Many grandparents, including Clare and Tom, have stepped in as primary caregivers for their grandchildren due to their adult children’s struggles with addiction. In a report by Financial Post, Clare and Tom have been legal guardians to their two grandchildren, now aged nine and 16, for the past three years. Before taking on this responsibility, […]
Three in 10 Americans are counting on Social Security benefits to support themselves through retirement, according to a new poll by NerdWallet, despite dwindling fund reserves that could mean cuts to their checks in the next decade. The Harris Poll ran a survey on behalf of the personal finance company among 2,096 U.S. adults between […]
As inflation continues to moderate, retirees are likely to see a smaller bump in their Social Security benefits in 2025. The latest estimate from The Senior Citizens League projects Social Security’s cost-of-living adjustment (COLA) will be 2.57% in 2025 — down from 3.2% this year. The lower COLA is due to easing inflation, which dropped […]
A Social Security payment worth $1,918on average goes out in 5 days. Some retirees will cash a new check or get a new direct deposit from the Administration shortly. Do not forget that you must meet all the conditions to qualify. For example, the birthday requirement will be essential. If your birthday is from the 11th to the 20th, […]
Each month, the Social Security Administration (SSA) conducts several payment rounds for over 71 million beneficiaries of retirement, survivors, and disability insurance (RSDI), as well as those who qualify for the Supplemental Security Income (SSI) monthly payment. However, there will be a slight change to the regular schedule in November: SSI beneficiaries will receive an additional payment on […]
A new federal regulation designed to protect folks saving for retirement appears to be in jeopardy. The insurance industry is “likely” to prevail in its effort to quash a U.S. Department of Labor rule intended to prevent financial advisors from pushing savers toward fee-laden products, according to a Wall Street Journal report. The proposed rule […]
Capitalize, a startup focused on automating 401(k) rollovers, raised a $19 million Series B led by existing investor RRE Ventures. The big picture: Amid an increase in job-hopping and an aging population, 401(k) rollovers have become a big opportunity for financial firms. Context: Rollovers have turned IRAs into a larger part of the retirement pie for […]
Many Americans struggle with emergency savings. It’s hard to even get started, let alone to amass the three to six months of household expenses we are instructed to save. Investopedia, the financial media site, has a new report that sheds light on how much emergency savings we really need. The good news: We now have […]
Some Americans will receive two Social Security payments in August, a rare occasion that is the result of a quirk in the system. Typically, the Social Security Administration (SSA) sends out one payment each week, delivering Social Security checks on the second, third and fourth Wednesdays of each month. Then it pays Supplemental Social Security […]
A lot can change in a short time that could impact the 2025 Social Security COLA. Two months. That’s roughly how long retirees must wait for important news that impacts them financially. I’m referring, of course, to the mid-October announcement of the 2025 Social Security cost-of-living adjustment (COLA). Currently, Social Security benefits are projected to […]
One of the biggest decisions you’ll make in retirement is when to claim Social Security. Claiming early gives you more years to collect a monthly benefit. Waiting until later means you’ll eventually receive a bigger check every month. While common personal finance advice is to wait as long as possible to claim Social Security benefits, […]
No one can deny that Social Security is insolvent and faces large deficits over the next decade that will impact Social Security benefit payments for millions of recipients across the country. Vice President Kamala Harris and former President Donald Trump have both declared they won’t touch the program, despite decades of denial. Trump intends to increase insolvency by […]
