The average American worker begins saving for retirement around age 28, according to a recent Voya Financial survey, but the majority wish they’d started earlier. This is understandable. The sooner you begin saving for retirement, the less of your own money you’ll likely have to contribute because you’ll have more investment earnings. Many workers reach […]
By some estimates, almost half of US private sector workers — close to 57 million people, according to AARP — do not have access to a retirement plan at their jobs. That’s either because their company doesn’t offer one or because they don’t qualify to participate in an employer’s existing plan. That is just one […]
Gen X tends to fly under the radar when it comes to talking about finances. However, the generation has been reported to have little to no savings — for retirement or otherwise. GoBankingRates wanted to hear from Gen Xers about why some people their age have no savings and also from experts about what can […]
The Social Security Administration (SSA) addresses widespread misinformation about a supposed $600 increase in Social Security benefits. This section delves deeper into the implications of these false claims and how they have affected the SSA and its beneficiaries. There has been a false rumour confusing Social Security recipients. Some have claimed to receive a $600 […]
The youngest of baby boomers — and some older Gen Xers — could end up even more confused about how much money they can sock away in their 401(k) plans in 2025. Could someone in those age groups really save up to $34,750 — or the price of some compact SUVs — for retirement next […]
A bipartisan bill to change Social Security benefit rules for pensioners passed in the House of Representatives on Tuesday, with 327 lawmakers voting to support the measure. Now, the proposal heads to the Senate, where the chamber’s version of the bill has 62 co-sponsors, “surpassing the majority needed to pass the bill on the U.S. Senate floor and […]
The program is undergoing a number of key changes you need to know about. Although Social Security has been around for nearly a century, the program’s rules aren’t necessarily set in stone. In fact, in the coming year, Social Security will undergo a number of big changes. And those changes won’t just impact retirees who […]
The youngest of baby boomers — and some older Gen Xers — could end up even more confused about how much money they can sock away in their 401(k) plans in 2025. Could someone in those age groups really save up to $34,750 — or the price of some compact SUVs — for retirement next […]
There’s a hidden upside to a low COLA that many seniors may be overlooking. The annual Social Security cost-of-living adjustment, or COLA, is one of the most important features of the government program. Without those annual raises, seniors would quickly find the purchasing power of their monthly annuity checks failing to meet their needs. That […]
Stocks soared in the days after President-elect Donald Trump won the 2024 election, and the Federal Reserve announced another interest rate cut less than two days later. The Dow Jones Industrial Average, S&P 500 and Nasdaq markets reached record highs and their best week in a year. Yet, Wall Street’s reaction to the election outcome […]
Many Americans haven’t saved enough for retirement. However, a big change to 401(k) plans could provide a boost for older workers. The IRS in November unveiled higher 401(k) contribution limits for 2025, with employee deferrals jumping to $23,500, up from $23,000 in 2024. While the catch-up contribution remains unchanged at $7,500 for investors age 50 […]
As the U.S. presidential election laid bare, economic anxiety is top of mind. High costs have weighed heavily on household finances, with 2 in 3 Americans concerned about how they’ll manage holiday expenses, when the temptation to splurge is heightened. This year, holiday spending, between Nov. 1 and Dec. 31, is expected to increase to […]
