Amid the rise of more hybrid and remote roles, talk of a four-day workweek, and the potential of AI to shake up entire industries, work in America is undergoing profound changes in the 2020s. Some employees—and their employers—think it’s also time to change how and when people retire. Of course, retirement in the U.S. isn’t a monolith—some work until […]
Category: Personal Finance
Social Security commissioner vows to end ‘clawback cruelty’ with new plan for benefit overpayments
Three months into his role as commissioner of the Social Security Administration, Martin O’Malley unveiled a new plan to tackle overpayment issues that have led the agency to demand some beneficiaries repay benefits. “We are no longer going to have that clawback cruelty of intercepting 100% of a payment if people do not respond to our notice,” […]
Republican budget proposal calls for raising the retirement age
The Republican Study Committee, the largest group of conservatives in the House, are proposing raising the retirement age and a restructuring of Medicare as part of a new budget proposal. Under the RSC plan for Social Security, it would make “modest changes” to the retirement age for future retirees to account for increases in life […]
70% of Women Investors Say Inflation Made Them Rethink Whether They Can Retire
And now, a significant 70% of women say that inflation and signs of a potential recession have made them rethink if — and when — they can retire, according to Nationwide’s ninth annual Advisor Authority survey. Further, women are broadly feeling less financially secure, said Ann Bair, senior vice president of marketing for Nationwide Financial. […]
Here’s How Much the Average 50-Year-Old Has in Their 401(k)
I won’t keep you in suspense. According to the latest edition of Vanguard’s “How America Saves” report, which is one of the most often-cited sources of 401(k) data, the average participant in a defined contribution plan in the 45-54 age group has $142,069 in their account. Two big caveats There are a couple of caveats […]
Here’s What Happens if the Social Security Administration Overpays You
It sounds like a good thing until you have to pay it back. Most people would be thrilled to get a larger-than-average Social Security check, but if it’s due to a clerical error, it could be the beginning of a financial headache. You might be tempted to keep the extra money for yourself, but the […]
Social Security commissioner vows to end ‘clawback cruelty’ with new plan for benefit overpayments
Three months into his role as commissioner of the Social Security Administration, Martin O’Malley unveiled a new plan to tackle overpayment issues that have led the agency to demand some beneficiaries repay benefits. “We are no longer going to have that clawback cruelty of intercepting 100% of a payment if people do not respond to […]
Americans love pensions. Where did they go? Will they ever return?
A new survey suggests most Americans think a traditional pension is better than a modern 401(k) plan for achieving a secure retirement. That finding invites a question: Why don’t more Americans have pensions? Over the past half-century, the 401(k) and IRA have gradually supplanted the pension as tools for most Americans to save for retirement. […]
New to Social Security? 3 Things You Need to Know.
Millions of older Americans today receive a monthly benefit from Social Security. If you recently signed up to start taking benefits, you may be appreciative of the extra income. But if you’re new to Social Security, it’s important to know what to expect. Here are a few aspects of the program you should be aware […]
‘Spring cleaning’ for your finances: 12 money moves to make right now
Spring cleaning can mean tidying up your wallet or pocketbook, as well as your closet. In the spirit of renewal, here are 12 financial moves you should make this spring. Some are annual rituals, or should be. Others are tasks we tend to put off, but shouldn’t. 1. Revisit your resolutions Many of us set New Year’s […]
Are You Considering Collecting Social Security At 62? Suze Orman Says Delaying Can Lead To A 76% Payout Increase
Planning for retirement is a journey filled with important decisions. One of the most critical choices to make involves deciding when to start taking Social Security benefits. While the benefits of early or delayed claiming are debated, each person’s situation is unique, making this decision even more significant. The 2023 Schroders U.S. Retirement Survey uncovers […]
Social Security: How the Average Retiree Can Get an Extra $1,071 per Benefit Check
Claiming age has a profound impact on Social Security benefits for retired workers. The Social Security Administration periodically publishes anonymized benefit data to promote understanding and foster transparency. The information is often slightly outdated when it becomes available, but it still provides useful insights. For instance, more than 3.4 million retired workers claimed Social Security in 2022. […]