Even a rare occurrence for Social Security’s cost-of-living adjustment (COLA) may not stop seniors from getting the short end of the stick, once again. In May, 51 million retired-worker beneficiaries took home an average Social Security check totaling $1,916.63, which works out to $23,000 on an annualized basis. While this might not sound like a […]
A recent Motley Fool survey found that most retirees view this year’s cost-of-living adjustment (COLA) from the Social Security Administration as inadequate, with half considering reentering the workforce because “Social Security does not provide enough income to support their lifestyle. According to the survey, 36% of retirees found the adjustment “completely inadequate,” while 27% found it “somewhat […]
If you have a 401(k) that you’re contributing to through your employer, you may think your retirement needs are covered. Unfortunately, while a 401(k) is a good option, that alone might not be enough for a comfortable retirement. “A 401(k) is a solid foundation for retirement savings, especially with employer matches,” said Ryan Jacobs, the […]
As people move toward retirement age, having a realistic budget is imperative to cover monthly expenses. While everyone has a different financial situation and spending habits, understanding how much the average retiree spends a month allows for smarter planning and a more financially comfortable and stress-free retirement. The average person 65 years and older spent […]
As older members of Generation X inch toward their golden years, the pressure of retirement saving is on — especially for those sandwiched between the financial burdens of caring for both elderly parents and adult children. About half, or 48%, of Gen Xers say they won’t have enough money to enjoy their retirement, a 2024 […]
Companies are responding to an aging workforce and scars from the past three years of elevated inflation by changing up options in their retirement plans, according to surveys by global asset manager MFS Investment Management. Six of 10 retirement savers said they’re worried inflation could affect their savings, while 61% of the more than 4,000 plan participants MFS surveyed said they’ve […]
It turns out that some workers may be misinformed when it comes to their retirement preparedness. In fact, 59% of those not currently contributing to their 401(k) or other workplace retirement plan think they are, according to a recent survey from Principal Financial Group. More than 75% of those employees believed they started saving as […]
Claiming Social Security early gets you more checks from the program, but it often results in reducing the total benefits you collect over your lifetime. Applying as soon as possible at 62 can shrink your monthly check by up to 30% (compared to what you’re eligible for at full retirement age). Not everyone realizes this […]
A growing number of retired Americans are considering returning to work as they continue to battle chronic inflation, according to a new survey published by the Motley Fool. About 44% of respondents said they are thinking about looking for work because their Social Security benefits have not adequately kept pace with high inflation. While Social […]
Because Social Security has been around for decades, you might assume that the program pretty much stays the same from one year to the next. But that’s not necessarily true. Social Security has already undergone some pretty notable changes in 2024. Now that we’re reaching the midpoint of the year, it’s important that you be […]
Although June is not yet over, for many retirees in the United States, the Social Security check will not appear in the checking account until July. Two of the benefit payments have already been sent out. Thus, we are in the middle of one month and another. Thus, some retirees already have June Social Security available and are waiting to […]
Although any increase is beneficial, seniors may find the projected COLA is still lacking. Over 50 million Americans receive Social Security retirement benefits. Some of these retirees use Social Security solely as supplemental income to their retirement savings and investments, but millions rely heavily on the checks for their daily living expenses. That’s why the […]
