A growing number of Americans are heavily reliant on Social Security to make ends meet in retirement. 60% of retirees said Social Security represents a major source of income for them, according to the most recent edition of an annual Gallup poll. While that number fluctuates, it’s the second-highest reading in the poll since it […]
Retirement benefit payments are about to be in some Social Security recipients’ bank accounts. However, some retirees will not get their checks until February 26, 2025. This is because the Administration has set this payday for beneficiaries who were born from the 21st to the 31st and who started receiving payments after April 30, 1997. Still, your Social Security payment will be sent […]
If you write financial articles for a living, as I do, in the course of your research, you’ll likely run across many articles with alarming statistics. It certainly happens to me. Here’s a roundup of some worrisome survey results suggesting that a retirement crisis is at hand. Check out the stats and see what you […]
People stress a lot about saving enough money to live comfortably in retirement. New research finds that, in spite of our anxieties, many of us are doing better than we think. A November survey of 500 employees of private-sector companies conducted on behalf of Principal Financial Group shows that roughly two-thirds of respondents overestimated how […]
The first Social Security benefit checks for 2025 include a 2.5% increase — the lowest annual cost-of-living adjustment since 2021. For retirees, that amounts to an increase of about $50 per month, on average, according to the Social Security Administration. Still, amid stubborn inflation and persistent elevated costs for everyday items, some retirees may feel […]
You can’t control (or predict) how the stock market will move, how inflation may change from year to year or what future tax brackets will look like. But there are plenty of factors within your control that can help you build wealth. Those factors are the premise of financial psychologist Brad Klontz’s recent book “Start Thinking Rich,” co-authored with […]
Most American workers have a good understanding of many of the steps people are encouraged to take when planning for retirement. Suze Orman, the well-known personal finance author and media personality, explains some common investing and savings strategies — and also explains what she calls a retirement stress test people can use to evaluate their […]
By now, all seniors on Social Security should have gotten their first checks for 2025. With the latest 2.5% cost-of-living adjustment (COLA) in effect, the average benefit has climbed to $1,976 per month. That’s about $49 higher than the average in December 2024. It’s better than benefits remaining stagnant, but this increase likely isn’t going […]
Social Security’s annual cost-of-living adjustment (COLA) helps keep retirees afloat as inflation erodes purchasing power. But this year, it’s sparking some anxiety. Millions of Americans are facing tough questions about how to stretch their money with a modest 2.5% COLA increase on the horizon — or about $50 a month for the average retirement benefit. […]
Retired Middlebury, Connecticut school teacher Bill Callahan waited 40 years for Congress to pass a bill to eliminate the reduction in Social Security benefits he receives because he also has a pension. Now, the Social Security Administration (SSA) says Callahan and about three million other affected public sector workers will have to wait a year […]
More than 3.2 million people will see increased Social Security benefits, under a new law. However, individuals who are affected may have to wait more than a year before they see the extra money that’s due to them from the Social Security Fairness Act, the Social Security Administration said in an update on its website. […]
Pension funds are investment pools that manage people’s retirement savings. They aim to encourage long-term saving and provide financial security to retirees. But some pension funds in the US, UK and elsewhere have recently begun investing in cryptocurrencies, an asset class renowned for its volatility. In the US, for example, bitcoin derivatives such as exchange-traded […]
