As home prices soar and student debt mounts, some Americans are now eyeing up their 401(k)s as their ticket to homeownership. But before raiding your retirement nest egg, consider that tapping your 401(k) now can set off a chain reaction of financial pitfalls that could haunt you for decades. A recent study by BMO revealed some bleak […]
American workers’ and retirees’ confidence about their retirement outlook has not yet fully recovered from the low it hit in 2023, but it is slowly building up again, a recent survey said. The majority (68%) of workers and 74% of retirees believe they will have enough money to live comfortably throughout retirement, according to the […]
Half of adults nearing retirement age underestimate their annaul Social Security benefit by more that $1,116, and one-quarter underestimate their future benefit by more than $5,167. Social Security is often the largest source of income for retired workers. But a recent study published by the National Bureau of Economic Research found that older adults (ages […]
Now that the heat is on almost everywhere in the United States, knowing when we will get our Social Security payment can help us organize our next vacation. Thousands of Americans have no other source of income and are waiting to get their check so they can rent the place where they will spend their vacation. Therefore, pay attention […]
The United States Social Security Administration is sending a new retirement payment on June 12th, 2024. This new retirement payment will only be available to a specific group of Americans who are eligible. If you are on the list of beneficiaries you can get check without any problems. So if you have this in mind you should know that […]
It’s helpful to know which income sources you can fall back on once you’re no longer working. Retirement can be a scary thing. You’re going from a steady paycheck to not earning a living any longer. And no matter how much money you manage to save before you retire, there’s always the nagging fear of […]
The next of the payments from the Social Security Administration will not be for all beneficiaries in the United States. Although many Americans think that retirement payments arrive on the same day for all beneficiaries, nothing could be further from the truth. In order to get the new of the payments in the next few days it is mandatory […]
The average 401(k) plan savings rate, including employee and company contributions, recently hit a record high — and the percentage is nearing a popular benchmark. During the first quarter of 2024, the combined 401(k) savings rate reached 14.2%, according to a quarterly Fidelity analysis of almost 26,000 corporate plans and nearly 24 million participants. That […]
No matter what financial goals you set for yourself, the right tool has the potential to help you reach them faster. Money-saving apps can help you manage your finances and save money more effectively. Yet, with so many money-saving apps to choose from, it can sometimes be difficult to figure out the right solution for your needs. […]
The average Social Security benefit for retired workers at age 70 is much higher than the average benefit at age 62. When to claim Social Security is one of the most important financial decisions people make during their lives, because benefits are often the largest source of income in retirement. Unfortunately, many Americans make the […]
Social Security’s earliest retired-worker claiming age appears to be hurting more than it’s helping. In April, the nearly 51 million retired workers who received a Social Security check took home an average of $1,915.26. While this might not sound like much, Social Security benefits are responsible for pulling 16.5 million adults aged 65 and over out […]
Here’s how to protect your retirement against potential benefit cuts. Social Security has been struggling for years, but as we inch closer to the date that the trust funds will run dry, the situation is becoming even more dire. Every year, the Social Security Administration Board of Trustees releases a report detailing the state of […]
