America’s middle class is feeling the squeeze like never before, according to new data. Primerica’s latest Financial Security Monitor report for the third quarter found 55% of middle-income households now rate their personal financial situation negatively, a 6-point jump from the previous survey. “For the first time in a year, a majority of middle-income households […]
Social Security’s wealthiest beneficiaries take in $4,873 per month from the program in 2024. That’s more than $58,000 annually. Some households may even get more if they have more than one person claiming benefits. That’s already a pretty large sum, but it’s about to get even bigger. Starting in 2025, Social Security benefits are going […]
If you don’t start setting aside money for retirement by the time you turn 40, you may need to rethink your long-term plan. By that age, funneling more into your retirement investment accounts down the road may not be enough to spend your post-work years the way you imagine, says Anne Lester, a retirement expert and author […]
The Social Security Administration issues millions of payments every month to recipients of its various programs. Most go to retired workers and individuals receiving Supplemental Security Income or SSI and Social Security Disability Insurance or SSDI benefits. To ensure an efficient and orderly distribution process, the government agency distributes benefits based on the recipients’ day […]
A woman who has sold doughnuts and ice creams in a town centre for nearly 50 years said she was “overwhelmed” by the kind messages she had received since her retirement. Lina Ognissanti, 83, was stationed on Midland Road in Bedford since 1975 until her last shift on 30 September. She said she missed “being […]
Building sufficient retirement savings remains a significant financial challenge for many Americans. Personal finance expert and co-host of Smart Money Happy Hour George Kamel joins Wealth! to discuss common mistakes and offer advice for individuals looking to build their retirement savings. Kamel suggests that before investing, individuals should first focus on eliminating consumer debt “because […]
Post-pandemic spending methods could be detrimental to your retirement savings. According to Bankrate, more than half of Americans fell behind on their retirement savings, and 37% owe more on credit cards than they have saved for their golden years. Personal finance expert George Kamel is sounding the alarm about this looming “crisis,” arguing that America […]
Millions of Americans rely on their 401(k) plans to ensure a comfortable retirement, but recent research from Vanguard has found that many workers may be falling prey to a common pitfall that could cause them to miss out on thousands in savings – even as much as $300,000. The issue revolves around a typical experience […]
When you think about millionaires, you might imagine folks with fancy sports cars who live in mansions. Your neighbor with the beat-up minivan and modest house may not scream “millionaire” in quite the same way. But you may be surprised at how many seemingly average people actually have $1 million or more to their name. […]
A number of imminent modifications to the Supplemental Security Income (SSI) program have been announced by the Social Security Administration (SSA), a pillar of the American government’s social safety net. Millions of Americans, especially pensioners and people with disabilities, stand to benefit from these adjustments. Although societal requirements and economic situations have changed since 1989, the […]
Most people in America don’t believe they’re rich. In fact, only 12% of the population thinks they’re wealthy, according to recent research from Edelman Financial Engines. Surprisingly, it’s not just low- and middle-income households who don’t feel flush with cash. A separate Northwestern Mutual study revealed only 33% of millionaires count themselves among the rich. […]
If you’re chasing the $1 million mark to feel like you’ve made it, it may be time to reconsider. Only 1 in 3 millionaires feels wealthy, according to a 2024 Northwestern Mutual study. Luckily, feeling wealthy is less about the money in your bank account and more about your attitude toward the money you already have. “Wealth is a […]
