Prepare for your monthly checks to get bigger. For much of the summer, there was a lot of speculation about 2025’s Social Security cost-of-living adjustment (COLA). Seniors on Social Security were hoping for a large raise to follow the 3.2% COLA that arrived at the start of 2024. But unfortunately, next year’s COLA won’t be […]
Donald Trump is heading to the White House next year after defeating Kamala Harris in the 2024 presidential election. His return to the office, which he previously held from 2017-2021, could usher in policies that may have far-reaching effects on retirees nationwide. “This country doesn’t have an income problem,” says Grant Cardone, equity fund manager and […]
A small boost in benefits has a hidden silver lining. Millions of seniors today rely on Social Security to make ends meet. For some people, those monthly benefits are their primary source of income. Others have only those benefits to turn to for money in retirement, so it stands to reason that Social Security’s annual […]
Before the election, some advisors increased Roth individual retirement account conversions for clients amid the threat of higher taxes after 2025. Now, tax hikes are less likely under President-elect Donald Trump. However, demand for Roth conversions will continue as investors seek long-term tax planning strategies, experts said. “In general, we see an uptick in Roth […]
Most Americans will have a lower tax burden in retirement than during their working years. However, that may not be the case for some retirees, especially for higher earners and big savers, which could have a significant impact on their financial plans, according to financial advisors. “Substantial evidence” suggests retirees have lower tax rates than during their […]
On the campaign trail, Republican presidential candidate Donald Trump made a notable promise to retirees: No taxes on Social Security benefits. Now that Trump has won a second presidential term, that may prompt Social Security’s beneficiaries to wonder whether that change may come to pass. But nixing those taxes may be a difficult task, even […]
With the official announcement of a cost of living adjustment (COLA) for 2025 by the Social Security Administration, millions of retirees are expected to receive a much-desired raise in their monthly checks. Never mind that Social Security serves as, like it or not, almost 30% of the income for Americans aged 66 and older. The […]
There are only a few weeks left before the end of the year, so don’t put this off any longer. Nearly all those 73 and older will have to make a required minimum distribution (RMD) for 2024. This is a mandatory withdrawal from your retirement account designed to force you to pay the taxes on […]
The “American dream” is slipping further and further away for millions of people across the country, as rising costs, stagnant wages, and widening wealth gaps make it increasingly difficult to achieve financial stability. The latest estimated price tag on the American dream now sits at a whopping $4.4 million, according to Investopedia, which factored in […]
President-elect Donald Trump won Tuesday’s presidential election partly by addressing Americans’ economic anxieties over higher prices. Nearly half of all voters said they were worse off financially than they were four years ago, the highest level in any election since 2008, according to an NBC News exit poll. But a cornerstone of Trump’s economic policy — sweeping new tariffs […]
Don’t fall into the same trap. Saving for retirement in a traditional IRA or 401(k) has its benefits. The fact that your contributions are tax-free could make them easier on you financially during the period when you’re trying to build up retirement wealth. But there’s a downside to saving in a traditional retirement plan. Not […]
A long, high-paying career is a major factor in maximizing Social Security, but there’s more to it than that. The average Social Security retirement benefit was $1,921.56 in September. While that might be a nice supplement to your retirement savings, it’s hardly enough for most retirees to live on. That’s especially true when you consider […]
