The Social Security Administration makes monthly payments to retirees, survivors, disabled people, and SSI beneficiaries. Nonetheless, some Supplemental Security Income (SSI) recipients this year will receive double SSI payments next month. The first SSI payment will arrive on the first day of the month as it is usually scheduled, and the second payment will arrive on November […]
As the election lies just a month away, Kevin Keller, CFP Board CEO, joins Wealth! to discuss how it may weigh on how Americans view their personal finances. Keller highlights that there’s a lot of anxiety surrounding the election, and notes that voters are concerned about inflation. “Many still think we’re in a recession despite […]
Social Security’s heading for insolvency, and the government can’t kick this problem down the road much longer. Lately, all eyes have been on the 2025 Social Security cost-of-living adjustment (COLA) and the effect it will have on benefits next year. Checks will go up beginning in January, though we won’t know by how much until […]
For 72-year-old Jacqueline Withers, retirement has been rocky. And she’s not alone, as it turns out. Eight years ago, the Jacksonville, N.C. resident stepped away from her job as a home healthcare aide because of a heart condition. She tapped into her Social Security. But it was not — then or now — enough to […]
The roughly 70 million people who receive Social Security payments will soon learn how much they’ll receive in their 2025 benefit checks, with the program’s annual cost-of-living adjustment (COLA) to be announced within days. Each fall, the Social Security Administration sets its annual COLA based on the recent rate of inflation, part of an overhaul […]
Several updates to Supplemental Security Income are taking effect, impacting how benefits are calculated, alleviating reporting burdens and likely expanding the number of people who qualify for the program. The Social Security Administration said it is implementing changes this week to policies related to its rental subsidy, the definition of a public assistance household and […]
The 2024 elections are right around the corner, and it’s been one of the most contentious campaign seasons in recent memory. For retirees, the outcome of the election has some ramifications, especially with a looming Social Security shortfall, which could lead to drastic cuts in benefits. Whoever is elected this year could help shape how […]
As 2024 progresses, it’s important to be aware of several required minimum distribution (RMD) rule updates, particularly if you are nearing retirement. Whether navigating the new RMD age limit or looking at your charitable giving strategies, these changes can impact your retirement income, taxes and even Medicare costs. RMDs Now Begin at Age 73 One […]
Whether you’ll have a big enough nest egg to retire comfortably depends not only on how much you save and invest over time but also, for most working Americans, on how much you’re likely to get in Social Security benefits. Even if the benefits alone are not sufficient to provide a comfortable retirement for most […]
Question: Who wants to be a 401(k) millionaire? This is an easy one, so there’s no need to take a lifeline and phone a friend. The answer: Everybody. The catch? It’s not so easy to accumulate a seven-figure nest egg. Life happens. There are bills to pay. Groceries to buy. Kids to put through college, aging parents […]
While most states don’t levy state income taxes on your Social Security benefits, the opposite is true for other retirement income, like your pensions or retirement distributions. So, whether you’re planning to move closer to family in your retirement or trying to pick a home base for your post-9-to-5 adventures, understanding how your new home state […]
To keep pace with inflation, the Social Security Administration (SSA) adjusts the amount beneficiaries receive each year. The cost-of-living adjustment (COLA) for 2025 will be announced on Oct. 10, 2024. The Social Security increase for 2024 was 3.2%, but with inflation cooling, analysts are predicting a smaller adjustment for the new year. Almost 68 million […]
