The rumors aren’t true, but 2025 will see a benefit increase for all Social Security recipients. Retirees have complained for decades about Social Security’s declining buying power, even in the face of above-average cost-of-living adjustments (COLAs) the last few years. So many were undoubtedly excited when they heard reports of a $600 Social Security benefit […]
To gauge your retirement preparedness, you may compare your 401(k) balance with other savers’ progress. But you might find that people in your field are a better comparison point than those in your age group. Recent data from Fidelity finds that 401(k) plan investors on the firm’s platform had a $125,900 average 401(k) balance in […]
The head actuaries for Social Security and Medicare have testified before a House committee about looming financial challenges which could see funds run short by 2035. Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. But an aging population is pushing up the cost of the program […]
This month, recipients of the Social Security Disability Insurance (SSDI) program in the United States will receive their payments earlier than usual due to a modification in the regular disbursement schedule. This adjustment, while minor, has significant implications for thousands of people who rely on these funds for their daily needs. Typically, SSDI payments are made on the third Wednesday […]
Social Security recipients are on track to receive a cost-of-living adjustment (COLA) next year that is smaller than previously expected after inflation moderated more than expected in May. Mary Johnson, a retired Social Security and Medicare analyst, estimated the adjustment could be about 3%, based on May inflation data, which showed the consumer price index […]
Recent rumors about a $600 increase in Social Security Disability Insurance (SSDI) payments have sparked a lot of confusion. However, the Social Security Administration (SSA) has set the record straight: these reports are entirely false. In a clear statement, the SSA said, “ALERT: Reports of a $600 payment increase in June are FALSE: NO COLA […]
Millions of Social Security recipients will be getting their monthly payment today, and it could be worth up to $4,873. Monthly retirement and disability benefits issued by the Social Security Administration (SSA) are provided to retired Americans, individuals with disabilities, and surviving family members of deceased claimants. With some 67 million people on the SSA […]
Baby boomers own the largest portion of housing value nationwide. Data from the Federal Reserve shows total real estate wealth in the fourth quarter of 2023 was $44.84 trillion, with boomers claiming an $18.65 trillion (42%) share. At the same time, homeowners’ equity totaled $31.86 trillion. But with housing being so important, should this value […]
The consumer price index showed no increase in May as inflation slightly loosened its stubborn grip on the U.S. economy, the Labor Department reported Wednesday. The CPI, a broad inflation gauge that measures a basket of goods and services costs across the U.S. economy, held flat on the month though it increased 3.3% from a […]
Social Security’s 2025 cost-of-living adjustment (COLA) forecast continues to climb — but it’s not great news for most retirees. In April, close to 51 million retired-worker beneficiaries brought home an average Social Security check of $1,915.26. Although this isn’t a game-changing amount of monthly cash, Social Security benefits have proved vital to the financial well-being […]
Home ownership means being prepared for expected – and unexpected costs. And in some parts of the country, those hidden costs of homeownership can cost more than in other areas. The average annual cost of owning and maintaining a single-family home is $18,118 a year, up 26% since 2020, according to a new study by […]
Inflation is a pressing issue for all U.S. citizens, but retirees are more likely to bear the brunt. If Joe Biden’s tax hike proposal is greenlit, the financial struggle for citizens, particularly retirees, could intensify. Here’s a breakdown of how Biden’s proposed tax hikes could impact your savings. It’s no secret that saving for retirement […]
