It’s easy to let your 401(k) goals fall by the wayside, but that can come back to bite you later. Retirement might seem far off when you’re in your late 30s or early 40s, but it has a way of creeping up on you. If you haven’t started saving yet, it might be time to […]
In 2025, it will become slightly harder to qualify for Social Security benefits in retirement amid a change set to take effect related to the value of a work “credit.” Americans must earn a certain amount of Social Security credits in their lifetime to become eligible for retirement benefits. Such credits are earned through working […]
New York ranks as the second most demanding state in the U.S. in terms of income requirements to be classified as middle class in 2024. These economic conditions demand specific financial criteria to maintain a comfortable lifestyle during retirement, which is something that deserves careful consideration. In this context, a recent study by Go Banking Rates evaluated how much money one needs to save […]
The great wealth transfer is underway and families need to prepare, according to certified financial planner Stacy Francis, president and CEO of Francis Financial in New York City. An estimated $84 trillion of wealth will change hands by 2045, with the majority going to Gen X and millennial heirs, according to Cerulli Associates. “The real […]
EXCLUSIVE: The Biden-Harris administration’s economic policies have had a detrimental impact on senior citizens’ retirement plans, according to a new report led by economist E.J. Antoni. The report, shared first with FOX Business, found that the average 401(k) plan grew by $11,000 from 2021 to 2024, but when adjusted for inflation, it represents a $12,000 […]
The GOP presidential nominees’ proposals could affect Social Security more than you think. Few politicians would go on record saying they wanted to slash Social Security benefits. The presidential candidates from the two major political parties in the current election are no exception. Both Vice President Kamala Harris and former President Donald Trump have promised […]
When you leave an employer, you have important decisions to make regarding your 401(k). Your options include keeping it with your former employer, rolling it over to your new employer’s 401(k), transferring it into an individual retirement account (IRA), or cashing it out. However, each option has its pros and cons, and may potentially have […]
Retirement benefits for recipients of the U.S. Social Security program must be scaled back by 2033 if there is to be any chance of sustaining full retirement benefit payouts, but a consistent lack of attention by both chambers of Congress could necessitate a benefit cut if inaction persists over the next nine years. This is […]
After the Federal Reserve cut interest rates last month, many thought mortgage rates would drop. Mortgage rates have climbed to 6.85%, the highest since late July. For people like 100-year-old World War II veteran Harry Long, these rising rates made it impossible for him and his wife to buy again after Hurricane Ian. Long and […]
One of the biggest Social Security myths out there is that everyone is entitled to a monthly benefit once they reach a certain age. But that’s not how the program works. Generally speaking, the way to get Social Security benefits in retirement is to earn them by working and paying into the program. There can […]
Many Americans face a retirement savings shortfall. However, setting aside more money could get easier for some older workers in 2025. Enacted by Congress in 2022, the Secure Act 2.0 ushered in several retirement system improvements, including updates to 401(k) plans, required withdrawals, 529 college savings plans and more. While some Secure 2.0 changes have already happened, another key change for “max […]
Saving for retirement might be far from your mind. But if you’re struggling to put money away for the future, the SECURE Act 2.0’s new retirement rules could make it easier for you to contribute to tax-advantaged plans. Passed in 2022, the SECURE Act 2.0 is a piece of legislation that aims to improve access […]
