Recent volatility in the stock market has spooked many retirement savers, but experts say it’s important to stay calm and avoid rash decisions. Trading activity in 401(k)s surged Monday, spiking to more than eight times the average daily volume, according to Alight Solutions 401(k) index, which tracks more than two million 401(k) participant accounts. It […]
For 89 years, Social Security has provided income protection to millions of retirees, people with disabilities, their dependents, and families who’ve lost a wage earner. Social Security benefits have been a key element of federal employees’ overall retirement package since the creation of the Federal Employees Retirement System in 1986. Switching to the three-part FERS […]
Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits for seniors. But the plan could deplete Social Security and Medicare trust funds sooner, policy experts say. The Republican nominee called for “no tax for seniors on Social Security” during a “Fox & Friends” interview Wednesday and during a […]
In the ever-changing job market, you’ll likely switch jobs several times during your career. It’s also likely that some of these professional changes will involve deciding what to do with your 401(k). This may seem like a trivial matter, but how you treat this investment decision can have a major impact on your future finances. […]
For individual investors, the quick-turn global rout in stocks on Monday was unsettling, despite news Tuesday that stocks staged a rally. Also unwelcome: Expectations that volatility will continue for the foreseeable future. Investment strategists at retirement investment advisory firm TIAA expect it to last at least through the presidential election, said Doug Ornstein, a director […]
Everyone has their own money goals. Some people want to live completely debt-free, whiles others are OK taking on a few mortgages in pursuit of a real estate empire. Plenty of people want to retire as soon as possible, whereas others are comfortable working until a more typical retirement age. But regardless of what your ultimate money goals are, it’s […]
American consumers claimed $8.4 billion in Inflation Reduction Act tax breaks tied to boosting the energy efficiency of their homes in 2023, according to Internal Revenue Service data, a sum that exceeded officials’ projections. More than 3.4 million U.S. households claimed at least one of two tax breaks — the residential clean energy credit and the energy efficient home […]
Dating back to 1935, Social Security has become a popular, ubiquitous safety net for retirement-age Americans and their families. In fact, it’s indispensable. Yet this high-priority federal budget item stymies senators and congress members of every stripe. They’re reluctant at best to tinker with it, even though its funding is projected to run out by […]
Retirement accounts took a hit Monday amid a global market selloff. The S&P 500 closed down 3%, while the tech-heavy Nasdaq composite dropped 3.4% and the Dow Jones Industrial Average fell 2.6%. It was the biggest daily drop for the S&P and Dow since September 2022. While some investors may be worried about the state […]
Although Social Security’s COLA might achieve something unprecedented in nearly 30 years, this historic benefit increase is likely to fall short for millions of retirees in the United States of America. As of June 2024, more than 50 million retired citizens who got a monthly payment from Social Security were entitled to an average of $1,918. This translates […]
It’s simpler than you might think to make this critical decision. Social Security benefits can have an enormous impact on your retirement, and the age you begin claiming will permanently affect the size of your checks — often by several hundred dollars per month. Three of the most popular ages to file are 62, 67, […]
Most Americans don’t have a ton of money in the bank. The median balance in Americans’ transaction accounts is $8,000, according to the Federal Reserve’s Survey of Consumer Finances. That’s the combined total across all types of bank accounts, including checking, savings, and money market accounts. It’s a different story for the richest Americans. While you’d […]
