How does the Social Security increase in recent years compare to the historical average COLA? Millions of Americans look forward to a special day that comes around once each year. I’m not talking about Independence Day, Christmas, or any other holiday, though. Instead, I’m referring to the day Social Security beneficiaries find out what their […]
With many employers no longer offering extensive pension packages, most Americans are forced to become more financially savvy when it comes to retirement. Money, once shrouded in mystery and considered a taboo subject, is now being discussed at the dinner table. These conversations help people improve their financial literacy and ensure that they understand the […]
The endless stream of reports warning that Americans are screwed when it comes to having enough money saved for retirement is numbing. But take a deep breath. This is mostly a bullish column. Two new and surprising studies — one from Vanguard and the other from Transamerica Center for Retirement Studies — share a view […]
No matter your age, you’re probably saving for at least one milestone — whether it’s buying your first car, starting a family, buying a home, or funding your golden years. As you get older, your savings goals will likely change, and your savings account balance will fluctuate as well. This is why it’s important to have perspective and […]
Bitcoin has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, according to a research report released by CCData on Tuesday. Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000. […]
Fifty-five-year-old Americans have a median retirement savings of less than $50,000. That’s bleak news for older Gen Xers who are only about a decade out from retiring — and a far cry from the target of having eight times your annual income saved by this age. “A lot of folks are behind, and that has […]
Social Security’s diminishing buying power is a real problem for workers, so the more independent you can be, the better. Social Security’s 3.2% cost-of-living adjustment (COLA) for 2024 was the third-highest in the last decade, but it hasn’t provided the relief many seniors were hoping for. Average checks are just $1,917 per month as of […]
Low inflation numbers should ultimately benefit retirees. Social Security is an essential lifeline for many retirees. About half of households with someone age 65 or older receive at least 50% of their income from the program, according to data collected by the Social Security Administration. Without Social Security, millions of seniors would be living in […]
Accessing your life savings is about to get a lot cheaper, but that doesn’t mean now is the time to crack open your nest egg. Retirement no longer feels far off for Generation X — those born between 1965 and 1980. A fortunate few may have already exited the workforce and many more will follow […]
How’s your 401(k) looking? A new report shows Americans are saving more, but probably need to do even more. Vanguard has released its annual report, How America Saves 2024. Vanguard and Fidelity are the two biggest sponsors of 401(k) plans, and this is a snapshot of what nearly five million participants are doing with their money. The […]
Over the past few months, millions of beneficiaries have raised concerns about the future of the Social Security system and their monthly benefits, since there is a possibility that the Social Security trust fund will be depleted by 2035. Employers and employees are required to pay Social Security taxes through payroll taxes to support the U.S. Social […]
It’s not all doom and gloom, folks. You probably have more saved for retirement than CBS thinks — and there’s still time to save more. Defined as the American cohort born between 1965 and 1980 (by Encyclopedia Britannica), or perhaps 1960 and 1978 (according to Douglas Coupland), Generation X has never been easy to pin […]
