You can easily do for yourself what they did (at least most of it). Although it’s not unheard of for a 401(k) account balance to reach the seven-figure mark, it is rather rare. Mutual fund company Vanguard Group reports that the average workplace-retirement account for clients aged 65 or older is only $272,588, while the […]
Saving $1 million for retirement is a dream that many Americans have — and some people might discover that this dream is suddenly within reach. Fidelity recently announced that 485,000 of its customers have $1 million (or more) in their 401(k) accounts — which is an all-time high. Strong stock market performance in the past […]
Families, friends, and even roommates are combining forces to create more savings on grocery products by buying in bulk and splitting the bill at big box retailers like Costco and Sam’s Club. The idea of “bulk sharing,” as first reported by the Wall Street Journal, applies to the idea that’s catching on with more American […]
Gen Xers are starting to reach age milestones that give them penalty-free access to certain retirement funds. The eldest members of that generation will be turning 59 this year. And once they reach a certain milestone — age 59½ — they can withdraw money from their individual retirement accounts, or IRAs, and 401(k)s penalty free. […]
It is common for parents to support their children even as they enter adulthood, but at what point should parents cut the financial ties? The specific cutoff age for each family depends on various factors, including the support agreement made between parents and children, the family’s financial situation and the steps that the children are […]
The Internal Revenue Service and Treasury Department have released final regulations updating required minimum distribution (RMD) rules for beneficiaries under the 10-year rule. These regulations, stemming from the SECURE and SECURE 2.0 Acts, confirm that most IRA beneficiaries must take distributions annually over the 10-year period following the account holder’s death, according to thinkadvisor. Key points […]
July is often thought of as a time for home improvement projects, well-deserved vacations and leisurely day trips. In addition to these activities, financial pros say that the mid-year month of July is an ideal opportunity to assess your financial situation so you’re better prepared for the rest of the year. FOX Business asked money […]
Two big events are on the way for retirees. In mid-October, the Social Security Administration (SSA) will announce its annual cost-of-living adjustment (COLA). Less than a month later, Americans will head to the polls. The November election won’t impact the 2025 Social Security increase. However, it could affect future COLAs. Social Security COLAs could end […]
It is common to hear many people say that they are not confident in Social Security benefits because they will not receive a penny in the future. Because of this belief, millions of people neglect their retirement savings, leaving their financial future to chance. Unfortunately, due to recent news about the Social Security trust funds possibly running […]
The Social Security Administration (SSA) has released more than $900 million in money owed to disability beneficiaries. In a recent blog post published by the government agency on July 16, the SSA announced the release of $901 million in funds owed to Supplemental Security Income (SSI) recipients as of June 2024. SSI is a crucial […]
Important changes are coming to Social Security in 2025. Here’s what you need to know about how the program will be different next year. With 2024 more than half over, it’s time for current and future retirees to start preparing for some Social Security changes that are coming in 2025. They could affect when you […]
Oh, what a tangled web we’ve spun about fiduciary standards and financial advice in recent years. For those of you with long memories, you might recall the U.S. Department of Labor took eight years to write the fiduciary rule, which, in essence, required financial professionals to act in the best interest of their client, eliminate […]
