Many Americans haven’t saved enough for retirement. However, a big change to 401(k) plans could provide a boost for older workers. The IRS in November unveiled higher 401(k) contribution limits for 2025, with employee deferrals jumping to $23,500, up from $23,000 in 2024. While the catch-up contribution remains unchanged at $7,500 for investors age 50 […]
As the U.S. presidential election laid bare, economic anxiety is top of mind. High costs have weighed heavily on household finances, with 2 in 3 Americans concerned about how they’ll manage holiday expenses, when the temptation to splurge is heightened. This year, holiday spending, between Nov. 1 and Dec. 31, is expected to increase to […]
On the campaign trail, Republican presidential candidate Donald Trump made a notable promise to retirees: No taxes on Social Security benefits. Now that Trump has won a second presidential term, that may prompt Social Security’s beneficiaries to wonder whether that change may come to pass. But nixing those taxes may be a difficult task, even […]
Employees in their early 60s can contribute several thousand dollars more to their 401(k) retirement plan starting next year thanks to a recent change in tax law. People 50 and older were already able to put in more than the general 401(k) limit as a “catch-up” contribution but in 2025 workers ages 60 to 63 […]
Prepare for your monthly checks to get bigger. For much of the summer, there was a lot of speculation about 2025’s Social Security cost-of-living adjustment (COLA). Seniors on Social Security were hoping for a large raise to follow the 3.2% COLA that arrived at the start of 2024. But unfortunately, next year’s COLA won’t be […]
Before the election, some advisors increased Roth individual retirement account conversions for clients amid the threat of higher taxes after 2025. Now, tax hikes are less likely under President-elect Donald Trump. However, demand for Roth conversions will continue as investors seek long-term tax planning strategies, experts said. “In general, we see an uptick in Roth conversions at the end of the year and […]
The “American dream” is slipping further and further away for millions of people across the country, as rising costs, stagnant wages, and widening wealth gaps make it increasingly difficult to achieve financial stability. The latest estimated price tag on the American dream now sits at a whopping $4.4 million, according to Investopedia, which factored in […]
With the official announcement of a cost of living adjustment (COLA) for 2025 by the Social Security Administration, millions of retirees are expected to receive a much-desired raise in their monthly checks. Never mind that Social Security serves as, like it or not, almost 30% of the income for Americans aged 66 and older. The […]
On the campaign trail, Republican presidential candidate Donald Trump made a notable promise to retirees: No taxes on Social Security benefits. Now that Trump has won a second presidential term, that may prompt Social Security’s beneficiaries to wonder whether that change may come to pass. But nixing those taxes may be a difficult task, even […]
There are only a few weeks left before the end of the year, so don’t put this off any longer. Nearly all those 73 and older will have to make a required minimum distribution (RMD) for 2024. This is a mandatory withdrawal from your retirement account designed to force you to pay the taxes on […]
A new government will take office in the White House early next year, pending the outcome of next week’s presidential election, and one of the first challenges it will face will be Social Security. Despite an imminent funding cliff that could result in benefits cuts within the next ten years, Social Security has largely been neglected, even […]
Last month, the Social Security Administration shared some news that millions of seniors have been waiting for — an official 2025 cost-of-living adjustment, or COLA. Benefits will be rising 2.5% at the start of the new year. And while that’s certainly not the smallest COLA seniors have ever gotten, it pales in comparison to recent […]
