Americans will see a $500 monthly cut to their Social Security payments by 2033 if nothing changes in the system’s financial condition. Analysts have long been predicting that the Social Security system will become insolvent by the mid-2030s. This means that the social safety net program would be forced to start sending out significantly lower […]
Savings is a vital tool to provide a household with a great deal more security than it would have otherwise. Without a healthy savings account, you can be pressured into doing work that you’re not super thrilled about, or having to accept positions that aren’t really ideal for you because they happen to pay better […]
West Virginia has been named as the cheapest state for retirement for the second year in a row. That is according to an annual retirement report from Bankrate. The report ranks each state according to affordability, healthcare quality, weather and the well-being of its residents. The small state of West Virginia, situated in the tree-covered […]
A Social Security payment worth $1,918 on average goes out in 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, you will receive a […]
Yanely Espinal was teaching a workshop on financial education this summer when a member of the building’s cleaning staff came up to her. “I wanted to talk to you,” he said. “When I first got my job, the [company] offered me a retirement plan. But my cousin told me it was a scam, so I […]
You might feel rich or poor, but most Americans fall within the mainstream. Certain money-related behaviors and characteristics apply to the majority. The financial middle class remains the country’s backbone. Many of the financial aspirations and tendencies of this broad group haven’t changed much in recent decades and possibly won’t. You might even call them […]
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 […]
