The United States Government has implemented various mechanisms to ensure that retirees and people with Social Security checks maintain their purchasing power over the years. One of the most important adjustments is the annual increase known as a COLA, which takes into account inflation and the cost of living. This adjustment is key for millions of beneficiaries who rely on Social Security as […]
Overview Retirement security depends on individuals saving for their future, but millions of Americans lack access to an employer-provided savings plan that might help them do so. Research shows that workers are 15 times more likely to save for retirement if they can set aside money through payroll deductions. But many small businesses cannot offer retirement benefits […]
What if you had the flexibility to choose how to use your 401(k) match? One company has just started allowing it. The Internal Revenue Service (IRS) ruled that employees at an unnamed company can designate a portion of their employer match to student debt repayments or health reimbursement accounts, in addition to their traditional 401(k). […]
The end of the year is a new occasion to boost your retirement savings. As part of your year-end planning for 2024, it’s important to look ahead to the new 2025 IRA contribution rules from the IRS. Each year, the IRS sets new limits on how much you can contribute to traditional IRAs and Roth […]
If you’re weighing a year-end Roth individual retirement account conversion, waiting too long could be risky, financial experts say. Roth conversions move pretax or nondeductible IRA funds to a Roth IRA, which can start tax-free growth. The trade-off is upfront taxes on the converted balance, which boosts your adjusted gross income. The strategy has become […]
Standard Chartered on Wednesday upgraded its 2024 income guidance as it posted profits in the third quarter that beat expectations, driven by record performance in its wealth management business. Here are StanChart’s results for the quarter, compared with LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate: Pre-tax profit: $1.81 billion […]
This might be a good time to consider the types of stocks most investors haven’t been focused on in a while. Bad news for investors who are expecting the stock market to maintain its incredible growth streak — it’s not gonna happen. That’s the word from Goldman Sachs, anyway. In its most recent long-term outlook, the investment […]
Japan’s second-biggest pension fund aims to double its holdings of alternative assets such as real estate and private equity to boost returns. Pension Fund Association for Local Government Officials, known as PAL, is targeting alternative investments rising to near 5% of one of its main funds from 2.1% as of March, said Satoshi Uemura, an […]
On October 10, the Social Security Administration (SSA) announced that benefits would be getting a 2.5% cost-of-living adjustment (COLA) in 2025. And many seniors are no doubt unhappy about that given that 2025’s COLA is considerably smaller than the COLAs that have arrived in recent years. But here’s the truth. It almost doesn’t matter what […]
It was slow in coming, and a rare act of bipartisan agreement, but last Friday the Senate finally approved a motion to initiate legislation to make life easier for government pensioners, a group which has been poorly served by various administrations. The key element of the motion is that if and when the proposed legislation […]
Americans on average believe they’ll need $1.46 million in savings to retire comfortably, according to a 2024 study from Northwestern Mutual. That might feel like a big number, but at the recommended annual withdrawal rate of 4%, that would provide about $58,000 per year in income, well below the current median income in the U.S. […]
If you are receiving Social Security benefits, the good news is the Cost of Living Adjustment — COLA — will increase in 2025, meaning you will receive a few more dollars in your Social Security benefit. The bad news is the increase is smaller than it has been in recent years. For example, the COLA rate was 3.2 percent […]
