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 […]
A new law set to take effect in 2025 will raise the minimum age requirement needed to receive social security benefits. Although the age requirement has been 65 until now, Congress is now preparing to implement the more complex law that first passed in 1983. According to the 1983 law, social security benefits are calculated by the expected lifespan […]
South Korean President Yoon Suk Yeol, impeached on Saturday over his short-lived attempt to impose martial law, has been stripped of his duties and powers as head of state but remains president while the Constitutional Court decides his fate. Here are some of the powers he loses and what he continues to enjoy, according to […]
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 […]
Unless you live alone, there’s a good chance you’ve clashed with partners, roommates or family members over just how warm your home should be in the winter. It’s a debate as old as the HVAC system itself: What is the ideal thermostat setting to balance personal comfort and the bank? As a cold front poses to sweep through […]
