Social Security’s 2025 cost-of-living adjustment (COLA) bumped the average benefit from $1,927 per month to $1,976 per month. It’s a $49 increase, but many hoped for more. Despite slowing inflation, some retirees still find it difficult to make ends meet, particularly when they don’t have a lot of personal savings. A new bill headed for […]
A fourth consecutive year of an above-average cost-of-living adjustment (COLA) is set to lift Social Security benefits in the new year. For most retirees, Social Security is an indispensable source of income. In each of the last 23 years, Gallup has polled retirees to gauge their reliance on this crucial social program. Consistently, 80% to […]
Saving for retirement will get a modest boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act, which became law at the end of 2023. For retirees, there are also changes for Social Security and Medicare worth noting. Here’s a roundup of some of the key […]
The economy enters 2025 in reasonably good shape, with a low unemployment rate, modest inflation, a trend toward declining interest rates and strong corporate profit growth that has been giving the stock market a lift. It’s thus not a bad backdrop for getting a fresh start on improving your finances. Here are some trends, issues […]
Many Americans are obsessed with discussing and planning their retirement. They sketch out future career paths, make elaborate financial and tax calculations, and decide on the optimal time to start taking Social Security—often undertaking these measures decades in advance. But you know what they say about the best laid plans—life, and retirement, often goes awry. The reality is that […]
With the end of 2024 around the corner, you might be reflecting on financial goals for 2025. Whether you’re saving to move out of your parents’ house or pay off student loan debt, financial resolutions can help you stay motivated, said Courtney Alev, consumer advocate for Credit Karma. “Entering a new year doesn’t erase all […]
Regardless of when you begin saving for retirement, the crucial question remains: how much will you actually need to save? Powell acknowledges that those in their thirties and forties may feel behind in their retirement savings. During this critical period, he recommends reviewing expenses and cutting back on discretionary spending to boost retirement contributions. “And […]
Stretching your budget might be easier than you think. Making a few small lifestyle adjustments can add up faster than you might realize. Kate Kaden, an influencer who shares tips on frugal living, budgeting and saving money on her YouTube channel has plenty of advice to offer. She recently shared the video “Six Practical Tips to Live Below […]
LOS ANGELES – If you were planning to retire next year, double check your math because a law passed in the ’80s is annually raising the age when Americans can collect their full Social Security benefits. And next year is no exception. In 1983, Congress passed a law that gradually increases the age at which […]
Saving in 401(k)s and IRAs is a smart way to put money aside for retirement. However, there are rules you need to know in order to take maximum advantage of these accounts. Moreover, as with most things in the world of finances, nothing is ever truly set in stone, and adjustments to key retirement accounts […]
Many Americans make New Year’s resolutions as the calendar winds down each year. And financial resolutions like paying down debt or saving more money are some of the most common goals people set year after year. Depending on how you define it, you may not be able to get rich in a single calendar year. But there are steps you can […]
A larger Social Security check could soon be coming to millions of Americans; the change is thanks to a bi-partisan act awaiting President Biden’s signature. “Whoa, this is really good news,” retired Toledo firefighter Daniel Desmond said after learning the Senate passed the legislation on Saturday. “I’m so glad that it’s right and fair, and […]
