Those who start collecting Social Security at an early age will get smaller benefits — but sometimes that’s the right thing to do. As you plan for your retirement — and we all should be planning for our retirements, even if we’re still relatively young — it’s good to incorporate expected Social Security benefits, even […]
A potential retirement crisis is brewing among female retirees who have only saved about one-third of the amount men have, according to a Prudential Financial survey released Monday. The survey of 905 American adults between the ages of 55 and 75 found that while men had saved a median of $157,000 for retirement, women had […]
If you want a better-than-average retirement benefit, you may need to do things differently. One of the most important retirement decisions you’ll ever make is when to claim Social Security. Most retirees can claim their monthly benefit starting at age 62, but waiting to claim results in a bigger monthly check from the government. Your […]
The average 401(k) savings rate — including employee deferrals and company contributions — has maintained historic levels as plan designs make it easier for workers to set money aside. In 2023, the average combined savings rate was an estimated 11.7%, which matched a record high from 2022, according to Vanguard’s yearly analysis of more than 1,500 qualified plans and […]
When couples face financial stress, the best approach is to talk it out. But new research from Cornell University finds that is often the opposite of what happens. “When people feel stressed, they are more likely to think that if they initiate these conversations with their partner, it’s just going to lead to a fight, […]
Time and patience can take investors a long way in building wealth. Financial goals can vary widely from person to person. Some people simply want financial security, while others have more lofty goals like a beachside mansion. Neither is inherently better or worse than the other. What matters is that you set financial goals that […]
June 26th, 2024 will be the last of the full month’s Social Security payment days. So United States retirees who have a check from the SSA should have the money in their checking account by then. Otherwise it is possible that the payment will be late, so it may be time to claim the benefit from the Administration. But […]
Thinking about potentially receiving Social Security benefits is not a simple commitment. Many might view it as a critical goal, but they have no idea of the immense pressure you might be under when faced with dire circumstances that could put you in danger of falling into a serious state of poverty. Besides, nobody knows the pain another […]
Even a rare occurrence for Social Security’s cost-of-living adjustment (COLA) may not stop seniors from getting the short end of the stick, once again. In May, 51 million retired-worker beneficiaries took home an average Social Security check totaling $1,916.63, which works out to $23,000 on an annualized basis. While this might not sound like a […]
A recent Motley Fool survey found that most retirees view this year’s cost-of-living adjustment (COLA) from the Social Security Administration as inadequate, with half considering reentering the workforce because “Social Security does not provide enough income to support their lifestyle. According to the survey, 36% of retirees found the adjustment “completely inadequate,” while 27% found it “somewhat […]
If you have a 401(k) that you’re contributing to through your employer, you may think your retirement needs are covered. Unfortunately, while a 401(k) is a good option, that alone might not be enough for a comfortable retirement. “A 401(k) is a solid foundation for retirement savings, especially with employer matches,” said Ryan Jacobs, the […]
As people move toward retirement age, having a realistic budget is imperative to cover monthly expenses. While everyone has a different financial situation and spending habits, understanding how much the average retiree spends a month allows for smarter planning and a more financially comfortable and stress-free retirement. The average person 65 years and older spent […]
