A broad reduction in Social Security is more than just an inconvenience. Social Security is in financial trouble. No, the program is not going bankrupt. That’s virtually impossible based on the way Social Security is funded. Rather, in the coming years, Social Security expects to owe more in benefits than it collects in revenue as […]
Something happened, and you need money. Urgently. You look at your savings account. Tumbleweeds roll across the place your emergency fund should occupy. Meanwhile, your credit card beckons with its generous limit. What do you do? If you reach for your credit card, you’re not alone. When faced with unexpected expenses of $1,000 or more, […]
Social Security benefits are adjusted annually to account for inflation in the previous year. For instance, retirees and other beneficiaries will receive a 2.5% cost-of-living adjustment (COLA) in 2025 to account for rising prices in 2024. Unfortunately, that will be the smallest increase in payments since 2021 and falls below the 10-year average of 2.75%. However, the […]
Some Social Security beneficiaries may get an unexpected extra check this month – it’s not a mistake; it’s more of a quirk of the calendar. A select group of people are set to receive three payments for the month of November due to an oddity of the calendar, which impacted the number of checks sent […]
Many workers dream of an early retirement. In reality, more than half of workers — 58% — retire earlier than they planned, usually due to unforeseen circumstances, according to new research from Transamerica Center for Retirement Studies in collaboration with Transamerica Institute. The median age they call it quits is 62 — three years shy of the […]
As families gather for Thanksgiving this year, money is one topic that likely won’t be discussed. Yet experts say it’s a perfect time to start the conversation, particularly with aging parents. More than half of Americans — 56% — say their parents never discussed money with them, according to a recent Fidelity survey of 1,900 […]
“I will govern by a simple motto: Promises made, promises kept.” President-elect Donald Trump said those words during his victory speech on Nov. 6, 2024. He made multiple promises during the presidential campaign. One pledge was especially important for America’s senior citizens. Federal taxes on Social Security benefits could be eliminated if Trump has his […]
Social Security is a complex system. Run by the Social Security Administration (SSA) most people assume it is just retirees who receive checks ever month to cover monthly expenses, but this could not be farther from the truth. The SSA runs five main programs, each with their own quirks and details that can be unknown […]
Energy prices have increased this autumn and are set to rise further in January as Ofgem announced it was raising the price cap by 1.2%. As well as driving up the average energy by £21 a year, it comes as the Winter Fuel Allowance has been removed for many pensioners and amid the coldest time of […]
As winter makes its way to mid-Michigan, neighbors will more than likely turn that thermostat to the right to warm things up. With neighbors in Lansing seeing increased rates on their utility bills, a spokesperson with Consumers Energy offered tips to help keep bills low. Matt Johnson, of Consumers Energy, says about 30% of your […]
If you’re saving for retirement in a workplace plan, pay attention. Signing up for your workplace 401(k) plan is one of the best things you can do for your retirement. The neat thing about 401(k)s is that they’re funded automatically through payroll deductions. This means that once you sign up, your employer is the one […]
As some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, “Secure 2.0” ushered in sweeping changes to the U.S. retirement system, including several updates to 401(k) plans. Some of these provisions will go into effect in 2025. Meanwhile, […]
