For decades, Gerald followed every piece of financial advice he could find. He maxed out his 401(k), stayed invested through downturns, and even bought a modest rental property for extra income. Now, at 61, with $2.8 million saved, no mortgage, and two grown children, he should feel ready to relax. Yet every time he thinks […]
There’s a big change coming for 401(k) plans that could impact a popular tax break for higher earners, experts say. For 2025, workers can defer up to $23,500 into 401(k) plans, and employees age 50 or older can save an extra $7,500, known as “catch-up contributions.” That catch-up limit jumps to $11,250 for workers age […]
There’s a big change coming for 401(k) plans that could impact a popular tax break for higher earners, experts say. For 2025, workers can defer up to $23,500 into 401(k) plans, and employees age 50 or older can save an extra $7,500, known as “catch-up contributions.” That catch-up limit jumps to $11,250 for workers age […]
Nearly 74 million Americans rely on Social Security benefits to survive — and for those who do, knowing what the Social Security Administration determines the cost of living adjustment to be for that year is a big deal. It allows recipients to budget and plan for the year ahead. According to the Social Security Administration, the actual COLA increase […]
ALBANY, N.Y. — Governor Kathy Hochul announced the launch of the New York State Secure Choice Savings Program Wednesday. The state-sponsored retirement savings program is for private-sector employees who do not have access to a workplace retirement plan. According to Gov. Hochul, more than 50% of New Yorkers do not have access to a retirement […]
You’ve probably noticed that in recent years, it’s gotten more expensive to buy groceries, eat at a restaurant, or replace articles of clothing. It’s not just in your head. Inflation has been rampant since 2021, and it’s made life more expensive for people of all ages. But even during periods of moderate inflation, as opposed […]
Democrats in Congress introduced legislation that would make it easier for federal workers to tap their Thrift Savings Plans (TSPs) during a government shutdown. The Emergency Relief for Federal Workers Act was introduced in both the House and Senate. It would classify any lapse in appropriations that lasts at least two weeks as a financial […]
“Don’t Worry, Be Happy” — it’s both an earworm and, as it turns out, sound financial advice. That’s because data shows that people who are optimistic save more money for the future than those who aren’t — especially when it comes to low-income earners. Research published earlier this year by the American Psychological Association (APA) […]
The 2026 Social Security cost-of-living adjustment, or COLA, will take effect with the payment that beneficiaries receive in January, and is designed to help retirees, their spouses, disabled individuals, and other beneficiaries keep up with the rising costs of goods and services. To be clear, we don’t know for a fact what the 2026 Social […]
Concerns that some state pension records could be deleted, making it “virtually impossible” to correct past errors in payments, have been raised by a former minister. Multiple errors in state pension payments have been spotlighted in recent years and in some cases the people affected died before they could be put right. Errors can potentially […]
By investing regularly every month, you can build up a hefty balance over the years. Saving for retirement can be an intimidating project to undertake, especially if you don’t have any savings to start with right now. But the benefit of long-term investing is that you have time on your side. You can slowly build […]
Some older Americans, staring down potential Social Security benefit cuts, might look to access the program as soon as possible. Experts say that could be a mistake. Instead, potential beneficiaries should consider their health and life expectancy, what buckets of money they can pull from, if they’re done working for good and what their marital […]
