Retired workers receive benefits from the Social Security Administration (SSA) every month. The SSA also sends out benefits for Supplemental Security Income (SSI), disability, and survivor benefits. The SSA will distribute the first batch of payments for June tomorrow, Thursday, 1 June. Direct payments of $914 from Social Security on June 1: who will receive […]
Category: Personal Finance
House passes debt-ceiling bill, shifting focus to Senate
The House voted Wednesday night to approve a bill that would raise the debt ceiling for more than two years, giving the Senate just days to do the same before the US potentially runs out of money to pay its bills. The vote was 314-117, with more Democrats than Republicans offering their approval. There were […]
As retirement confidence drops, experts say focusing on these 4 factors can help
Americans’ confidence they can live comfortably in retirement has dropped the most since the global financial crisis in 2008, according to a recent report from the Employee Benefit Research Institute and Greenwald Research. One reason is high inflation, which has reduced both workers’ and retirees’ belief that their retirement preparations will sustain them, according to […]
Prioritizing College Savings Over Retirement Savings? Here’s Why That’s a Mistake.
Believe it or not, your nest egg should really come first. A friend of mine in her late 40s hasn’t contributed money to a retirement savings plan in years. Neither has her spouse. And the reason isn’t that they’ve been blowing all of their money on things like vacations. Rather, it’s that they’re aggressively trying […]
You May Want to Claim Social Security on the Later Side. Here’s Why.
Postponing your claim could make for a more comfortable retirement. When it comes to signing up for Social Security, you get a choice. You can take benefits once you turn 62. But if you don’t wait until full retirement age (FRA) to file for Social Security, you’ll have to accept a reduced monthly benefit for […]
Inflation Prompts Americans to Tap Their 401(k)s
More retirement savers are prematurely withdrawing money from their 401(k) accounts, as the price of everyday goods and services remains inflated, The New York Times reports. Most troubling, say retirement savings experts, is Americans’ perception of their 401(k) accounts has changed from one of protecting their future to one of taking care of immediate needs. […]
Your Roth 401(k) Is About to Become a Much Better Retirement Plan
A simple rule change can make it much easier to manage your money throughout your retirement. Since it first became available in 2006, the Roth 401(k) has been a great plan for saving for your retirement. It allows you to invest after-tax money directly from your paycheck into an account that then grows tax-deferred. Once […]
How much does the average American need to save for retirement in 2023? Here are 3 simple ways to ‘cheat’ if you’re coming up short
Americans hoping to retire in 2023 have a lot to deal with. First, there was the pandemic, then a market crash. Now, we’re grappling with rising interest rates and stubborn inflation. It’s more important than ever for retiring Americans to ask themselves, “Do I have enough?” That answer will vary from person to person, and […]
America Is Facing a Retirement Crisis. Here’s Why
A retirement crisis is looming in the United States. According to The Pew Charitable Trusts, an estimated 56 million workers in the private sector do not have any kind of retirement savings plan at work. This has contributed to many people saving too little for their future. It’s not just the workers without a big […]
Tired of Stressing About Retirement? 3 Moves That Will Boost Your Confidence
Here’s how to feel better about retirement while you’re in the planning stage. Retirement can be an exciting period of life. But the years leading up to it can be stressful. In the course of your planning, you might start to worry about things like not having enough money, or running out of money sooner […]
Are You on Track to Reach the $4,555 Max Social Security Benefit?
Most people won’t be eligible for the maximum benefit because of income and delay requirements. Most people begin thinking about retirement well before they reach it, and that’s a good thing — especially if those thoughts are about making sure their finances are in order. A solid financial plan is always important, but it’s more […]
Here’s How a Looming Recession May Impact Your Social Security Benefits
Knowing potential impacts allows you to plan your finances accordingly without being caught off guard. For anyone who has been paying attention to economists over the past year or so, the word recession is likely engrained in their minds from hearing it so often. Some economists think it’s guaranteed, some think it’s an overreaction, and […]