Baby Boomers are one of the largest generations in America, comprising those 60 to about 80 years of age. Many within the generation are already at retirement age, but have little saved for their retirement, an Alliance for Lifetime Income study found. Assuming baby boomers live an additional 20 years or more after retirement, two-thirds […]
Retirement looms large over most Americans, even though 28% of non-retirees had no retirement savings in 2022, and 31% thought that their retirement savings were not on track for success, according to the Federal Reserve. Americans put off saving for retirement for a number of reasons, according to a 2023 BankRate survey. The most important […]
If you’re hoping to retire sometime within the next decade, 10 years may not feel so far away — but when it comes to finances, are you where you thought you’d be with your retirement savings? Being in your 50s can come with a lot of extra baggage. Sure, you might make more money than […]
Saving money all starts with a tangible goal. So, let’s start with $10,000 in one year. Saving money is challenging, with pressures to buy, buy, buy all around us, bills to pay and debts to eliminate. If you want to save $10,000 in a single year, it is going to require financial discipline, budgeting and […]
We’re still a few months away from the 2025 Social Security cost-of-living adjustment (COLA) announcement, but the latest projections put it at a disappointing 2.6%. That would add about $50 to the $1,931 average Social Security benefit as of March 2024. It might not be enough, though. Many seniors reported their benefits rising by more […]
Just 4% of today’s retirees said they are “living the dream,” according to a new survey from asset management company Schroders. And just as many — 4% — said they are “living the nightmare.” Most of the respondents fall somewhere in between — 44% said they are comfortable; 34% said they are not great, but not bad; […]
After years of elevated inflation that continues to chip away at the value of a dollar, a majority of retired Americans are worried they do not have sufficient savings to sustain themselves through the entirety of their golden years. A new survey of 2,000 U.S. retirees released by Schroders found 68% are concerned about outliving […]
The Social Security Administration is set to implement new rules to make it easier for beneficiaries to access certain benefits and increase the payments some may receive. The new changes affect Supplemental Security Income, or SSI, which provides more than 7 million Americans with monthly benefit checks. Those benefits are for seniors ages 65 and […]
The IRS has unveiled the 2025 contribution limits for health savings accounts, which are triple-tax advantaged for medical expenses. The new HSA contribution limit for 2025 will be $4,300 for self-only health coverage, up from $4,150 in 2024, based on inflation adjustments, the IRS announced Thursday. The contribution limit will also increase for savers with […]
A new Social Security trustees report released Monday provides a modest bright spot for the program. The program’s combined funds are now projected to run out in 2035 — one year later than was previously anticipated. At that time, 83% of benefits will be payable, unless Congress takes action before that date to prevent an […]
The Biden-Harris administration recently announced a finalized retirement rule that will help individuals save for retirement. The Retirement Security Rule updates the definition of fiduciary, a financial manager that follows a certain code of ethics. The amended definition requires financial managers to have set policies that guide them in advising individuals. These policies instruct professionals […]
Experts are projecting a modest increase so far, but there are signs a bigger bump could be on the way. The government won’t announce the official 2025 Social Security cost-of-living adjustment (COLA) until October. But that hasn’t stopped people from speculating about it. We saw checks rise a whopping 8.7% in 2023 — the largest […]
