Social Security recipients are on track to receive a cost-of-living adjustment (COLA) next year that is smaller than previously expected after inflation moderated more than expected in May. Mary Johnson, a retired Social Security and Medicare analyst, estimated the adjustment could be about 3%, based on May inflation data, which showed the consumer price index […]
Recent rumors about a $600 increase in Social Security Disability Insurance (SSDI) payments have sparked a lot of confusion. However, the Social Security Administration (SSA) has set the record straight: these reports are entirely false. In a clear statement, the SSA said, “ALERT: Reports of a $600 payment increase in June are FALSE: NO COLA […]
Millions of Social Security recipients will be getting their monthly payment today, and it could be worth up to $4,873. Monthly retirement and disability benefits issued by the Social Security Administration (SSA) are provided to retired Americans, individuals with disabilities, and surviving family members of deceased claimants. With some 67 million people on the SSA […]
Baby boomers own the largest portion of housing value nationwide. Data from the Federal Reserve shows total real estate wealth in the fourth quarter of 2023 was $44.84 trillion, with boomers claiming an $18.65 trillion (42%) share. At the same time, homeowners’ equity totaled $31.86 trillion. But with housing being so important, should this value […]
The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The CPI, a broad inflation gauge that measures a basket of goods and services costs across the U.S. economy, held flat on the month though it increased 3.3% from a […]
Social Security’s 2025 cost-of-living adjustment (COLA) forecast continues to climb — but it’s not great news for most retirees. In April, close to 51 million retired-worker beneficiaries brought home an average Social Security check of $1,915.26. Although this isn’t a game-changing amount of monthly cash, Social Security benefits have proved vital to the financial well-being […]
Home ownership means being prepared for expected – and unexpected costs. And in some parts of the country, those hidden costs of homeownership can cost more than in other areas. The average annual cost of owning and maintaining a single-family home is $18,118 a year, up 26% since 2020, according to a new study by […]
Inflation is a pressing issue for all U.S. citizens, but retirees are more likely to bear the brunt. If Joe Biden’s tax hike proposal is greenlit, the financial struggle for citizens, particularly retirees, could intensify. Here’s a breakdown of how Biden’s proposed tax hikes could impact your savings. It’s no secret that saving for retirement […]
What’s the best age to start taking Social Security? That is a frequently asked question for financial advisors. It’s also, as any financial advisor will admit, completely unanswerable without significantly more information. Social Security is too inherently complex for one-size-fits-most recommendations. A lack of context, however, does not stop commenters on online financial forums. I […]
If you want to retire in comfort, investment firms and news headlines tell us, you may need $1 million in the bank. Or maybe not. One prominent economist says you can retire for a lot less: $50,000 to $100,000 in total savings. He points to the experiences of actual retirees as evidence. “You Don’t Need […]
It’s possible that your Social Security check could be as big as Buffett’s — or close to it. Warren Buffett will turn 94 on Aug. 30, 2024, and he still hasn’t retired. Buffett continues to serve as chairman and CEO of Berkshire Hathaway, just as he has for over five decades. The legendary investor has […]
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Retiring early might sound like a fantasy, especially in today’s economic climate, but financial guru Dave Ramsey assures us it’s entirely possible with the right strategies—one of the most potent being an investment in real estate. In his recent […]
