A recent change in the law has made it easier for Americans to access their 401(k) and other retirement savings for emergencies, effectively turning these accounts into a financial lifeline for struggling Americans. Under new guidelines set by the IRS, individuals can now withdraw up to $1,000 from their 401(k) without penalty, provided the money is used to […]
Americans are gearing up for several political headwinds heading into the 2024 presidential election and what may come after. Michele Martin, president of Prosperity, an EisnerAmper Company, joins Wealth! to discuss how you can navigate both the election and the expiration of the Tax Cuts and Jobs Act when it comes to your personal finances. […]
A growing number of Americans are considering delaying their retirement plans and working longer than planned as they continue to battle high prices, according to a new survey published by LiveCareer. More than 8 in 10 respondents said they have thought about postponing their retirement for financial reasons, while another 92% expressed concern that they […]
If you’re among the retirees worried about 2025’s Social Security cost of living adjustment, you’ll have to sit tight a while longer because the amount of the adjustment hasn’t yet been released. That’s because COLAs are based on inflation data from the third quarter of the previous year. The third quarter ends on October 31, […]
For most Americans, 67 is the full retirement age. So, how much should you expect from Social Security at that age? As of July 2024, the average retired worker in the United States receives a Social Security benefit of $1,919.40 per month. However, this is the overall average, and there can be big differences between […]
Figuring out how much money you’ll need in retirement can be tricky. After all, while some factors are in your control — such as what sort of lifestyle you plan to lead in retirement — others, like your life expectancy, are nigh impossible to predict. Researchers at Morningstar are trying to narrow down how things […]
September is set to be a significant month for retirees and those receiving subsidies from the Social Security Administration (SSA). Starting from September 3rd, the SSA will implement increases in the amounts it distributes. What is the new Social Security increase This increase will benefit recipients of the Supplemental Security Income (SSI) program. According to the SSA, the increase will be up to $943, […]
State-run auto-IRA plans affect private-sector employers but are most of all intended to benefit their employees. How are those employees responding to them? Overall Positive Effects There is research indicating that these plans, in which employers are required register if they do not already offer retirement coverage to their employees, have a variety of positive effects. […]
Here’s how your savings compare — plus one simple way to save more. A robust nest egg is critical for a financially secure retirement. With the cost of living consistently increasing, Social Security continuing to struggle, and few workers having access to other sources of income, such as pensions, most older adults will need to rely […]
CDs are undoubtedly offering some pretty impressive yields right now. When you consider the best CD rates available, you’ll see eye-popping numbers of 5.00% and even higher. For investors who purchased CDs pre-pandemic and who would’ve been excited about any return on investment above around 2.00%, the yields CDs are offering today may seem pretty amazing. While […]
Social Security plays a crucial role in providing financial support to Americans through the various programs that they run. Although it is widely recognized for supplementing the income of retirees, its scope extends further, offering support through three distinct programs: Old-Age/Retirement Social Security, Survivors Social Security, and Social Security Disability Insurance (SSDI). However, despite its significance, Social […]
A massive data breach has left the personal information of millions of Americans vulnerable to hacking groups and dark web marketplaces. National Public Data, a company that aggregates data to create background checks, confirmed it was hacked in a post on its website, with Social Security numbers among the information that was compromised. “The incident […]
