The Federal Reserve has cut interest rates twice in the past few months. This has caused the interest rates paid for savings accounts, CDs, and money market accounts to fall. However, you need to keep a couple of things in mind. First, interest rates are still rather high. The Fed’s cuts lowered the federal funds […]
High-yield savings accounts (HYSAs) are still a great place to park money you’re likely to need in the near future — even with the recent rate cuts. Unlike stocks, which are at the mercy of market fluctuations, and certificates of deposit (CDs), which penalize you if you pull out your money before the term is up, […]
Social Security beneficiaries will soon experience a welcome change, with benefits slated to climb due to a cost-of-living adjustment. Recipients will see a 2.5% cost-of-living adjustment in 2025, which is notably less than the 3.2% average adjustment in 2024. The increase is the lowest cost-of-living adjustment since January 2021 — which was 1.3%. The raise […]
Organizing monthly finances is a top priority for Social Security beneficiaries in the United States, making the payment dates crucial. For retirees, understanding when payments are made can help plan effectively, especially as the Social Security Administration (SSA) assigns specific dates based on birth dates and eligibility requirements. For those expecting their payment this month, November 20 is a […]
People have all sorts of advice on saving, and when doling it out, money experts often overlook those living paycheck to paycheck. I saw one of these experts on television recently saying people should have three separate savings accounts for their home expenses—one each for appliances, furniture and home repairs. These in addition to your […]
Looking to stretch your dollars further? With a few savvy strategies, saving money can be simple and even enjoyable! Whether you’re dreaming of a vacation, planning holiday celebrations or trying to keep grocery bills down, smart spending habits can help you achieve more without straining your budget. From finding travel deals to scoring seasonal savings […]
Big changes are just a few weeks away. The 401(k) is a go-to account for workers to build their retirement savings, and the IRS has just announced updates that could shake things up in 2025. On Nov. 1, the 2025 contribution limits were unveiled — and they are bigger than ever. Plus, there are a […]
There’s a benefit to saving for retirement in a 401(k) over an IRA. With a 401(k), you get the ability to contribute a much larger sum each year. And if you’re lucky, a workplace match could put more money into your retirement plan. The contribution limits for 401(k) plans can change from one year to […]
The average American worker begins saving for retirement around age 28, according to a recent Voya Financial survey, but the majority wish they’d started earlier. This is understandable. The sooner you begin saving for retirement, the less of your own money you’ll likely have to contribute because you’ll have more investment earnings. Many workers reach […]
By some estimates, almost half of US private sector workers — close to 57 million people, according to AARP — do not have access to a retirement plan at their jobs. That’s either because their company doesn’t offer one or because they don’t qualify to participate in an employer’s existing plan. That is just one […]
The Social Security Administration (SSA) addresses widespread misinformation about a supposed $600 increase in Social Security benefits. This section delves deeper into the implications of these false claims and how they have affected the SSA and its beneficiaries. There has been a false rumour confusing Social Security recipients. Some have claimed to receive a $600 […]
Gen X tends to fly under the radar when it comes to talking about finances. However, the generation has been reported to have little to no savings — for retirement or otherwise. GoBankingRates wanted to hear from Gen Xers about why some people their age have no savings and also from experts about what can […]
