As of the start of September, nearly 54 million Americans received Social Security retirement benefits. For many, Social Security is their main retirement income source, making it one of the country’s most important and effective social programs. There are a lot of valid critiques of Social Security, but it should be easy to appreciate the […]
Job hopping is one of the best ways workers have to increase their pay, and a surprisingly solid job market means they still have opportunities. That’s great news for workers, but remember: Make sure you’re setting aside as much into your new 401(k) plan as your old one. When a worker moves to a new […]
Social Security is facing a crisis: It is running short on funding. According to the federal government, the program’s trust fund faces a shortfall that will lead to an automatic benefit cut of 17% in 2035. For nearly one-in-five seniors, Social Security benefits provide at least 90% of their income. In polls, most Americans list […]
Spouses of retirees who qualify for Social Security benefits can get benefits through their partner. Millions of people other than retirees claim Social Security benefits, and spouses of retirees who don’t qualify on their own are one of these cohorts. In fact, nearly 1.9 million people claimed Social Security through the spousal benefit in September […]
Social Security is going to look very different once the new year kicks off. Did you know that Social Security is 89 years old? The Social Security Act was signed in August 1935 to provide benefits for older Americans, and the program has been going (relatively) strong ever since. But despite the fact that Social […]
When it comes to Social Security payment amounts, it depends on the worker’s history and background whether their payment will be higher or lower. So, payments are somehow made-to-measure. SSI payments depend on the other benefits you are receiving and on other earnings or resources you may have. As of October 2024, the Social Security Administration (SSA) announced that the average payments recipients […]
Nearly 80% of companies with 100 or more employees are overpaying on 401(k) and 403(b) plan administrative fees, according to findings from Abernathy Daley 401k Consultants, a consultancy in 401(k) plan administration and employee education. This indicates that many companies are likely not benefiting from an independent benchmark of their corporate retirement plans, failing to […]
It’s easy to let your 401(k) goals fall by the wayside, but that can come back to bite you later. Retirement might seem far off when you’re in your late 30s or early 40s, but it has a way of creeping up on you. If you haven’t started saving yet, it might be time to […]
In 2025, it will become slightly harder to qualify for Social Security benefits in retirement amid a change set to take effect related to the value of a work “credit.” Americans must earn a certain amount of Social Security credits in their lifetime to become eligible for retirement benefits. Such credits are earned through working […]
New York ranks as the second most demanding state in the U.S. in terms of income requirements to be classified as middle class in 2024. These economic conditions demand specific financial criteria to maintain a comfortable lifestyle during retirement, which is something that deserves careful consideration. In this context, a recent study by Go Banking Rates evaluated how much money one needs to save […]
The great wealth transfer is underway and families need to prepare, according to certified financial planner Stacy Francis, president and CEO of Francis Financial in New York City. An estimated $84 trillion of wealth will change hands by 2045, with the majority going to Gen X and millennial heirs, according to Cerulli Associates. “The real […]
EXCLUSIVE: The Biden-Harris administration’s economic policies have had a detrimental impact on senior citizens’ retirement plans, according to a new report led by economist E.J. Antoni. The report, shared first with FOX Business, found that the average 401(k) plan grew by $11,000 from 2021 to 2024, but when adjusted for inflation, it represents a $12,000 […]
