What the average couple gets from Social Security right now The average monthly retirement benefit as of May 2024 is $1,917 per month. If both spouses qualified for this amount, their household monthly benefits would be $3,834 per month, or about $46,000 per year. For most people, that’ll go a long way toward covering their annual retirement […]
As of 2022, the average retirement age among Americans was 61, according to a Gallup poll. And it’s common for people to leave the workforce in their early or mid-60s. If that’s always been your plan, then you may not love the idea of working until 70 — at least at first. But here are […]
More than half of Gen Xers say they regret not saving more for retirement. Fifty-five percent of Americans born between 1965 and 1980 wished they had more saved, according to an Allianz Life study. But it’s never too late to start saving more aggressively for long-term goals. In fact, Gen Xers are at the perfect age to do […]
When’s the best age to begin collecting Social Security retirement benefits? That’s a question the Social Security Administration (SSA) is asked frequently. The agency’s answer: “There’s not a single ‘best age’ for everyone and, ultimately, it’s your choice.” This response is correct. However, if you want to maximize how much money you receive from Social […]
If you have to participate in the program, you may as well make the most of it. Everyone should be looking beyond Social Security to fund their retirement. Consistently contributing even just a modest amount of money to an IRA, for instance, can result in a surprisingly big nest egg later in life. Even the […]
Commuting to work can feel like a chore, with traffic to battle and costly gas prices to fill up. But the right car can lessen the blow to your wallet and be a smooth, comfortable drive to the office. As a commuter, you’re likely in the market for an affordable, fuel-efficient car with great features. The good news is […]
July 3 was the last Social Security payment for those who retired before May 1997 or those getting SSI simultaneously. After these direct deposits, there will be three more rounds of payments. It is not unlikely that some retirees have received their July 3 payment on Independence Day, that is the 4th of July. Sometimes some banks or […]
If saving money were easier, more people would likely have overflowing savings accounts. But 2023 data from SecureSave notes that 63% of Americans could not cover a $500 emergency expense by tapping their savings. That leaves many people vulnerable to debt in the event of a financial emergency. If you’ve struggled to save money in the past, […]
How does the Social Security increase in recent years compare to the historical average COLA? Millions of Americans look forward to a special day that comes around once each year. I’m not talking about Independence Day, Christmas, or any other holiday, though. Instead, I’m referring to the day Social Security beneficiaries find out what their […]
With many employers no longer offering extensive pension packages, most Americans are forced to become more financially savvy when it comes to retirement. Money, once shrouded in mystery and considered a taboo subject, is now being discussed at the dinner table. These conversations help people improve their financial literacy and ensure that they understand the […]
The endless stream of reports warning that Americans are screwed when it comes to having enough money saved for retirement is numbing. But take a deep breath. This is mostly a bullish column. Two new and surprising studies — one from Vanguard and the other from Transamerica Center for Retirement Studies — share a view […]
No matter your age, you’re probably saving for at least one milestone — whether it’s buying your first car, starting a family, buying a home, or funding your golden years. As you get older, your savings goals will likely change, and your savings account balance will fluctuate as well. This is why it’s important to have perspective and […]
