Social Security has a big birthday coming up next year — it’s turning 90! It’s kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year. Remember that these benefits aren’t government largesse — these folks paid into […]
If you plan to retire soon, double-check your math, because a law passed in the ’80s has gradually increased the age when you can collect your full Social Security benefits. In 1983, Congress passed a law that gradually increased the age at which people may receive 100% of their Social Security benefits from 65 to 67, a […]
When Trenda Boyum recently met with her financial adviser for her annual financial checkup, the retired Rasmussen University president had just sold her suburban house to move near downtown Minneapolis. “It was a good opportunity to talk about my financial goals and actual numbers after the sale,” said Boyum, 58, who is divorced and works […]
Today is not a day for good news, many families are going to see life as they know shaken up. According to recent news from the SSA (Social Security Administration), some beneficiaries could see their applications and checks cancelled if certain requirements are not met. The SSA warned some time ago that many were at […]
Employee access to a payroll deduction plan improves retirement security, yet about half of working Americans lack access to such a plan, according to a new analysis of Census Bureau data by the AARP. About half of working Americans lack access to a payroll-deduction workplace retirement savings plan, and a monthly check from Social Security […]
Investing in the S&P 500 (^GSPC 1.09%) has historically been a great way for someone to grow their wealth. As a benchmark for the broad market, the index tracks 500 of the largest and most successful U.S. companies. While you cannot invest directly in the S&P 500, a number of exchange-traded funds (ETFs) track the index at a low cost. And […]
WASHINGTON – Congress on early Saturday passed a bill that would increase Social Security benefits for public sector workers. The Social Security Fairness Act, would eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which reduce Social Security benefits for certain retirees who also receive pension income. Together, WEP and GPO affect nearly 3 million Americans including […]
A few years ago, Wes Bellamy, 38, took stock of his investment accounts in preparation to buy a home in Charlottesville, Virginia. It was then that he noticed significant gains in his 401(k). Although Bellamy, who is the chair of the political science department at Virginia State University, had been saving diligently for nearly a decade and making […]
Saving money doesn’t have to feel like an uphill battle. With the right strategies and tools, small changes in your financial habits can lead to significant savings over time. Whether you’re planning a vacation, building up your emergency fund or simply looking to stretch your paycheck, these nine tricks for saving money will help you […]
Tax-advantaged accounts — think traditional IRAs and employee sponsored plans like a 401(k) — are incredible tools to build wealth over a lifetime — wealth you will need to carry you in retirement. The IRS still wants its cut Since you don’t pay tax on the money going in, you have to pay it on required […]
If you will be 60 to 63 in 2025, a super catch-up contribution may be just the retirement planning hack you need. It’s an effort by the Government to address Americans’ retirement savings problem, with workers over 50 most needing help. A recent AARP survey found one in five adults age 50 and over have […]
A few years ago, Wes Bellamy, 38, took stock of his investment accounts in preparation to buy a home in Charlottesville, Virginia. It was then that he noticed significant gains in his 401(k). Although Bellamy, who is the chair of the political science department at Virginia State University, had been saving diligently for nearly a decade and making […]
