The average American aged 65 to 74 had about $609,000 in retirement savings accounts as of 2022, according to the Federal Reserve. But the median savings balance among that age group was just $200,000. A discrepancy like this tells us that $200,000 is a more likely representation of the typical American’s nest egg, as the larger figure is […]
Owning a home makes some people feel more confident about their prospects for retirement — but that may be misguided, some experts say. About 37% of polled workers — including those with part- or full-time jobs, or who are self-employed or business owners — say they are “ahead of schedule” (7%) or “on schedule” (30%) […]
PGIM, the investment management arm of U.S. insurer Prudential Financial (PRU.N), opens new tab, has opened an office in Abu Dhabi, it said on Thursday, joining a slew of money managers coming to the United Arab Emirates capital to tap a growing pool of wealthy clients. PGIM, which had $1.33 trillion in assets under management […]
The annual cost-of-living adjustment (COLA) for Social Security for 2025 is projected to be the smallest since 2021 amid cooling inflation. The annual COLA, which boosts beneficiaries’ monthly benefits to account for inflation, is determined using the average inflation rate over July, August and September in comparison to the prior year as measured by the […]
Social Security beneficiaries have seen higher cost-of-living adjustments in recent years, prompted by record high inflation. Yet next year’s increase may not be as generous. Based on new government inflation data, beneficiaries may see just a 2.5% increase to benefits in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. In 2024, more […]
Even if you are fortunate enough to be able to fully retire, there will be financial challenges to deal with. One of the most worrying is whether you’ll have enough money to maintain your lifestyle for the years to come. In this sense, retirement can be enormously stressful, says personal finance expert Warren Ingram (director […]
The much-discussed “Great Wealth Transfer” is expected to reshape the financial landscape for younger generations. Baby boomers and the silent generation are projected to pass down up to $84 trillion in assets over the next 20 years, according to a report from financial consulting firm Cerulli Associates. Of that amount, $72.6 trillion is likely to […]
It’s natural to be concerned about your future finances. But today’s retirees are doing surprisingly well. If you’re worried you won’t end up with enough money to retire on, you’re in good company. Recent Gallup data finds that only 45% of non-retirees expect to have access to enough money to cover their senior living costs […]
The bigger your retirement account withdrawals, the higher your tax bracket will be in retirement. The good news is that you may owe fewer taxes in retirement than when you were in the workforce. There are no Social Security payroll deductions from your retirement account withdrawals. Everyone should have a plan to mitigate the tax hit on […]
The much-discussed “Great Wealth Transfer” is expected to reshape the financial landscape for younger generations. Baby boomers and the silent generation are projected to pass down up to $84 trillion in assets over the next 20 years, according to a report from financial consulting firm Cerulli Associates. Of that amount, $72.6 trillion is likely to […]
You might want to ramp up your savings before retirement if you’re falling below the average. Before you clock out of your career for good, there are a few things you’ll want to check off your list — and your retirement savings is probably near the top. We dug into the average 401(k) balances for […]
One of the first lessons of saving for retirement is to try to max out your 401(k) or individual retirement account (IRA), but some financial advisers are warning people not to put all their eggs in one basket. If you have a limited amount of money to stash away for retirement, it’ll serve you better […]
