Half of all workers in private-sector America now participate in 401(k) plans, a sign that tax-advantaged retirement savings may be catching on at last. As recently as 2010, federal data shows, barely two-fifth of workers in private industry held 401(k)-type accounts. Between that year and 2024, however, the participation rate tiptoed up to 50%. Over […]
The collection of a retirement check from the Social Security in the United States is not automatic. Although millions of people already get their payment every month, many others are still waiting for their turn, or don’t even know if they really meet the requirements. The good news is that the Social Security Administration (SSA) […]
In the United States, millions of people depend on the Social Security system as their main source of income. The best thing about this federal program is that it not only provides financial support to retirees, but also to people with disabilities and families who have lost a loved one or a family member. Thanks […]
It’s pretty difficult to turn on the TV or even scroll through your social media feed these days without seeing some mention of President Donald Trump. Whether you voted for him or not, you probably want to stay informed about the changes he’s been making, especially if they will affect your finances. This is especially […]
Donald Trump during his recent presidential campaign promised on several occasions that he would not touch Social Security. But he also proposed eliminating federal income tax on benefits, overtime pay, and tips, all of which provide funding for the Social Security program. That is particularly consequential because the program is already running annual deficits, such […]
For more than eight decades, Social Security has been the most important government program for retirees. Even though the average monthly benefit of $1,980.86 (as of February 2025) is relatively modest, this payout plays a key role in forging the financial foundation for many retired workers. In each of the last 23 years, national pollster […]
To the millions of Americans who have recently retired, or who hope to retire soon, President Trump’s trade war and the ensuing global market panic has wrought a tremendous amount of anxiety over the future of their life’s savings. Since Trump announced his sweeping global tariffs on April 2, U.S. stock markets have nosedived, with […]
A major change is coming for Social Security beneficiaries in the United States. From April, all beneficiaries who register for the first time or have to make a change will have to verify their identity in person at official offices in order to continue receiving monthly payments. This new measure, introduced by the Trump administration […]
With tariffs creating economic uncertainty, many Americans are rethinking their emergency savings — and whether to keep some physical cash at home. Not every financial planner thinks physical cash is essential, but some say it’s wise to keep a small amount on hand in case of power outages, natural disasters or payment disruptions. “I would […]
The “magic number” that most Americans believe they need to retire comfortably has dropped by $200,000, to $1.26 million, since last year, despite ongoing economic volatility and recession concerns. The majority of people believe they need less money to live a happy life after they stop working, according to a new study from financial services […]
Many people look forward to receiving their tax refunds. The IRS refunded nearly $245 billion to more than 86 million people in 2024, with the average refund being $2,850. While it may be tempting to splurge on things like a vacation or other fun purchase, your tax refund provides an opportunity to make progress on any financial […]
Social Security is one of the federal government’s biggest programs. Roughly 67 million Americans, most of whom are 65 or older, received Social Security benefits in 2023. An estimated 183 million workers paid the Social Security payroll taxes that provided the bulk of the nearly US$1.4 trillion in benefits that year, which consumed 21% of […]
