Social Security beneficiaries have seen higher cost-of-living adjustments in recent years, prompted by record high inflation. Yet next year’s increase may not be as generous. Based on new government inflation data, beneficiaries may see just a 2.5% increase to benefits in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. In 2024, more […]
Even if you are fortunate enough to be able to fully retire, there will be financial challenges to deal with. One of the most worrying is whether you’ll have enough money to maintain your lifestyle for the years to come. In this sense, retirement can be enormously stressful, says personal finance expert Warren Ingram (director […]
It’s natural to be concerned about your future finances. But today’s retirees are doing surprisingly well. If you’re worried you won’t end up with enough money to retire on, you’re in good company. Recent Gallup data finds that only 45% of non-retirees expect to have access to enough money to cover their senior living costs […]
The much-discussed “Great Wealth Transfer” is expected to reshape the financial landscape for younger generations. Baby boomers and the silent generation are projected to pass down up to $84 trillion in assets over the next 20 years, according to a report from financial consulting firm Cerulli Associates. Of that amount, $72.6 trillion is likely to […]
Inflation has cooled down to its lowest level in three years, according to the latest Consumer Price Index numbers. Despite that, food prices and costs at the grocery store remain high. However, there are a few ways you can save a few bucks while grocery shopping. It might take a little extra time and planning […]
Every year, millions of Social Security recipients eagerly await October, as this is when they learn how much their benefits will increase. This change, known as the cost-of-living adjustment (COLA), is released by the Social Security Administration (SSA). The COLA determines how much Social Security payments are raised in response to inflation, with the goal of helping beneficiaries maintain their purchasing power amidst rising […]
Retirement is one thing. Making ends meet while you’re gainfully employed is another entirely. Just ask middle-class workers, who, according to a new report by the Transamerica Institute, have an annual household income between $50,000 and $199,999. Per the August 28 report, which was conducted by Harris Poll and Transamerica Center for Retirement Studies, just […]
Summer 2024 has certainly been hot. Although it’s not over yet, it’s time for you to start thinking about ways to cut your energy bill. With air conditioners practically running around the clock and the time to turn on the heater approaching fast, there’s a way you can save without sacrificing your comfort. Experts say […]
Molly Richardson, 35, regularly contributes to her 401(k) plan, but the structural engineer said she isn’t too worried about retirement yet. “It’s always something I felt like I could wait until I’m 50 to figure out,” she said. Like many other working adults, Richardson has more pressing expenses for now, she said, such as the […]
Rather than work until they retire permanently decades from now, a growing number of young adults in America are opting for “microretirements,” where they take extended breaks from work to relax or travel in the short term. As the Wall Street Journal reported on Tuesday, some workers in their 20s and 30s are deciding to […]
These annual increases can help you keep up with inflation — but probably not as much as you think. “Inflation is when you pay $15 for the $10 haircut you used to get for $5 when you had hair.” — Former baseball player Sam Ewing That quotation is amusing — and it’s instructional, too, because […]
Growing your savings can be a challenge, especially if you face competing financial obligations. So if you’ve managed to save $10,000 — congratulations. The next step is putting that money to good use. Is $10,000 in savings good? Overall, $10,000 is a positive step toward financial security, but whether it’s “good” depends on your individual […]
