When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual. That estimate is up 53% since 2020, when Americans said they would need $951,000, as the cost of living has surged […]
The state pension went up 8.5% in April – hitting £11,502 per year for someone on a full new state pension. This is great news for people’s beleaguered budgets, after the cost of living crisis laid waste to their finances. With inflation finally on the wane, this increase introduces some much-needed breathing space. However, many […]
Millions of older Americans at risk of defaulting on student loan payments may lose some of their Social Security benefits, Democratic lawmakers said in a letter urging President Joe Biden’s administration to act. Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., were among several lawmakers who wrote to President Joe Biden about the risk student […]
People in their 50s are often juggling a number of financial responsibilities, from paying for kids’ tuition to caring for elderly parents — on top of saving for their looming retirement. You might feel like your life, retirement savings and finances are set in stone at this age. But this mindset can be one of […]
Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. That’s part of the reason why consumer spending has been so robust since the economy ascended from pandemic depths, despite high inflation and elevated interest rates. But when saving slows (or stops), it puts households in a vulnerable […]
There’s no official retirement age in the U.S., and there’s also no such thing as a single age at which to claim Social Security. Because of this, you may decide to push yourself to work until age 70 and sign up for Social Security at that point. Doing so could result in a very generous […]
When is someone too old to work or too old to get hired? According to many employers, 62 is the cutoff for working, and 58 for hiring. It begs the question: What planet are they on? “Many employers are focusing on diversity, equity, and inclusion, but they may be overlooking age in their hiring efforts,” […]
The most-popular solution to Social Security’s $22 trillion long-term funding shortfall would itself come up short. For a majority of our nation’s retirees, Social Security income is a necessity to make ends meet. Estimates from the Center on Budget and Policy Priorities show that 22.7 million people are lifted above the federal poverty line annually via their […]
A recent survey by Intuit found that U.S. high school students want to learn about personal finance in schools but that many lack access to such courses at school, while parents may be reluctant to teach their children about financial literacy. Intuit’s Financial Education survey found that 85% of U.S. high school students said they’re […]
Two high-profile economists recently stirred up controversy by recommending that the IRS eliminate tax-deferred contributions to 401(k) accounts. Sweeping changes are unlikely to happen anytime soon, and your nest egg isn’t in jeopardy of going away, so don’t panic about the headlines. Still, it’s important to understand the challenges and potential solutions that policymakers are facing […]
The most-popular solution to Social Security’s $22 trillion long-term funding shortfall would itself come up short. For a majority of our nation’s retirees, Social Security income is a necessity to make ends meet. Estimates from the Center on Budget and Policy Priorities show that 22.7 million people are lifted above the federal poverty line annually via their […]
Americans believe they’ll need at least $1.8 million to retire, an increase from last year’s magic number of $1.7 million. However, not very many are confident they’ll be able to get there. These are the two top-line takeaways from this year’s 401(k) Participant Study published by Charles Schwab, the annual study that tracks important retirement […]
