Pressure is mounting for the Senate to vote on a bill that could return Social Security benefits public sector workers feel they’re entitled to. The Social Security Fairness Act, which would eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), was passed by the U.S. House in November and has been awaiting […]
As winter approaches, heating systems will start running full blast, causing a spike in energy usage. However, staying warm and comfortable doesn’t have to come at the cost of high energy bills. By making a few simple changes around your home, you can improve its energy efficiency and keep costs down throughout the colder months. […]
Pressure is mounting for the Senate to vote on a bill that could return Social Security benefits public sector workers feel they’re entitled to. The Social Security Fairness Act, which would eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), was passed by the U.S. House in November and has been awaiting […]
Late-in-life Roth conversions can take some tricky math. As you approach retirement, one of the most important questions will be how to manage the taxes on your retirement income. For households that rely on pre-tax portfolios, like a 401(k) or a traditional IRA, this means anticipating ordinary income taxes on all of your withdrawals. It […]
Going into retirement with a solid nest egg is important given the long-term uncertainty around programs like Social Security — and also, because Social Security only replaces about 40% of the typical wage earner’s income, and most retirees need more than that to live comfortably. In fact, a recent Northwestern Mutual study found that Americans think it’ll […]
The Social Security program undergoes revisions each year to account for changes in wages and prices across the economy. Often, benefits are the largest source of income for retired workers, so understanding the changes could be the difference between prudent financial planning and costly mistakes. Most readers probably know Social Security payments receive annual cost-of-living […]
Credit cards can be a valuable financial tool, offering flexibility, convenience and lucrative perks. But without proper management, the credit cards in your wallet can also lead to financial instability — which is what a large number of cardholders are dealing with right now. Recent data shows that credit card debt nationwide has reached a […]
On December 3, Social Security in the United States made one of its final payments for 2024, exclusively for beneficiaries in Group 1, which includes those who began receiving benefits before May 1997. This group consists of both age-based retirees and disability beneficiaries. The next payment is scheduled for December 11 and will be for beneficiaries born between the 1st and 10th of any month. This payment marks the last regular […]
2025 is rapidly approaching, and it’s important to know what to expect from a personal finance perspective once the new year begins. And while there are no major policy changes to Social Security, there are still some important changes for both retirees and workers to be aware of. Each year, there are several inflation-based changes, […]
Elon Musk Criticized for Targeting Social Security A series of critical X posts by Elon Musk, targeting Social Security as a “nightmare”, has sparked widespread attention. Musk, who is the wealthiest person globally, responded to these posts by Senator Mike Lee (R-Utah), known for his harsh stance on Social Security, Medicare, and Medicaid. Lee has […]
If your checking account is usually empty by payday, does that mean you are living from paycheck to paycheck? As it turns out, “paycheck to paycheck” means different things to different people. Nearly half of Americans believe they are living from paycheck to paycheck, according to a recent report from Bank of America Institute. Yet, […]
A new analysis by Fidelity Investments, one of the largest providers of 401(k) retirement plans, found that the number of accounts with balances topping $1 million rose by 9.5% in the third quarter. All told, of the roughly 24 million participant accounts in the 401(k) plans for which Fidelity serves as record keeper, 544,000 of […]
