The GOP presidential nominees’ proposals could affect Social Security more than you think. Few politicians would go on record saying they wanted to slash Social Security benefits. The presidential candidates from the two major political parties in the current election are no exception. Both Vice President Kamala Harris and former President Donald Trump have promised […]
When you leave an employer, you have important decisions to make regarding your 401(k). Your options include keeping it with your former employer, rolling it over to your new employer’s 401(k), transferring it into an individual retirement account (IRA), or cashing it out. However, each option has its pros and cons, and may potentially have […]
Retirement benefits for recipients of the U.S. Social Security program must be scaled back by 2033 if there is to be any chance of sustaining full retirement benefit payouts, but a consistent lack of attention by both chambers of Congress could necessitate a benefit cut if inaction persists over the next nine years. This is […]
After the Federal Reserve cut interest rates last month, many thought mortgage rates would drop. Mortgage rates have climbed to 6.85%, the highest since late July. For people like 100-year-old World War II veteran Harry Long, these rising rates made it impossible for him and his wife to buy again after Hurricane Ian. Long and […]
One of the biggest Social Security myths out there is that everyone is entitled to a monthly benefit once they reach a certain age. But that’s not how the program works. Generally speaking, the way to get Social Security benefits in retirement is to earn them by working and paying into the program. There can […]
Many Americans face a retirement savings shortfall. However, setting aside more money could get easier for some older workers in 2025. Enacted by Congress in 2022, the Secure Act 2.0 ushered in several retirement system improvements, including updates to 401(k) plans, required withdrawals, 529 college savings plans and more. While some Secure 2.0 changes have already happened, another key change for “max […]
Saving for retirement might be far from your mind. But if you’re struggling to put money away for the future, the SECURE Act 2.0’s new retirement rules could make it easier for you to contribute to tax-advantaged plans. Passed in 2022, the SECURE Act 2.0 is a piece of legislation that aims to improve access […]
A record number of Americans are reaching retirement age this year, marking the start of an unprecedented surge in Americans turning 65 that will last through roughly 2027, and bringing issues related to life after work to the forefront for individuals and policymakers. Financial security is of particular concern. Although the retirement savings gap—the difference between what workers have […]
John Hancock Retirement CEO Wayne Park sits down with Alexandra Canal on Wealth! to discuss the firm’s recent retirement report and what it signals about the differences in retirement readiness across generations. “What we have seen actually is things like inflation do matter. It is impacting the generations differently,” Park tells Yahoo Finance. “For the […]
On the first business day of every month, Social Security beneficiaries receive a single check from The Social Security Administration (SSA). This coming November will be a little different. Next month, beneficiaries can expect three separate payments from the SSA; However, there will be no Supplemental Security Income payment for December. Read to learn more […]
A site in Glasgow which has planning permission to be turned into a retirement village is to go on the market for £5 million. The former Netherplace Old Dye Works site close to Newton Mearns has been brought to market by Watling Real Estate and Graham & Sibbald with a price tag of £5 million. […]
Sometimes retirement plans make payments to workers by mistake. Must they recover the money? What’s the worker to do? What if they roll the money to another account? The Internal Revenue Service has released question and answer guidance on how to handle these inadvertent benefit overpayments. The interim guidance addresses sections of the IRS code […]
