The Social Security Administration has announced a 2.8% cost-of-living adjustment for 2026, marking the fifth consecutive year that the annual increase has met or surpassed 2.5% as inflation persists. The increase, which will raise the average monthly benefit for retired workers by $56 to $2,071 next year, will be partially offset by rising Medicare Part B premiums, which are projected to increase $21.50 a month to $206.50.

More on Social Security:

• More Social Security changes coming in the new year
• Americans unsure how Social Security fits into retirement planning
• Widespread misconceptions persist about Social Security basics

Long-term planning is crucial for minimizing the effects of disasters, as insurance coverage is becoming more expensive and harder to obtain in high-risk areas, writes Jeffrey Fishman of JSF Financial. Property owners should evaluate their insurance needs based on coverage rather than price, keep track of valuable items, and consider the potential costs and challenges of rebuilding after a disaster.

Many millennials feel forced to choose between homeownership and retirement savings, with 58% believing they can only afford one, according to a Nationwide Retirement Institute study. Rising housing costs are seen as one of the biggest obstacles to retirement savings for millennials, leading 60% of respondents to adjust their retirement plans.

Stephanie Ackler of AKD Wealth Partners discusses the "capacity crunch" faced by financial advisors, emphasizing the importance of transitioning from a solo practitioner to a team leader to manage increasing client and compliance demands. Her growth strategy focuses on people, portfolios, processes and positioning, highlighting the necessity of building a strong support team and strategic delegation to prevent burnout and ensure sustainable growth.

Financial advisers often neglect succession planning due to psychological barriers, perceived difficulty and unrealistic valuations, writes Jeff Concepcion of Stratos Wealth Holdings. With a significant number of advisors set to retire in the coming years, it is crucial to start planning early, ensuring financial records are in order and finding a suitable successor, Concepcion writes.