Amid the back-to-school shopping season, many parents are bracing for the financial impact as they shop for their child’s school supplies and other necessities. In fact, according to a new survey, nearly one-third (31%) of parents said they are unable to afford back-to-school shopping for their kids this year. In addition, 34% of parents said […]
One of the biggest decisions you’ll make in retirement is when to claim Social Security. Claiming early gives you more years to collect a monthly benefit. Waiting until later means you’ll eventually receive a bigger check every month. While common personal finance advice is to wait as long as possible to claim Social Security benefits, […]
A lot can change in a short time that could impact the 2025 Social Security COLA. Two months. That’s roughly how long retirees must wait for important news that impacts them financially. I’m referring, of course, to the mid-October announcement of the 2025 Social Security cost-of-living adjustment (COLA). Currently, Social Security benefits are projected to […]
Some Americans will receive two Social Security payments in August, a rare occasion that is the result of a quirk in the system. Typically, the Social Security Administration (SSA) sends out one payment each week, delivering Social Security checks on the second, third and fourth Wednesdays of each month. Then it pays Supplemental Social Security […]
No one can deny that Social Security is insolvent and faces large deficits over the next decade that will impact Social Security benefit payments for millions of recipients across the country. Vice President Kamala Harris and former President Donald Trump have both declared they won’t touch the program, despite decades of denial. Trump intends to increase insolvency by […]
The rising price of groceries can be a huge burden on the monthly budget. From household staples like eggs, milk and lettuce to canned goods and just about everything in between, it feels easier than ever to rack up the bill at the grocery store if you’re not careful. Even though those price tags can […]
These changes could surprise both retirees and workers. Social Security is a hot-button issue in politics these days. Without reform, the program may have to cut benefits for millions of seniors who rely on the program to make ends meet and even more Americans who’ve already paid into the program. While it’s unlikely we will […]
Saving for retirement isn’t easy. Higher living costs continue to make it hard to cover today’s bills, never mind putting cash aside for tomorrow. A recent survey from AARP showed that more than 60% of Americans over the age of 50 are worried about the cost of their old age. If you want to build […]
You’ve hit the million-dollar mark in your retirement savings. Congratulations! But now comes the tricky part: figuring out how much you can safely withdraw each year without running out of money. Let’s break it down with some expert advice. Earning passive income doesn’t need to be difficult. You can start this week. The 4% Rule: A […]
In the ever-changing job market, you’ll likely switch jobs several times during your career. It’s also likely that some of these professional changes will involve deciding what to do with your 401(k). This may seem like a trivial matter, but how you treat this investment decision can have a major impact on your future finances. […]
Recent volatility in the stock market has spooked many retirement savers, but experts say it’s important to stay calm and avoid rash decisions. Trading activity in 401(k)s surged Monday, spiking to more than eight times the average daily volume, according to Alight Solutions 401(k) index, which tracks more than two million 401(k) participant accounts. It […]
For 89 years, Social Security has provided income protection to millions of retirees, people with disabilities, their dependents, and families who’ve lost a wage earner. Social Security benefits have been a key element of federal employees’ overall retirement package since the creation of the Federal Employees Retirement System in 1986. Switching to the three-part FERS […]
