When it came time for Diane Wetherington to consider retirement, reality quickly set in. The 72-year-old debated devoting her time to crafting and doting over her grandkids and even gave full-time retirement a try. But she soon realized her Social Security checks, which were smaller than her peers’ due to time she spent out of […]
Another round of Social Security benefit payments will be made this week—are you one of the recipients? Why It Matters Social Security benefits are paid to tens of millions of Americans every month, and can contribute to a significant amount of income for those who are retired, disabled, or a survivor of a deceased claimant. […]
A new study reveals that the wealthiest generation, Baby Boomers, is reluctant to share financial resources with their children, impacting future inheritances. Born between 1946 and 1964, Baby Boomers are renowned as the wealthiest generation ever, yet recent research reveals surprising insights about their financial decisions as they approach retirement. According to a study conducted […]
It’s no secret that Social Security faces a long-term financing gap. If nothing is done by 2035, 83% of combined benefits will be payable if Congress does not act sooner to prevent that shortfall, according the latest projections from the program’s trustees. What’s more, new legislation, the Social Security Fairness Act — which increases benefits […]
A growing number of Americans are heavily reliant on Social Security to make ends meet in retirement. 60% of retirees said Social Security represents a major source of income for them, according to the most recent edition of an annual Gallup poll. While that number fluctuates, it’s the second-highest reading in the poll since it […]
Retirement benefit payments are about to be in some Social Security recipients’ bank accounts. However, some retirees will not get their checks until February 26, 2025. This is because the Administration has set this payday for beneficiaries who were born from the 21st to the 31st and who started receiving payments after April 30, 1997. Still, your Social Security payment will be sent […]
If you write financial articles for a living, as I do, in the course of your research, you’ll likely run across many articles with alarming statistics. It certainly happens to me. Here’s a roundup of some worrisome survey results suggesting that a retirement crisis is at hand. Check out the stats and see what you […]
People stress a lot about saving enough money to live comfortably in retirement. New research finds that, in spite of our anxieties, many of us are doing better than we think. A November survey of 500 employees of private-sector companies conducted on behalf of Principal Financial Group shows that roughly two-thirds of respondents overestimated how […]
The first Social Security benefit checks for 2025 include a 2.5% increase — the lowest annual cost-of-living adjustment since 2021. For retirees, that amounts to an increase of about $50 per month, on average, according to the Social Security Administration. Still, amid stubborn inflation and persistent elevated costs for everyday items, some retirees may feel […]
You can’t control (or predict) how the stock market will move, how inflation may change from year to year or what future tax brackets will look like. But there are plenty of factors within your control that can help you build wealth. Those factors are the premise of financial psychologist Brad Klontz’s recent book “Start Thinking Rich,” co-authored with […]
Most American workers have a good understanding of many of the steps people are encouraged to take when planning for retirement. Suze Orman, the well-known personal finance author and media personality, explains some common investing and savings strategies — and also explains what she calls a retirement stress test people can use to evaluate their […]
By now, all seniors on Social Security should have gotten their first checks for 2025. With the latest 2.5% cost-of-living adjustment (COLA) in effect, the average benefit has climbed to $1,976 per month. That’s about $49 higher than the average in December 2024. It’s better than benefits remaining stagnant, but this increase likely isn’t going […]
