Several updates to Supplemental Security Income are taking effect, impacting how benefits are calculated, alleviating reporting burdens and likely expanding the number of people who qualify for the program. The Social Security Administration said it is implementing changes this week to policies related to its rental subsidy, the definition of a public assistance household and […]
The roughly 70 million people who receive Social Security payments will soon learn how much they’ll receive in their 2025 benefit checks, with the program’s annual cost-of-living adjustment (COLA) to be announced within days. Each fall, the Social Security Administration sets its annual COLA based on the recent rate of inflation, part of an overhaul […]
The 2024 elections are right around the corner, and it’s been one of the most contentious campaign seasons in recent memory. For retirees, the outcome of the election has some ramifications, especially with a looming Social Security shortfall, which could lead to drastic cuts in benefits. Whoever is elected this year could help shape how […]
As 2024 progresses, it’s important to be aware of several required minimum distribution (RMD) rule updates, particularly if you are nearing retirement. Whether navigating the new RMD age limit or looking at your charitable giving strategies, these changes can impact your retirement income, taxes and even Medicare costs. RMDs Now Begin at Age 73 One […]
If you’re looking for ways to cut back and save more money, learning to live with less should be your top priority. This can be tricky when you’re used to impulse buying, but it can be done with some key changes to your financial behavior. That said, experts say you can reach your goals with […]
Today, millions of retirees will receive their maximum Social Security payment of up to $4,873 if they meet all retirement requirements and make Social Security contributions based on the maximum taxable earnings for the last 35 years. Besides meeting these requirements, they should also have claimed retirement benefits before May 1997 to receive their benefits today. It […]
A sizeable number of Americans hope to retire as millionaires, according to Bankrate’s latest savings survey. While that can seem like a lofty goal, it’s possible to achieve it with the right planning. A little over a third of American workers say they’ll need $1 million or more to retire in comfort, per Bankrate’s survey. […]
Many Americans believe they need to earn a certain dollar amount to feel rich. But even if they hit that goal or surpass it, they may be disappointed to find out they still don’t feel satisfied with their finances, says Charles Chaffin, co-founder of the Financial Psychology Institute and a professor at Iowa State University. “The […]
To keep pace with inflation, the Social Security Administration (SSA) adjusts the amount beneficiaries receive each year. The cost-of-living adjustment (COLA) for 2025 will be announced on Oct. 10, 2024. The Social Security increase for 2024 was 3.2%, but with inflation cooling, analysts are predicting a smaller adjustment for the new year. Almost 68 million […]
While most states don’t levy state income taxes on your Social Security benefits, the opposite is true for other retirement income, like your pensions or retirement distributions. So, whether you’re planning to move closer to family in your retirement or trying to pick a home base for your post-9-to-5 adventures, understanding how your new home state […]
Whether you’ll have a big enough nest egg to retire comfortably depends not only on how much you save and invest over time but also, for most working Americans, on how much you’re likely to get in Social Security benefits. Even if the benefits alone are not sufficient to provide a comfortable retirement for most […]
Question: Who wants to be a 401(k) millionaire? This is an easy one, so there’s no need to take a lifeline and phone a friend. The answer: Everybody. The catch? It’s not so easy to accumulate a seven-figure nest egg. Life happens. There are bills to pay. Groceries to buy. Kids to put through college, aging parents […]
