Social Security’s annual cost-of-living adjustment (COLA) helps keep retirees afloat as inflation erodes purchasing power. But this year, it’s sparking some anxiety. Millions of Americans are facing tough questions about how to stretch their money with a modest 2.5% COLA increase on the horizon — or about $50 a month for the average retirement benefit. […]
Retired Middlebury, Connecticut school teacher Bill Callahan waited 40 years for Congress to pass a bill to eliminate the reduction in Social Security benefits he receives because he also has a pension. Now, the Social Security Administration (SSA) says Callahan and about three million other affected public sector workers will have to wait a year […]
Part-time work offers greater flexibility than traditional, full-time employment, but it comes with its own challenges. Part-time workers typically earn less than full-time workers. This, and the fact that they often don’t qualify for employee benefits, can make it more difficult for them to save for retirement. These barriers aren’t easy to overcome. But part-time workers who have […]
Leaders from Maine’s two largest electricity companies are sharing cost-saving tips with their customers as they expect them to see higher bills during the recent cold stretch. Central Maine Power spokesperson Jon Breed said that systems have to work harder in the cold, resulting in higher usage rates. “That electric bill can go up in […]
The beginning of a new year brings new plans, resolutions, goals and hopes, many of which revolve around our finances. But sticking to a new financial resolution isn’t easy. A recent survey by TD Bank Group found that almost half of Canadians (49 per cent) think they are saving enough to reach their goals. Thirty per cent […]
Millions of Social Security beneficiaries have now received their first benefit checks for 2025. The new 2.5% cost-of-living adjustment — which adds $50 per month to retirement benefits on average — marks the lowest increase since 2021, when inflation spiked shortly thereafter. With prices still high, many beneficiaries are likely feeling the increase “wasn’t quite […]
Pension funds are investment pools that manage people’s retirement savings. They aim to encourage long-term saving and provide financial security to retirees. But some pension funds in the US, UK and elsewhere have recently begun investing in cryptocurrencies, an asset class renowned for its volatility. In the US, for example, bitcoin derivatives such as exchange-traded […]
Inheriting an individual retirement account is a windfall for many investors. However, a lesser-known change for 2025 could trigger a costly surprise penalty, financial experts say. Starting in 2025, certain heirs with inherited IRAs must take yearly required withdrawals while emptying accounts over 10 years, known as the “10-year rule.” “The big change [for 2025] […]
When we talk about Social Security benefits in the United States, we are talking about a system that supports a large part of society. For that reason, when that system fails, we find that many United States citizens may find themselves in serious trouble. In this sense, we could be facing an imminent financial crisis […]
Every year, the Social Security Administration, or SSA, examines inflation data and adjusts Social Security benefits accordingly. In short, the annual cost-of-living adjustment, or COLA, is designed to help retirees keep up with the rising cost of goods and services. While most retirees and soon-to-be retirees know what the COLA is, there is a lot […]
When it comes to retirement savings, surveys often point to a big magic number you will need to have set aside to live well. Yet retirement experts say to focus on another number — your personal savings rate — to make sure you achieve your retirement savings goals. “Early in the year is an ideal […]
If you write out new year’s resolutions or goals, saving money may be at the top of your list. A new social media trend is encouraging goal-setters to be more rigorous when it comes to putting away their wallets. The “no buy” challenge has gained swift attention on social media, with all types of content […]
