As 2025 approaches, another round of people will become eligible for Social Security benefits — and some will hit their full retirement age. The minimum eligibility age for Social Security differs from the program’s full retirement age, which is increasing in 2025. It’s up to retirees when they begin to claim benefits, but holding off […]
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 […]
The clock is ticking on taking your Required Minimum Distributions from Individual Retirement Arrangements. The last day of the year is the deadline. If you are 73 or older you have to withdraw annually from IRA accounts to avoid paying a fee. It’s 25% of the RMD plus other taxes you might owe. It’s a […]
This time of year is full of to-dos, but there’s one in particular you should be sure to check off your list: getting your year-end finances in order. Taking some key steps now will set you up for financial success in the new year — and not doing them means you could miss on some […]
If you want to sober up quick on New Year’s Day, open your credit card statement. Americans are worried about money. They’ll probably be more worried in the new year, when they wake up, bleary-eyed, after a month of binge-shopping on gifts. You may not be surprised, then, to hear the most popular financial New […]
Reaching $50,000 in savings is a huge milestone for the average person. It’s the kind of lump sum that makes you feel invincible. While you’re likely tempted to do something with that amount of money, experts caution against making certain money moves. “As a certified financial planner, I have seen how liberating this moment can […]
A new year, a new number for Social Security and the benefit program’s full retirement age. Most people associate the age of 65 with retirement – although there’s data suggesting the average American retires at 62. That’s the age at which you can begin to take Social Security, but you can boost the size of […]
NEW YORK — The holidays are meant to be a time of celebration with family and friends. But they can also bring pressure to spend money on gifts, gatherings and plane tickets home, exacerbated by brand emails, social media influencers and family expectations. With credit card debt rising and prices for many items still high […]
The IRS is delaying until 2026 the closing of a key loophole that caused confusion for a subset of employees in a regulation that allowed workers to keep money invested in their workplace retirement plans longer. Tax regulators issued a notice Wednesday deferring the anticipated effective date of a separate supporting regulation applying to workers […]
Social Security’s “full retirement age” is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit. The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually […]
The end of the month is here for United States citizens. Likewise, the end of the year is near, which means that the Social Security payment calendar is also coming to an end. This is not bad news, though, as the end of this calendar means the beginning of a new one. Also, a new Social Security schedule means an increase […]
Helped by consistent savings efforts and market gains, average retirement account balances reached fresh highs in the third quarter, according to Fidelity, the largest 401(k) plan provider in the U.S. The number of 401(k) and IRA millionaires also hit all-time highs and, for the first time, millennials joined the group. As the markets tested record highs, retirement savers reaped the […]
