Data from the Federal Reserve Survey of Consumer Finances shows only 3.2% retirees have more than $1 million saved. That puts you squarely in the top 3%, even if it doesn’t feel like you’re living large. Still, some financial experts say even that might not be enough. Suze Orman has warned that $1 million doesn’t […]
Less than half of Americans are sufficiently prepared for retirement, the Vanguard Retirement Outlook study found. Vanguard expects that this group of Americans won’t be able to maintain their current lifestyles in retirement. It serves as another reminder of how important it is to plan for your retirement early. Relying on Social Security won’t cut […]
Social Security and Supplemental Security Income beneficiaries will soon find out how much their benefit checks will increase next year. Due to the federal government shutdown, the Social Security 2026 cost-of-living adjustment announcement, initially scheduled for Oct. 15, has been postponed to Friday. Nearly 75 million beneficiaries will see the COLA reflected in their January […]
Social Security is heading toward insolvency, according to the Committee for a Responsible Federal Budget. Per its projections, the issue is expected to occur in seven years for retirement trust funds and in nine years for combined trust funds. However, a fix may be possible. Committee researchers believe enacting a cap for cost-of-living adjustments (COLA) […]
(NewsNation) — Social Security is heading toward insolvency, according to the Committee for a Responsible Federal Budget. Per its projections, the issue is expected to occur in seven years for retirement trust funds and in nine years for combined trust funds. However, a fix may be possible. Committee researchers believe enacting a cap for cost-of-living […]
When you think of retiring, you probably imagine sailing off into the sunset, relaxing on the golf course or the beach, or puttering around your house with plenty of time to enjoy life. For many, though, retirement looks very different than this. In fact, many seniors find themselves claiming their Social Security retirement benefits and […]
There’s a lender in town that’s becoming more prevalent than ever: “the Bank of Mom and Dad” — a term you’ve likely heard thrown around before. As many as half of parents with adult children are stepping in to financially support their grown kids, providing regular assistance for expenses like monthly groceries (83%), cell phones […]
When you think of retiring, you probably imagine sailing off into the sunset, relaxing on the golf course or the beach, or puttering around your house with plenty of time to enjoy life. For many, though, retirement looks very different than this. In fact, many seniors find themselves claiming their Social Security retirement benefits and […]
As the calendar winds down, some investors may be eyeing Roth individual retirement account conversions, depending on long-term goals. Experts say there’s good reason that now is the season for Roth conversions, with some exceptions. The strategy transfers your pretax or nondeductible IRA funds to a Roth IRA to kickstart future tax-free growth. But the […]
The third wave of Social Security payments for the month of October is set to be distributed this week, with this month marking the first under the agency’s new paperless policy. Starting in October, most recipients will need to have a direct deposit set up with their bank account or use a Direct Express card. […]
The increase was mainly due to early retirements due to the age flexibility, which grew 32% compared to the previous year, to 15,300, while retirements due to long-term unemployment increased only 1.9%, to nearly 9,000. According to Jornal de Negócios, this increase occurred after the government’s 2023 decision to maintain the retirement age at 66 […]
Millions of Americans rely on Social Security for most or all of their retirement income. Unfortunately, not everyone has a sufficient career earnings record to qualify for a worthwhile benefit. Whether that’s due to inconsistent work, staying at home to raise children, or whatever else, this could mean getting little to nothing in Social Security […]
