It is common to hear many people say that they are not confident in Social Security benefits because they will not receive a penny in the future. Because of this belief, millions of people neglect their retirement savings, leaving their financial future to chance. Unfortunately, due to recent news about the Social Security trust funds possibly running […]
Oh, what a tangled web we’ve spun about fiduciary standards and financial advice in recent years. For those of you with long memories, you might recall the U.S. Department of Labor took eight years to write the fiduciary rule, which, in essence, required financial professionals to act in the best interest of their client, eliminate […]
Planning for your retirement can be challenging, in part because of the many costs that arise at a time when you no longer have traditional income. Luckily, many of those expenses are easy to identify and plan for, such as those for traveling, housing and insurance. However, there are several retirement costs you may not […]
Believe it or not, Social Security has scheduled more than one Supplemental Security Income payment in August. Therefore, eligible SSI recipients will get 2 direct deposits or checks next month. The first SSI payment will be due on August 1. Bear in mind that Social Security tends to schedule these payments for the first day […]
The pension plan for the American Federation of Musicians and Employers is set to receive a $1.5 billion cash influx to save the plan from becoming insolvent. The money comes as part of the American Rescue Plan, backed by Senate Majority Leader Chuck Schumer (D-NY), which was passed in 2021. The pension plan for the […]
There was a time when employees would commonly contribute 2% to 3% of a paycheck toward their 401(k) retirement plan. But that standard may soon be a thing of the past. Thanks to easier access to workplace retirement plans and automatic enrollment, workers today seem to be contributing a larger portion of their paychecks to […]
These small actions today could have significant consequences over the coming decades. The average retirement age is 62, according to a recent Mass Mutual survey. It can feel a long way off for workers just beginning their careers. For those in their 50s, it can feel uncomfortably near if they’re lacking savings, with some fearing […]
The Social Security Administration is updating its online services. To make sure you can continue to access your account, the agency is urging you to log in, particularly if you created your online “my Social Security” account before Sept. 18, 2021. These account holders will soon have to transition to a Login.gov account to access […]
WASHINGTON – A new study found that $1 million won’t last retirees long in DC compared to other states. The study, published by personal finance site GoBankingRates, found that $1 million dollars in DC would last retirees the third shortest amount of time of any state at 11 years, 10 months and 25 days. The […]
Between the soaring cost of living and sky-high interest rates, average Americans are strapped for cash, making it difficult to save for emergencies—or pay them off when they inevitably crop up. But a recent change in tax law makes it easier than ever to tap into your retirement account for $1,000 in case of emergency, […]
Seniors could be roughing their golden years in some states, as a new study shows that even $1 million in retirement savings won’t last very long in some states. The study, published by personal finance site GoBankingRates earlier this year, found, for instance, that California seniors might face tough times financially after eating through that […]
There’s a hidden danger in claiming benefits early. The age you begin taking Social Security benefits is an incredibly important decision, as it will affect your monthly retirement income for the rest of your life. But with so many choices for when to claim, it can be tough to decide on the best age. Age […]
