How IRAs Impact Social Security Benefits

Plus, how to budget for a vacation in inflationary times. Created for {EMAIL} | [Web Version]( June 19, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Instagram ]( [Youtube]( [SIGN UP]( ⋅ [WEBSITE]( [] INTRODUCTION [] [Stepping Into Vacation Budgets]( Budgeting for a vacation doesn’t need to be about skimping, it can also finance targeted luxury. There are endless ways to spend money on a vacation. Prioritizing what matters most will help you keep costs down and use the savings to enjoy more of what you like. Saving on airfare may free up your budget to add another day to your trip or stay somewhere a bit more luxurious. Kiplinger contributor Becca van Sambeck has [seven ways to tackle travel expenses and news about how travel prices are trending](. - Donna LeValley, personal finance writer [This Billion Dollar Startup Wants to Help You Retire]( This Princeton grad's startup raised $161 million to help people plan for retirement. If you're one of the whopping 110 million Americans over the age of 50, or wisely planning ahead, SmartAsset's no-cost tool can help match you with up to 3 vetted financial advisors. [Learn more]( ADVERTISEMENT [] IMPACT OF IRA DISTRIBUTIONS [] [How IRAs Impact Social Security]( [How IRAs Impact Social Security]( (Getty Images) By mid-2023, more than four in 10 U.S. households owned IRAs. Understanding how your traditional IRA distributions will impact your Social Security and Medicare benefits is crucial. Your traditional IRA distributions could be counted as income resulting in lower Social Security benefits.— but it depends on a few factors. Keep reading to [learn the income thresholds that will trigger the taxation of your SS benefits](. [] READERS’ CHOICE [] [Apple Cash, PayPal or Zelle? Kiplinger Readers' Preferred P2Pr Services]( [Apple Cash, PayPal or Zelle? Kiplinger Readers' Preferred P2Pr Services]( (Getty Images) I love the convenience that peer-to-peer payment apps (P2P) provide — especially in a pinch. I can buy a commuter rail ticket with Apple Cash in seconds and avoid a steep onboard fee. We asked our readers to rate the P2P service they use most based on ease of use, the likelihood they would recommend it and their overall satisfaction. Here are [the Kiplinger Readers’ Choice winners of the P2P category]( as judged by our readers. [Is your money working hard enough?]( It should be! Learn how Betterment's automated investing and savings technology can make your money hustle, while you don't. [LEARN MORE]( ADVERTISEMENT [] HURRICANES AND HOME INSURANCE [] [10 Things You Should Know About Hurricane Insurance Claims]( [10 Things You Should Know About Hurricane Insurance Claims]( (Getty Images) June 1 marked the official start of the 2024 Atlantic hurricane season. The National Oceanic and Atmospheric Administration (NOAA) predicts an above-normal hurricane season due to La Nina and warmer-than-average ocean temperatures. That's why now is the time to get up to check your [homeowners' insurance]( and be ready to file any [weather-related claims]( when the time comes. Use these [10 tips for filing a hurricane insurance claim]( and you’ll know what's covered, what isn’t, and how to make the most of your insurance policies. [How to Build a Retirement Income Plan]( Many people have a target number in mind when saving for retirement. Perhaps it's $1 million by age 55, or maybe it's $4 million by their mid-60s. Having a target number is a good start, but it does not tell the whole story. [Learn More]( ADVERTISEMENT [] OTHER KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [Apple shuts down buy now, pay later service]( Apple is ending its Apple Pay Later service in the US but will still offer users access to installment loans. [Microsoft AI startup deal investigated by FTC]( Learn more about whether Microsoft's agreement with Inflection AI was structured to avoid an antitrust review. [What new grads should know before starting their first real job]( Get finances off to a fresh start with a few key considerations to navigate this transition. [Prosper with the Latest Insights from Practicing Financial Pros in Kiplinger's Building Wealth E-Newsletter — Free]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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