A cooldown in inflation will likely lead to a lukewarm cost-of-living adjustment for those receiving Social Security benefits. Currently, it’s estimated that Social Security benefits could see a 2.5% so-called COLA hike in 2025. If correct, it would be the smallest cost-of-living adjustment in three years. The COLA hike was 3.2% in 2024. The estimate […]
Planning to work longer is a popular escape hatch for Americans who feel they’ve saved too little to support themselves in old age. About 27% of workers intend to work in retirement because they need to supplement their income, according to a new CNBC and SurveyMonkey survey. They polled 6,657 U.S. adults in early August, […]
As part of Yahoo Finance’s Investing 101: 5 Rules to Build Wealth special, Decoding Retirement podcast host Robert Powell joins Brad Smith to discuss the third rule: building your retirement nest egg with actionable tips and how to do so through every career stage. Young professionals early in their careers should prioritize paying down their […]
The US Federal Reserve reduced its benchmark interest rate by 50 basis points, marking the first decrease since 2020, as the central bank started to unwind the restrictive policies it had put in place to address inflation. The Federal Reserve’s benchmark policy rate has remained in the 5.25%-5.50% range for 14 months. This is longer […]
Experts recommend that Gen Xers stay active with hobbies and work to maintain mental, emotional and physical health. Is Generation X on track for a comfortable retirement? Unfortunately, most Gen Xers expect a gap between what they’ve saved and what they will need in retirement, a 2023 report on Gen X’s retirement readiness, based on a […]
Planning to work longer is a popular escape hatch for Americans who feel they’ve saved too little to support themselves in old age. About 27% of workers intend to work in retirement because they need to supplement their income, according to a new CNBC and SurveyMonkey survey. They polled 6,657 U.S. adults in early August, […]
If you’ve inherited a pretax individual retirement account since 2020, you could face a sizable tax bill without proper planning, experts say. Previously, heirs could take inherited IRA withdrawals over their lifetime, known as the “stretch IRA.” However, the Secure Act of 2019 enacted the “10-year rule,” which requires certain heirs, including adult children, to […]
The Supplemental Nutrition Assistance Program (SNAP) is a federal program designed to provide financial assistance to low-income individuals and families, helping them afford nutritious food. Administered by the U.S. Department of Agriculture (USDA), SNAP benefits are distributed monthly through an Electronic Benefit Transfer (EBT) card, which can be used at authorized grocery stores and retailers. The program aims to reduce […]
Every dollar has two values – the nominal value printed on its face and the real value determined by its purchasing power. The real value is the only metric that counts. Based on data from the US Bureau of Labor Statistics (BLS), the purchasing power of $1 in 2022 was 92.6% of the equivalent of […]
It seems that beneficiaries might get good news regarding their Social Security checks as the government has a new plan to increase them, but it has nothing to do with the cost of living adjustment (COLA). A bipartisan group of lawmakers is advocating for a measure that would raise Social Security benefits for certain pension-eligible Americans. Possibly […]
PHOENIX — This Money Saving Monday 12News is looking at how to best save for your dream retirement. Whether it’s just around the corner or you have some time on your side, there are some key steps you should start taking now. Ask just about anyone what goes through their mind when they think about […]
Personal finance expert and millionaire Dave Ramsey has called out Social Security as a “failure” but still said he would accept payments from the ailing safety net program. Social Security sends out monthly benefits to seniors during retirement as well as those living with disabilities across the United States. However, recent reports have found the […]
