk, whether you’re an individual managing your retirement nest egg or a business owner overseeing company assets. You will want to hear...
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Can I Contribute to My 401(k) and a Traditional IRA in the Same Tax Year?, #290
Retire With Ryan
A listener recently wrote in with a common and important retirement planning question: If I’m already maxing out my 401(k), can I also contribute to a traditional IRA in the same year? The short answer is yes—but whether it makes sense, and how much benefit you receive, depends on your income, tax situation, and long-term goals. In this episode, I break down how traditional IRA contributions work alongside employer-sponsored retirement plans, when those contributions are deductible, and what options are available if your income is too high for a deduction. We also explore alternative...
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Top 5 Growth ETFs to Own For 2026 and Beyond, #289
Retire With Ryan
Last week, we covered the best investments to preserve your money, but this week we are shifting gears to focus on growth. For retirees, the goal is to have an income that outpaces inflation, and historically, the best way to achieve that is by having 50% to 70% of your portfolio invested in stock funds. In this episode, I break down five specific Exchange Traded Funds (ETFs) that can help you grow your wealth in 2026. I discuss why I prefer ETFs over mutual funds, specifically focusing on cost, transparency, and liquidity, and provide the exact ticker symbols and expense ratios for the funds...
info_outlineThe landscape of Social Security is changing yet again. As we enter 2026, six big changes will impact both current and future retirees. I break down everything from the new cost of living adjustment (COLA), increases in the earnings test limit, and updated eligibility requirements, all the way to shifts in the full retirement age and the solvency projections for the Social Security Trust Fund.
You’ll also hear practical tips on maximizing your Social Security benefits, how to prepare for what’s ahead, and why it’s more important than ever to have a solid retirement plan in place.
You will want to hear this episode if you are interested in...
- [00:00] Social Security updates in 2026.
- [04:23] Social Security Cost of Living Adjustment (COLA).
- [09:00] Social Security earnings and credits.
- [13:41] Social Security benefits timing.
- [15:31] Social Security cuts looming in 2033.
Key Social Security Changes in 2026
On the show, you’ll hear an overview of these changes, helping you to prepare and adjust your financial plans accordingly. From increased earning limits to the solvency of the trust fund, here's what you need to know.
1. Cost-of-Living Adjustment (COLA): A Modest Boost
One of the most anticipated changes each year, the Social Security cost-of-living adjustment (COLA), has been set at 2.8% for 2026—slightly higher than last year’s 2.5%. This increase is designed to help benefits keep pace with inflation and is calculated automatically based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) (as explained by Ryan Morrissey ). For retirees, this means an average monthly benefit increase of around $56 for singles and $88 for married couples.
However, COLA’s impact can be offset by hikes in Medicare Part B premiums, which have risen to $201.96 for 2026. This nearly $18 increase represents a 9.6% jump—higher than the COLA percentage—reminding retirees to monitor both Social Security and Medicare in tandem for accurate budgeting.
2. Earnings Test Limits: Collecting While Working
If you want to claim Social Security before reaching your full retirement age and continue working, new earnings test limits apply. For those aged 62 until they reach full retirement age, the annual earnings limit is now $24,480, with benefits reduced by $1 for every $2 earned above this threshold.
If you're in the year you hit full retirement age, the limit jumps to $65,160. Exceeding this means your benefit will be reduced by $1 for every $3 extra earned. Importantly, once you reach the month of your full retirement age, these limits disappear, and you can collect benefits without reductions regardless of income.
3. Earning Credits for Eligibility
To qualify for Social Security, you must earn at least 40 credits over your working lifetime. For 2026, you’ll receive one credit for each $1,890 earned per quarter—a slight increase over last year’s $1,810. Most individuals accumulate the required credits after about 10 years of work.
Earning more than 40 credits doesn’t increase your benefit, but working longer and earning more can boost your payout through the average indexed monthly earnings calculation.
4. Social Security Wage Base Increase
Social Security taxes apply to income up to a set wage base, which in 2026 rises to $184,500. Both employees and employers pay 6.2% up to this limit, which has increased by $7,500 over the last year. If you’re self-employed, you cover both portions (12.4%).
There’s no cap on what you pay into Medicare, with a rate of 1.45%, and an additional 0.9% for higher earners. These thresholds have not been adjusted for inflation, making planning essential for those with larger salaries.
5. Full Retirement Age: Incremental Shift
The gradual increase in full retirement age culminates in 2026. Those born in 1959 can claim full benefits at age 66 and 10 months, while anyone born in 1960 or later sees their full retirement age rise to 67. This change marks the final step in modifications enacted by the 1983 Social Security Act.
After age 67, there are no planned increases—unless Congress takes further action.
6. Social Security Trust Fund: Solvency Concerns
The long-term outlook for the Social Security Trust Fund remains a concern. Per the latest trustee report, benefits could be cut by 23% in 2033 if Congress does not act. Recent laws have expanded eligibility but also reduced system inflows, raising questions about solvency. For now, we don’t need to panic; proactive planning and staying informed are key.
Regularly review your Social Security status and plan contributions, and consider how these changes affect your overall financial strategy.
Resources Mentioned
- Retirement Readiness Review
- Subscribe to the Retire with Ryan YouTube Channel
- Download my entire book for FREE
Connect With Morrissey Wealth Management
www.MorrisseyWealthManagement.com/contact