Big changes are coming to Social Security next year. A new year brings fresh changes to Social Security. One of the most prominent changes is the cost-of-living adjustment (COLA), which will be 2.5% this year and is slated to boost the average retiree’s checks by just under $50 per month. But the COLA isn’t the […]
For over three decades, one of America’s largest banks, JPMorgan Chase (NYSE:JPM), has refused to pay out a $331 monthly pension to Elaine Silverberg, widow of one of their former longtime employees, according to The New York Post. The publisher recently reported on the ordeal that has left the widow fighting for what should be […]
Before the election, some advisors increased Roth individual retirement account conversions for clients amid the threat of higher taxes after 2025. Now, tax hikes are less likely under President-elect Donald Trump. However, demand for Roth conversions will continue as investors seek long-term tax planning strategies, experts said. “In general, we see an uptick in Roth […]
Lending money to a friend or family member can put a strain on the relationship if you’re not careful. Nearly a quarter of people who lent money or covered a group expense with the expectation of being paid back say doing so negatively impacted their relationship with the other party, Bankrate’s 2024 financial taboos survey found. […]
On the campaign trail, Republican presidential candidate Donald Trump made a notable promise to retirees: No taxes on Social Security benefits. Now that Trump has won a second presidential term, that may prompt Social Security’s beneficiaries to wonder whether that change may come to pass. But nixing those taxes may be a difficult task, even […]
Employees in their early 60s can contribute several thousand dollars more to their 401(k) retirement plan starting next year thanks to a recent change in tax law. People 50 and older were already able to put in more than the general 401(k) limit as a “catch-up” contribution but in 2025 workers ages 60 to 63 […]
Before the election, some advisors increased Roth individual retirement account conversions for clients amid the threat of higher taxes after 2025. Now, tax hikes are less likely under President-elect Donald Trump. However, demand for Roth conversions will continue as investors seek long-term tax planning strategies, experts said. “In general, we see an uptick in Roth conversions at the end of the year and […]
Prepare for your monthly checks to get bigger. For much of the summer, there was a lot of speculation about 2025’s Social Security cost-of-living adjustment (COLA). Seniors on Social Security were hoping for a large raise to follow the 3.2% COLA that arrived at the start of 2024. But unfortunately, next year’s COLA won’t be […]
Donald Trump is heading to the White House next year after defeating Kamala Harris in the 2024 presidential election. His return to the office, which he previously held from 2017-2021, could usher in policies that may have far-reaching effects on retirees nationwide. “This country doesn’t have an income problem,” says Grant Cardone, equity fund manager and […]
A small boost in benefits has a hidden silver lining. Millions of seniors today rely on Social Security to make ends meet. For some people, those monthly benefits are their primary source of income. Others have only those benefits to turn to for money in retirement, so it stands to reason that Social Security’s annual […]
Before the election, some advisors increased Roth individual retirement account conversions for clients amid the threat of higher taxes after 2025. Now, tax hikes are less likely under President-elect Donald Trump. However, demand for Roth conversions will continue as investors seek long-term tax planning strategies, experts said. “In general, we see an uptick in Roth […]
Most Americans will have a lower tax burden in retirement than during their working years. However, that may not be the case for some retirees, especially for higher earners and big savers, which could have a significant impact on their financial plans, according to financial advisors. “Substantial evidence” suggests retirees have lower tax rates than during their […]
