In a move that could significantly impact the retirement income of millions of Americans, a bipartisan group of U.S. lawmakers is pushing to repeal a set of Social Security rules that reduce benefits for individuals who also receive pension income from certain public service jobs. The proposed legislation, known as the Social Security Fairness Act, […]
A recent survey has revealed that nearly a third of Americans believe full retirement may never be within their reach. The 2024 Everyday Wealth in America report, carried out by Greenwald Research for Edelman Financial Engines, highlights the growing sentiment among workers in the United States that this traditionally seen as a life milestone, is becoming increasingly elusive. According […]
Receiving a large payment from the Social Security Administration will soon be possible. However, the Agency will only send it to those American retirees who meet all the requirements. Bear in mind that the next payment from Social Security will be due on October 3. In fact, only 2 groups of retirees can receive a check or direct deposit on October 3 […]
We’re only a few days away from the announcement of the 2025 Social Security cost-of-living adjustment (COLA). It’s a big deal for seniors who have been battling high inflation over the last few years. But it’s unlikely that the COLA is going to be life-changing. The latest projections from the nonpartisan Senior Citizens League are […]
We all know that comparing ourselves to others can be a slippery slope, but when it comes to retirement savings, it’s hard not to wonder: Am I doing better or worse than the average saver? Checking where your 401(k) balance sits can give you some insight, but remember – your retirement is your own journey […]
Despite the 2025 cost-of-living adjustment (COLA) representing a modest silver lining, inflationary pressures are liable to get the best of retirees, once again. For most retired Americans, Social Security provides more than just a monthly check. The income they receive forges a financial foundation during their golden years. Over the last 23 years, national pollster […]
The oldest Gen Xers are turning 59 this year, and once they reach 59½, they can begin making penalty-free withdrawals from their 401(k)s and individual retirement accounts. However, nearly 70% of Gen X, which is comprised of Americans between the ages of 44 and 59, feel behind on their retirement savings, according to a new retirement savings survey […]
Raising Social Security’s full retirement age by two years to age 69 would decrease individuals’ lifetime benefits and overall spending by the program, but would not stave off Social Security’s expected insolvency in 2034. Gradually raising the full retirement age to 69 years old, up from the current rule of 67 for those born in […]
JPMorgan & Chase (NYSE:JPM) CEO Jamie Dimon is among the finance executives who have vocally opposed the cryptocurrency sector over the years. While Dimon’s stance has changed slightly with JPMorgan now owning Bitcoin through ETFs, his comments about the death of the cryptocurrency sector live on. What Happened: Dimon likely made some enemies in the cryptocurrency […]
By some measures, retirement savers, overall, are doing well. As of the second quarter of 2024, 401(k) and individual retirement account balances notched the third-highest averages on record, helped by better savings behaviors and positive market conditions, according to the latest data from Fidelity Investments, the nation’s largest provider of 401(k) savings plans. The number […]
During my years as an advisor helping clients to put together a retirement plan, I thought of my task as twofold. The first part of the task was to build up enough assets to fund a comfortable retirement. The second part, and equally important, was to make sure that clients don’t blow their nest egg […]
If you’re aiming to retire at the standard age of 65, buckle up because you’re going to want to hear this one. According to a simulated model that factors in things like changes in health, nursing home costs, and demographics, about 45% of Americans who leave the workforce at 65 are likely to run out of […]
