As some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, “Secure 2.0” ushered in sweeping changes to the U.S. retirement system, including several updates to 401(k) plans. Some of these provisions will go into effect in 2025. Meanwhile, […]
Social Security is by far one of the most popular government programs in the United States because it is critical for so many retirees’ financial security. And it will be just as important for US adults who have yet to retire. That’s also why so many Americans worry about how their benefits might change given […]
The days are getting longer, and movie marathons of A Christmas Story have begun. That can mean only one thing: You have just a few weeks to boost your retirement savings, lower your taxes and get the most out of your health insurance before 2024 becomes a memory. Boost your retirement savings Top off retirement plans. If you […]
Calling soon-to-be parents “expecting” is almost a cruel joke considering how many unknowns come with a new addition to the family. But a few truths are almost guaranteed — parenthood is magical, memorable and extremely expensive. A 2023 analysis by the nonprofit Child Care Aware of America found that the national average annual cost of […]
For 15 years, former Texas schoolteacher Kayla Morris put every dollar she could save into a home for her growing family. When she and her husband sold the house last year, they stowed away the proceeds, $282,153.87, in what they thought of as a safe place — an account at the savings startup Yotta held […]
You’re scrolling through social media and another friend is showing off their latest Mediterranean cruise. It’s hard not to wonder – are they living the dream or ignoring the whole “retirement savings” thing? If they’re part of the upper class, there’s a good chance they have the money to fund both their vacations and their […]
Social Security helps millions of older Americans stay afloat financially. And without those benefits, many would struggle to make ends meet. Retirees who get most or all of their income from Social Security also rely on the program’s annual cost-of-living adjustments (COLAs) quite heavily to ensure that they’re able to keep up with their bills […]
Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey. Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won’t receive their benefits if the trust fund runs out. The October survey […]
Although inflation in the U.S. has been on a steady decline from its June 2022 peak, Americans say rising costs are the greatest threat to their ability to live comfortably in retirement, according to an October survey from Allianz Life. A little over 40% of respondents identify “everyday costs increasing” as the No. 1 risk to their retirement income, […]
Although Social Security has existed for many decades, a good number of its rules tend to change from one year to the next. For example, in 2025, Social Security benefits will increasing by 2.5%. And the earnings-test limits for those who work while receiving benefits are also going up. That should allow seniors to earn […]
Pensioners are being encouraged to check if they are eligible for Pension Credit, which comes with a host of additional benefits. The credit supplements a person’s income, but claiming this support also provides access to other Government assistance, with an average claim worth over £3,900 annually. The vastly underclaimed support boosts your income to £218.15 […]
You’re scrolling through social media and another friend is showing off their latest Mediterranean cruise. It’s hard not to wonder – are they living the dream or ignoring the whole “retirement savings” thing? If they’re part of the upper class, there’s a good chance they have the money to fund both their vacations and their […]
