On today’s episode of Wealth!, Host Brad Smith breaks down key personal finance stories, from anticipated interest rate cuts to a lookahead to the holiday shopping. Traders have been pricing in a 25-basis-point interest rate cut from the Federal Reserve at its September meeting next week. Crescent Grove Advisors co-chief investment officer Andrew Krei notes […]
The annual cost-of-living adjustment (COLA) for Social Security for 2025 is projected to be the smallest since 2021 amid cooling inflation. The annual COLA, which boosts beneficiaries’ monthly benefits to account for inflation, is determined using the average inflation rate over July, August and September in comparison to the prior year as measured by the […]
A recent Fidelity Investments report found that there are currently about 497,000 401(k) accounts with at least $1 million. That’s a 2.5% increase from earlier this year when the number of 401(k) millionaires was 485,000. It’s also a new record. Accumulating $1 million in retirement savings is a key milestone, one that’s worth celebrating. Depending […]
Some of the tax cuts that were passed as part of the 2017 Tax and Jobs Act (informally known as the Trump tax cuts) have an expiration date at the end of 2025, which brings a potentially significant increase in some taxes for Americans. This may be of special interest to retirees, who are already […]
Social Security beneficiaries have seen higher cost-of-living adjustments in recent years, prompted by record high inflation. Yet next year’s increase may not be as generous. Based on new government inflation data, beneficiaries may see just a 2.5% increase to benefits in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. In 2024, more […]
Even if you are fortunate enough to be able to fully retire, there will be financial challenges to deal with. One of the most worrying is whether you’ll have enough money to maintain your lifestyle for the years to come. In this sense, retirement can be enormously stressful, says personal finance expert Warren Ingram (director […]
It’s natural to be concerned about your future finances. But today’s retirees are doing surprisingly well. If you’re worried you won’t end up with enough money to retire on, you’re in good company. Recent Gallup data finds that only 45% of non-retirees expect to have access to enough money to cover their senior living costs […]
The much-discussed “Great Wealth Transfer” is expected to reshape the financial landscape for younger generations. Baby boomers and the silent generation are projected to pass down up to $84 trillion in assets over the next 20 years, according to a report from financial consulting firm Cerulli Associates. Of that amount, $72.6 trillion is likely to […]
Inflation has cooled down to its lowest level in three years, according to the latest Consumer Price Index numbers. Despite that, food prices and costs at the grocery store remain high. However, there are a few ways you can save a few bucks while grocery shopping. It might take a little extra time and planning […]
Every year, millions of Social Security recipients eagerly await October, as this is when they learn how much their benefits will increase. This change, known as the cost-of-living adjustment (COLA), is released by the Social Security Administration (SSA). The COLA determines how much Social Security payments are raised in response to inflation, with the goal of helping beneficiaries maintain their purchasing power amidst rising […]
Retirement is one thing. Making ends meet while you’re gainfully employed is another entirely. Just ask middle-class workers, who, according to a new report by the Transamerica Institute, have an annual household income between $50,000 and $199,999. Per the August 28 report, which was conducted by Harris Poll and Transamerica Center for Retirement Studies, just […]
Summer 2024 has certainly been hot. Although it’s not over yet, it’s time for you to start thinking about ways to cut your energy bill. With air conditioners practically running around the clock and the time to turn on the heater approaching fast, there’s a way you can save without sacrificing your comfort. Experts say […]
