The IRS is delaying until 2026 the closing of a key loophole that caused confusion for a subset of employees in a regulation that allowed workers to keep money invested in their workplace retirement plans longer. Tax regulators issued a notice Wednesday deferring the anticipated effective date of a separate supporting regulation applying to workers […]
Social Security’s “full retirement age” is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit. The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually […]
The end of the month is here for United States citizens. Likewise, the end of the year is near, which means that the Social Security payment calendar is also coming to an end. This is not bad news, though, as the end of this calendar means the beginning of a new one. Also, a new Social Security schedule means an increase […]
Helped by consistent savings efforts and market gains, average retirement account balances reached fresh highs in the third quarter, according to Fidelity, the largest 401(k) plan provider in the U.S. The number of 401(k) and IRA millionaires also hit all-time highs and, for the first time, millennials joined the group. As the markets tested record highs, retirement savers reaped the […]
Traditional IRAs and 401(k) plans allow workers to save pre-tax dollars for retirement. Any contributions can be deducted from gross income, provided modified adjusted gross income does not exceed limits imposed by the IRS. That results in a smaller tax bill at the time, but taxes cannot be delayed indefinitely. Required minimum distributions (RMDs) are […]
The end of the year is the time to start thinking about whether you want to make changes to one of your retirement accounts for 2025. The IRS just raised how much money you can put into your 401k plan. You will be able to contribute up to $23,500. That is $500 more than last […]
SSI payments are usually scheduled for the first day of the month. However, there are two occasions when Supplemental Security Income payments need to be rescheduled. One of them is when the SSI payment date is either Saturday or Sunday. The second option is when the normal payday is a holiday. Of course, it it is a Federal Holiday or the […]
Among the changes Social Security recipients will see in 2025 is a higher full retirement age. The number marks the age at which workers become eligible to claim 100 percent of their retirement benefit based on lifetime earnings. For years, the full retirement age was 65, but that changed with a law passed by Congress […]
As year-end approaches, there’s still time to slash your 2024 tax bill or boost your refund, financial advisors say. Typically, you can expect a tax refund when you overpay taxes throughout the year. Alternatively, you get a tax bill when you haven’t paid enough. Most 2024 tax strategies must be completed by Dec. 31, so […]
In November, Republican presidential nominee Donald Trump won a decisive victory over Democratic rival Kamala Harris. With Trump officially returning to the White House for a second term, many retired workers on Social Security are undoubtedly hoping he can bring about much-needed change. Trump during his campaign wrote on social media, “Seniors should not pay […]
One thing people quickly notice about Social Security is that change is virtually inevitable. Rules change, eligibility requirements change, payments change, and there’s no reason to believe this will stop anytime soon — if ever. Some Social Security changes only apply to certain groups of people, but others apply to most current or incoming recipients. Regarding the […]
Getting the most you can out of Social Security can be a great goal for many retirees. The government program provides the backbone for many seniors’ budgets, often supplementing private retirement savings. The average Social Security retirement benefit in November was $1,925.46. But those who do everything they can to maximize their earnings during their […]
