Many people look forward to receiving their tax refunds. The IRS refunded nearly $245 billion to more than 86 million people in 2024, with the average refund being $2,850. While it may be tempting to splurge on things like a vacation or other fun purchase, your tax refund provides an opportunity to make progress on any financial […]
Social Security is one of the federal government’s biggest programs. Roughly 67 million Americans, most of whom are 65 or older, received Social Security benefits in 2023. An estimated 183 million workers paid the Social Security payroll taxes that provided the bulk of the nearly US$1.4 trillion in benefits that year, which consumed 21% of […]
Millions of Social Security recipients could see their monthly payments interrupted if they don’t take immediate action to meet a new federal requirement. The Social Security Administration (SSA) is enforcing a mandatory transition to a new digital platform, and beneficiaries who fail to comply may have their benefits suspended without further notice. Starting in 2025, […]
Retirement in the United States has changed forever, and this is something that will affect all retirees who want to begin their retirement process. Don’t worry, your payments are safe, but you will no longer be able to complete your paperwork over the phone, and this change will begin taking effect this April. Again, a phone […]
If you’ve looked at your military retirement savings plan this week and panicked, maybe don’t, at least that’s the advice from some military finance experts we spoke with. President Donald Trump’s trade war — with a 125% tariff on China and others that have been paused for 90 days — has caused quite the whiplash […]
Weeks after the Social Security Administration said it was increasing transparency and accountability, the agency is reportedly moving its communications off of its website and onto the Elon Musk-owned social-media platform X. The Social Security Administration, or SSA, has used press releases on its own website to share news — especially in the middle of […]
This article is part of WTOP’s monthlong series, “Money Matters,” where we explore tips for saving, budgeting and making your money work for you. Check for new articles all month, right here on WTOP.com. In recent years, one of the more popular business school classes at the University of Maryland has been on financial literacy. […]
The Trump administration is further backing off the in-person requirements it announced for Americans seeking services at the Social Security Administration that were set to go into effect Monday. Liz Huston, a spokesperson for the White House, said in a statement to NPR on Thursday that telephone services will continue for people seeking services through […]
A post on Reddit’s r/stocks has struck a nerve with thousands of users as it challenged the common advice to “buy the dip.” The post, written by a retired investor, argues that while many Americans are indeed exposed to the market through their 401(k)s, that doesn’t mean they have spare cash to buy more stocks […]
The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war. The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red on Thursday. The blue-chip index fell 1,015 points, or 2.5%, pulling […]
New anti-fraud protections are slated to go into effect on Monday at the Social Security Administration. Ahead of the new policy, an agency spokesperson confirmed on Wednesday that all claim types can still be completed over the telephone, including retirement, survivor and spousal or children’s benefits. Previously, the SSA said those applicants would need to […]
Well-informed, soon-to-be-retired folks generally know there’s a sweet spot between age 62 and age 70 where Social Security should be claimed to get the greatest benefit. But it varies person to person based on their situation. And deciding is often a best guess. New tariff-related market volatility may be amping up anxiety for anyone who […]
