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 […]
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 […]
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 […]
If your savings fund balance isn’t currently where you want it to be, don’t be discouraged. Having any amount saved for an emergency, no matter how small, means you’ve already taken the most important step to protecting yourself from a financial setback. The next step is also important — maximize how much your money grows. […]
You could be entitled to more than you think from Social Security. Social Security is an integral source of income for millions of retirees. More than 40% of baby boomers expect their benefits to be their primary income source in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies, so it’s […]
Many of us dream of retiring wealthy. But how much is enough to be considered wealthy? And if you’re not there yet, is it possible to still retire in the top percentile of Americans? To be considered wealthy at age 65 or older, you need a household net worth of $3.2 million, according to finance […]
If you want to live to be 100 years old, you’ll need to take care of more than just your physical health — you’ll also need to take care of your financial health. According to a survey by Corebridge Financial, 54% of Americans aspire to live to age 100. And the odds are increasingly in their favor. […]
Last year was the hottest year on record, causing many to seek the best central air solutions while suffering from the exceptional heat. While many people are becoming more conscious of their energy efficiency, the bad news is that last year’s heat wasn’t a fluke: it was the result of climate change caused by the […]
Between mass layoffs and talk of a potential recession, one thing remains certain: It’s never too late to start saving for the unexpected. Inflation has stuck around, with the Consumer Price Index rising 3.4% in 2023 according to data from the Bureau of Labor Statistics (BLS). The rising cost of goods means paying more for the same and can take a bite […]
