This time of year is full of to-dos, but there’s one in particular you should be sure to check off your list: getting your year-end finances in order. Taking some key steps now will set you up for financial success in the new year — and not doing them means you could miss on some […]
If you want to sober up quick on New Year’s Day, open your credit card statement. Americans are worried about money. They’ll probably be more worried in the new year, when they wake up, bleary-eyed, after a month of binge-shopping on gifts. You may not be surprised, then, to hear the most popular financial New […]
Reaching $50,000 in savings is a huge milestone for the average person. It’s the kind of lump sum that makes you feel invincible. While you’re likely tempted to do something with that amount of money, experts caution against making certain money moves. “As a certified financial planner, I have seen how liberating this moment can […]
A new year, a new number for Social Security and the benefit program’s full retirement age. Most people associate the age of 65 with retirement – although there’s data suggesting the average American retires at 62. That’s the age at which you can begin to take Social Security, but you can boost the size of […]
NEW YORK — The holidays are meant to be a time of celebration with family and friends. But they can also bring pressure to spend money on gifts, gatherings and plane tickets home, exacerbated by brand emails, social media influencers and family expectations. With credit card debt rising and prices for many items still high […]
The IRS is delaying until 2026 the closing of a key loophole that caused confusion for a subset of employees in a regulation that allowed workers to keep money invested in their workplace retirement plans longer. Tax regulators issued a notice Wednesday deferring the anticipated effective date of a separate supporting regulation applying to workers […]
Social Security’s “full retirement age” is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit. The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually […]
The end of the month is here for United States citizens. Likewise, the end of the year is near, which means that the Social Security payment calendar is also coming to an end. This is not bad news, though, as the end of this calendar means the beginning of a new one. Also, a new Social Security schedule means an increase […]
Helped by consistent savings efforts and market gains, average retirement account balances reached fresh highs in the third quarter, according to Fidelity, the largest 401(k) plan provider in the U.S. The number of 401(k) and IRA millionaires also hit all-time highs and, for the first time, millennials joined the group. As the markets tested record highs, retirement savers reaped the […]
Traditional IRAs and 401(k) plans allow workers to save pre-tax dollars for retirement. Any contributions can be deducted from gross income, provided modified adjusted gross income does not exceed limits imposed by the IRS. That results in a smaller tax bill at the time, but taxes cannot be delayed indefinitely. Required minimum distributions (RMDs) are […]
The end of the year is the time to start thinking about whether you want to make changes to one of your retirement accounts for 2025. The IRS just raised how much money you can put into your 401k plan. You will be able to contribute up to $23,500. That is $500 more than last […]
SSI payments are usually scheduled for the first day of the month. However, there are two occasions when Supplemental Security Income payments need to be rescheduled. One of them is when the SSI payment date is either Saturday or Sunday. The second option is when the normal payday is a holiday. Of course, it it is a Federal Holiday or the […]
