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 […]
The other 80% or so of retirees have a Social Security COLA problem, too. Retirees will learn in mid-October how much their Social Security benefits will increase next year. Whatever the amount is, many will feel like it’s not enough. And they’ll probably be right. It’s no secret that the way the Social Security Administration […]
You’re not alone if your retirement account balances are far from the $1 million mark. While many people may aim for that goal, most don’t reach it. Employee Benefit Research Institute (EBRI) data estimates that just 3.2% of Americans have $1 million or more in their retirement accounts. Here’s how much most Americans have saved […]
Common wisdom dictates that as we steer our savings toward retirement, we should gradually bulk up on bonds. Bonds are supposed to be safe, predictable, and boring: the perfect antidote to mercurial stocks. Lately, though, bonds have felt anything but safe. Between August 2020 and October 2022, a benchmark Bloomberg bond index plunged 18%. Even now, the […]
In a recent discussion on retirement savings with Vox, labor economist Teresa Ghilarducci laid out some stark benchmarks: by age 30, you should have saved one times your annual salary; by 40, two and a half to three times; and by 60, eight to 10 times. These numbers left many New Yorkers, like Vanessa Longshaw, […]
Understanding the Social Security payment schedule is essential for recipients in the United States. Although the schedule is usually set, there can be times when beneficiaries are unsure about when they will receive their payments. However, there’s no need to worry. Rest assured, each month you will receive your Social Security payment without any issues, […]
Up to $9 trillion is expected to be passed along to spouses and partners in the coming years as part of what’s being called “the horizontal wealth transfer,” according to a new report. Over the next 20 to 30 years, aging baby boomers and older generations are expected to pass down $84 trillion in wealth […]
Roth individual retirement account conversions are a popular way to reduce future levies on pretax 401(k) or IRA withdrawals — and you can smooth out the upfront tax hit with a “Roth conversion ladder,” experts say. Roth conversions transfer pretax or nondeductible IRA money to a Roth IRA, which offers future tax-free growth. The trade-off […]
Americans have already cut back considerably on their spending due to the cumulative 20% inflation of the past three years. How could it be possible to cut back more, you may ask. There are seven relatively painless areas you may not have thought of that could save you as much as $5,400 a year, GOBankingRates reports. […]
When it comes to retirement savings, members of Gen Z are doing better than their elders. In a recent survey from the investment advisory firm BlackRock, more than three quarters of them — 77% — say they’re on track to retire and maintain their current lifestyle. Millennials and baby boomers are close behind at 72% […]
Inflation is still causing financial stress for most Americans, and surveys show that many people also blame a lack of savings and mounting credit card debt for their anxiety over their finances. Earning greater income to cover your spending can relieve some of your worries, but keeping close track of your money can be a simple way to improve your […]
