China, a country with one of the lowest retirement ages in the world, will raise its retirement age starting in January 2025. At that time, China will gradually increase its retirement age over the next 15 years. Currently, the retirement ages in China are 60 for men and 50 for women in blue-collar jobs and […]
Blanket Social Security payroll tax increases are not popular, but there’s one tax hike a lot of Americans can get behind. Social Security’s trust funds are expected to be depleted in 2034, according to a recent Congressional Budget Office (CBO) report. This could lead to substantial benefit cuts if the government doesn’t find a way […]
With Americans still feeling the pinch of higher prices, many believe they would have to take home at least $100,000 a year to not fret about everyday living expenses, newly-released data showed. Edelman Financial Engines on Monday said 58% of Americans said their concerns about day-to-day expenses would be lessened if they received that level […]
Inflation has cooled to around 2.9% but you may not be seeing much relief yet at the grocery store as costs for certain items continue to surge. As inflation dropped, many costs have gone down like the price of used cars, gas and energy. But grocery store costs are still rising. It’s been a challenge […]
Some young people are splashing out on luxuries like travel and designer clothes instead of saving, in a trend that’s being characterized as “doom spending” on social media. Doom spending is when a person mindlessly shops to self-soothe because they feel pessimistic about the economy and their future, according to Psychology Today. The practice is both “unhealthy and […]
Americans in their 40s and 50s are waking up to the rough reality that they’re behind on retirement savings — but is it too late to catch up? After decades of financial missteps, market crashes and mounting debt, Gen X is scrambling to make up for lost time. Recent data from Fidelity shows they’re making progress, […]
The Labor Department will release September inflation data on Oct. 10, and shortly thereafter the Social Security Administration will announce the official cost-of-living adjustment (COLA) for 2025. COLAs protect the buying power of Social Security by ensuring benefits increase at the same rate as inflation. Retirees are eager to know how much additional Social Security […]
The final round of Social Security retirement benefits for September will be paid this week. Social Security benefits are paid directly into bank accounts each month by the Social Security Administration (SSA), with the payment date being set according to when the claimant was born. On Wednesday, September 25, Social Security recipients with birthdays that […]
Careful research done by Ph.D economists conclude we face a huge retirement shortfall. We are about eight to nine years away from Social Security’s inability to pay full benefits; all boomers are past age 60, and the typical Gen Y and Millennial is predicted to do a little worse or much worse than the cohorts […]
Handling the estate of a deceased parent can be an emotional process for children already dealing with grief. Those emotions can become more complicated if the estate plan doesn’t unfold as expected — say, if there is an uneven split of assets among children or a previously unknown heir who comes forward to claim a […]
Fifty-percent of American retirees don’t have enough money to actually retire, forcing many of them to head back to work during what should be their golden years, a new report details. In a new investigation from CBS, analysts say that there are 11 million Americans who are over 65 and still working. CBS follows the […]
Social Security’s biggest reveal of the year is creeping up quickly, but a majority of its 68 million beneficiaries are liable to be left disappointed. For most retirees, Social Security isn’t just a check they’ll receive on a monthly basis. It represents a financial foundation that many would struggle to live without. America’s top retirement […]
