Whether you’ll have a big enough nest egg to retire comfortably depends not only on how much you save and invest over time but also, for most working Americans, on how much you’re likely to get in Social Security benefits. Even if the benefits alone are not sufficient to provide a comfortable retirement for most […]
Question: Who wants to be a 401(k) millionaire? This is an easy one, so there’s no need to take a lifeline and phone a friend. The answer: Everybody. The catch? It’s not so easy to accumulate a seven-figure nest egg. Life happens. There are bills to pay. Groceries to buy. Kids to put through college, aging parents […]
While most states don’t levy state income taxes on your Social Security benefits, the opposite is true for other retirement income, like your pensions or retirement distributions. So, whether you’re planning to move closer to family in your retirement or trying to pick a home base for your post-9-to-5 adventures, understanding how your new home state […]
To keep pace with inflation, the Social Security Administration (SSA) adjusts the amount beneficiaries receive each year. The cost-of-living adjustment (COLA) for 2025 will be announced on Oct. 10, 2024. The Social Security increase for 2024 was 3.2%, but with inflation cooling, analysts are predicting a smaller adjustment for the new year. Almost 68 million […]
In a move that could significantly impact the retirement income of millions of Americans, a bipartisan group of U.S. lawmakers is pushing to repeal a set of Social Security rules that reduce benefits for individuals who also receive pension income from certain public service jobs. The proposed legislation, known as the Social Security Fairness Act, […]
A recent survey has revealed that nearly a third of Americans believe full retirement may never be within their reach. The 2024 Everyday Wealth in America report, carried out by Greenwald Research for Edelman Financial Engines, highlights the growing sentiment among workers in the United States that this traditionally seen as a life milestone, is becoming increasingly elusive. According […]
Receiving a large payment from the Social Security Administration will soon be possible. However, the Agency will only send it to those American retirees who meet all the requirements. Bear in mind that the next payment from Social Security will be due on October 3. In fact, only 2 groups of retirees can receive a check or direct deposit on October 3 […]
We’re only a few days away from the announcement of the 2025 Social Security cost-of-living adjustment (COLA). It’s a big deal for seniors who have been battling high inflation over the last few years. But it’s unlikely that the COLA is going to be life-changing. The latest projections from the nonpartisan Senior Citizens League are […]
We all know that comparing ourselves to others can be a slippery slope, but when it comes to retirement savings, it’s hard not to wonder: Am I doing better or worse than the average saver? Checking where your 401(k) balance sits can give you some insight, but remember – your retirement is your own journey […]
Despite the 2025 cost-of-living adjustment (COLA) representing a modest silver lining, inflationary pressures are liable to get the best of retirees, once again. For most retired Americans, Social Security provides more than just a monthly check. The income they receive forges a financial foundation during their golden years. Over the last 23 years, national pollster […]
The oldest Gen Xers are turning 59 this year, and once they reach 59½, they can begin making penalty-free withdrawals from their 401(k)s and individual retirement accounts. However, nearly 70% of Gen X, which is comprised of Americans between the ages of 44 and 59, feel behind on their retirement savings, according to a new retirement savings survey […]
Raising Social Security’s full retirement age by two years to age 69 would decrease individuals’ lifetime benefits and overall spending by the program, but would not stave off Social Security’s expected insolvency in 2034. Gradually raising the full retirement age to 69 years old, up from the current rule of 67 for those born in […]
