Unfortunately, thousands of Americans will not receive their Social Security checks as Social Security will cut more than 30,000 children from benefits starting in January. According to the Social Security Administration (SSA), approximately 30,000 children of deceased workers have been removed from Social Security this year. Social Security provides monthly checks to some of the neediest citizens […]
Salesforce Inc. has settled for $1.35 million a pair of outstanding 401(k) lawsuits alleging excessive retirement plan fees. The settlement requires court approval. The agreement brings to a close about four years of litigation across two separate lawsuits, according to a motion filed August 23 in U.S. District Court for the Northern District of California […]
The average pension pot needed for a “basic” retirement has risen by almost 60% in three years, according to research that highlights how the UK cost of living crisis has left many workers fearing they will never be able to retire. The study from the Resolution Foundation thinktank and the Living Wage Foundation found that […]
Research provides an exceptionally clear-cut answer. The age you sign up for Social Security is one of the most important factors influencing your benefit amount, and it can affect your payments by hundreds of dollars per month. Filing at your full retirement age (which is age 67 for everyone born in 1960 or later) will […]
The average American between the ages of 65 and 74 had about $609,000 in retirement savings as of 2022, according to the Federal Reserve. But strong stock market gains over the past couple of years have likely boosted that average balance even more. Attaining financial security in retirement isn’t just a matter of saving money, […]
With the Federal Reserve poised to start cutting interest rates, experts are divided on what’s ahead for the U.S. economy. While some worry the economy could be in for a broad decline, or recession, others hope the central bank can effectively avoid a downturn and execute a “soft landing.” For people who are in or […]
LiveCareer, a career service focusing on resumes and cover letters, recently released a survey with startling results. According to LiveCareer’s Retirement Sentiments Report, 61% of workers fear retirement more than death. In fact, workers fear retirement more than a lot of things. Here’s a quick sample: What are we afraid of? Over one-third of the survey respondents […]
With the $80 trillion-plus great wealth transfer on the horizon, some members of the millennial and Gen Z generations are poised to each receive hundreds of thousands or millions of dollars, courtesy of baby boomer parents and grandparents who have amassed unprecedented wealth over the past few decades. And while inheriting $1 million—or any significant […]
The average 401(k) account balance, at $127,100, is still below its 2021 highs — but there are now half a million Americans with more than $1 million in their 401(k) accounts just at Fidelity alone. Why it matters: It’s a sign of how the wealthy benefit disproportionately from tax breaks on retirement savings. Between the lines: Many Americans don’t […]
Many people like to ponder how they’ll spend their retirement one day: selling up and moving to the beach? Crisscrossing the country in an RV? Wiling away the hours at the golf club? But fewer realize that a new life chapter comes with its own set of challenges. Having a perpetually open calendar may seem blissful, but […]
When it comes to financial regrets, about a quarter of Gen Zers and 21% of millennials say not saving enough for emergencies ranks at the top of their lists. That’s according to new data from Bankrate, which defines Gen Zers as those ages 18 to 27 and millennials as those ages 28 to 43. That tracks with larger […]
LOUISVILLE, Ky. (WDRB) — A data breach has put billions at risk of identity theft. A class action lawsuit said hackers stole sensitive information, including billions of names, addresses and social security numbers. But there’s a way you can protect yourself by putting a security freeze on your credit report. Court documents said criminals stole […]
