Social Security recently announced a major change in payroll payments to retirees, and no one wants to receive a notification with inaccuracies in their Social Security payments, so you should understand more about the planned changes. Although, in some cases, the Social Security Administration (SSA) is susceptible to making mistakes that could lead them to pay […]
Although benefit cuts aren’t a given, it’s important to gear up for them — whether you’re already retired or not. Social Security serves as a crucial source of income for millions of retirees today. And once your career wraps up, you may come to depend on those benefits to a large degree. But Social Security […]
The Senior Citizens League has revised its forecast upward several times already this year. In 2022, the U.S. was hammered by the fiercest inflation it had faced in four decades amid the lingering macroeconomic disruptions and supply chain issues that followed the COVID-19 pandemic. As a result, in January 2023, Social Security beneficiaries got an […]
Not everyone has access to a 401(k) match, but those who do should be using it to fund a more comfortable retirement. The average worker believes they’ll need about $1.46 million to retire comfortably, according to a recent Northwestern Mutual survey. But for many people, that may seem unachievable. Even for those with high incomes, […]
Moving somewhere new when you retire isn’t uncommon. Butdeciding whether to take out a new mortgage to buy a home is a big deal. Much of your financial life is changing as you transition from a steady paycheck to a mix of fixed and variable income and a new lifestyle. Soadding a large debt to […]
Saving money can be challenging by itself. But, as you start to build a financial safety net, you may run into a new challenge. You’ll need to find a safe yet effective place to store your money. After all, you want to make sure that wherever you store your money is secure – and in […]
With every day improving our financial literacy and figuring out the best ways to face retirement, it is important to be informed about the changes that will affect us and the best way to make the most out of the situation. It is a well-known fact that not enough Americans have savings that would adequately compliment their […]
When it comes to claiming Social Security retirement benefits, experts agree it’s generally best to delay. Yet many people still claim early — either at the earliest possible age of 62 or before their full retirement age. Those early claims result in reduced Social Security benefits for life. To get 100% of the benefits you’ve earned, you need […]
The Social Security Administration distributes monthly benefits to more than 72 million citizens in the US, so new modifications or changes could significantly affect the future of beneficiaries, especially seniors who rely on these payments to cover their expenses and enjoy their golden years. Even though this may not seem like a lot of money, Social […]
The seven-figure club is growing fast as America adds millionaires to its ranks at a record pace. New data from Fidelity shows that the first quarter of 2024 saw great growth among two-comma 401(k) balances, and the latest crop of million-dollar nest-eggers proves that slow and steady wins the race — especially when the stock […]
“Exponential” is defined as “growing” or “increasing very rapidly.” Here’s a good way to use it in a sentence: Saving and investing early and often is a clear path to creating exponential wealth. If your money grows enough, you’ll have the means for a comfortable retirement. Even if that seems far off, now is the […]
They are still a very small minority in the 401(k) universe, but there were a record number of 401(k) participants with balances over $1 million at the end of the first quarter this year, Fidelity Investments said Thursday. Specifically, 485,000 of them. That’s up 15% from the 422,000 accounts reported at the end of 2023 […]
