The amount Americans believe they will need to retire comfortably has increased faster than inflation, but what they are saving has dropped, a recent survey said. U.S. adults believe they will need at least $1.46 million to retire in style, according to a Northwestern Mutual survey. This figure is up 15% from the $1.27 million […]
If you want to get the biggest Social Security check possible, you’ll likely have to wait until you turn 70 years old. The program rewards participants who wait to start collecting their benefits by offering them up to 8% for each year they delay past their full retirement age. Benefits top out at 70, and more often […]
Dave Ramsey says you can take Social Security at 62 if you invest all of it. But most people can’t do this, and many who can probably shouldn’t. You get to choose when to claim your Social Security benefits, but the consensus among most financial professionals is that delaying your claim for as long as […]
The largest and final cohort of the baby boom generation — 30.4 million Americans — will turn 65 by 2030. And more than half of that group will rely primarily on Social Security for income, according to new research from the Alliance for Lifetime Income. When to claim Social Security retirement benefits is a high-stakes decision. Generally, the longer […]
These changes are all important. These days, a lot of people are on top of economic news, with topics like inflation and interest rates monopolizing much of the media. As such, news pertaining to Social Security tends to get pushed to the background to a large degree. But it’s important to know about changes to […]
Last year, Americans’ confidence that they would have enough money to live comfortably in retirement fell the most since the global financial crisis. New research shows both workers’ and retirees’ confidence has not recovered. But some signs of optimism have emerged, particularly as wage growth now outpaces inflation growth, according to the Employees Benefit Research […]
The latest estimate for Social Security‘s cost-of-living adjustment (COLA) in 2025 has risen to 3% due to higher-than-expected inflation, according to new calculations reported on Wednesday. This increase marks the third adjustment this year, following the reacceleration of inflation each month in 2024. The initial estimate for the 2025 COLA was 1.75% in January, which then […]
Retirement savings play a crucial role in securing financial stability in your golden years. For those aiming high, being in the top 3% of retirees in terms of savings enhances comfort and offers greater financial freedom. Using data from the Federal Reserve’s Survey of Consumer Finances, a 2024 survey by the Employee Benefit Research Institute, […]
The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study. Even as the vast majority of millennials struggle with student debt, low-wage service-jobs, unaffordable housing and low savings, the millennial elite are surpassing […]
If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called “non-eligible designated beneficiaries,” have a 10-year window to deplete […]
In your 40s, you’re likely hitting your peak earning years and beginning to seriously evaluate your strategy for saving, whether it’s for retirement or your children’s future. In 2023, Americans in their 40s managed to save over $6,930, according to data from New York Life. While that’s lower than the $8,911 people in this age group aimed to […]
New projections show the Social Security trust fund will run out of money by the year 2033. Financial expert, Marshall Clay from The Welch Group says that money is safe, but that’s just in the short term. “There’s been a lot of press about the Social Security trust fund and how it’s depleting rather rapidly,’ […]
