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 […]
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 […]
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 […]
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 […]
In an early August Bloomberg Law report, it was discovered that ultra-sensitive and personal information of nearly three billion people was leaked in an April 2024 data breach. A cybercriminal group called “USDoD” exposed a database owned by National Public Data, a background check company, on the dark web. Some of the exposed information includes […]
Did you know there are several ways you could lose your Social Security benefits? Millions of retirees count on Social Security as their main source of income, so it’s important to know what can cause you to lose some or all of your benefits. This year, almost 68 million people will receive a Social Security […]
The majority of millennials and Gen Zers worry that the U.S.’s Social Security program may run out of funding in their lifetimes. And around 40% think they “won’t get a dime” of Social Security benefits, according to recent data from the Nationwide Retirement Institute. You may have seen reports that the trust funds the Social Security Administration […]
The Social Security Administration (SSA) has come under scrutiny for its continued failure to address improper payments, according to a recent report from its own watchdog. The SSA’s Office of the Inspector General (OIG) has criticized the agency for failing to implement key recommendations aimed at reducing the billions of dollars in improper payments that have been made in […]
The final bank holiday of the summer is tantalisingly close for most of the UK, and along with it, another opportunity to spend a few hours on the financial jobs that can have a huge impact on your bank balance. You’re not going to want to spend the entire day knee-deep in paperwork, so here […]
It’s an old fashioned budgeting method that’s gaining new popularity on TikTok. “Cash Stuffing” or the “Envelope System” has been around for years. Now, a younger generation is embracing it because it’s easy and effective, according to money experts. “It’s a simple process,” said Jeff Massey of Massey & Associates. “Put an envelope for each […]
