The benefits sent by the Social Security Administration in the United States are crucial for many families. In numerous households, these monthly payments are the only source of income, so knowing the exact dates when they are received is essential for planning a proper monthly budget. However, sometimes irregularities in the payment schedule can occur, causing beneficiaries to […]
Employers are increasingly putting workers’ 401(k) plan savings on autopilot. But the positive impact of automated retirement savings is more muted than initially thought, new research finds. Previously “underexamined” factors — like workers cashing out 401(k) balances when they leave a job — “meaningfully reduce” the long-term impact of policies like automatic enrollment and automatic escalation, according to a new […]
A growing number of Americans are considering delaying their retirement plans and working longer than planned as they continue to battle high prices, according to a new survey published by LiveCareer. More than 8 in 10 respondents said they have thought about postponing their retirement for financial reasons, while another 92% expressed concern that they […]
On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million. The number of so-called 401(k) ‘millionaires’ rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its […]
State-run auto-IRA plans affect private-sector employers but are most of all intended to benefit their employees. How are those employees responding to them? Overall Positive Effects There is research indicating that these plans, in which employers are required register if they do not already offer retirement coverage to their employees, have a variety of positive effects. […]
September is set to be a significant month for retirees and those receiving subsidies from the Social Security Administration (SSA). Starting from September 3rd, the SSA will implement increases in the amounts it distributes. What is the new Social Security increase This increase will benefit recipients of the Supplemental Security Income (SSI) program. According to the SSA, the increase will be up to $943, […]
For most Americans, 67 is the full retirement age. So, how much should you expect from Social Security at that age? As of July 2024, the average retired worker in the United States receives a Social Security benefit of $1,919.40 per month. However, this is the overall average, and there can be big differences between […]
Figuring out how much money you’ll need in retirement can be tricky. After all, while some factors are in your control — such as what sort of lifestyle you plan to lead in retirement — others, like your life expectancy, are nigh impossible to predict. Researchers at Morningstar are trying to narrow down how things […]
Claiming at 62 will result in a major benefit reduction. The age you begin claiming Social Security will permanently affect your benefit amount, so it’s a decision to be made carefully. Age 62 is the earliest you can file, and it’s also a popular time to begin claiming — with roughly one-quarter of retirees taking […]
Now before we go any further, it has to be noted that this most recent estimate is just that — an estimate. We won’t have an official read on 2025’s Social Security COLA until October, since that raise is calculated based on inflation data from July, August, and September. But based on recent inflation trends, […]
WASHINGTON, D.C. — Three in four retired Americans say they have enough money to live comfortably, consistent with retiree perceptions across the 23 years Gallup has tracked views on retirement in its Economic and Personal Finance surveys conducted each April. This generally positive picture of retirement contrasts with the more negative expectations among those who […]
There’s still time to boost 401(k) contributions and max out your plan account for 2024, but not everyone should, according to financial advisors. For 2024, employees can defer up to $23,000 into 401(k) plans, up from $22,500 in 2023, with an extra $7,500 for workers age 50 and older. Some 401(k)s allow added savings beyond […]
