There are only a few weeks left before the end of the year, so don’t put this off any longer. Nearly all those 73 and older will have to make a required minimum distribution (RMD) for 2024. This is a mandatory withdrawal from your retirement account designed to force you to pay the taxes on […]
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 […]
With the official announcement of a cost of living adjustment (COLA) for 2025 by the Social Security Administration, millions of retirees are expected to receive a much-desired raise in their monthly checks. Never mind that Social Security serves as, like it or not, almost 30% of the income for Americans aged 66 and older. The […]
The “American dream” is slipping further and further away for millions of people across the country, as rising costs, stagnant wages, and widening wealth gaps make it increasingly difficult to achieve financial stability. The latest estimated price tag on the American dream now sits at a whopping $4.4 million, according to Investopedia, which factored in […]
President-elect Donald Trump won Tuesday’s presidential election partly by addressing Americans’ economic anxieties over higher prices. Nearly half of all voters said they were worse off financially than they were four years ago, the highest level in any election since 2008, according to an NBC News exit poll. But a cornerstone of Trump’s economic policy — sweeping new tariffs […]
Don’t fall into the same trap. Saving for retirement in a traditional IRA or 401(k) has its benefits. The fact that your contributions are tax-free could make them easier on you financially during the period when you’re trying to build up retirement wealth. But there’s a downside to saving in a traditional retirement plan. Not […]
A long, high-paying career is a major factor in maximizing Social Security, but there’s more to it than that. The average Social Security retirement benefit was $1,921.56 in September. While that might be a nice supplement to your retirement savings, it’s hardly enough for most retirees to live on. That’s especially true when you consider […]
The Internal Revenue Service (IRS) on Friday announced that it increased the amount that individuals can contribute to their 401(k) and other retirement plans to account for inflation. Each year, the IRS reviews tax thresholds and limitations for various retirement accounts and considers making a cost-of-living adjustment based on the impact of inflation since the […]
A UK pension fund has become the first in the country to add Bitcoin (BTC) to its portfolio. In a press release on Monday, the pension advice firm Cartwright said it had recommended a 3% Bitcoin allocation to an unidentified client, citing the digital currency’s long-term performance. Since 2013, Bitcoin has returned nearly 100,000%. Sam […]
Total consumer debt reached an all-time high of $17.7 trillion in the second quarter of 2024, while Americans’ pandemic-era excess savings were depleted by March, according to the consulting firm Deloitte. Its report states that the strength of the U.S. consumer will be tested in 2025. That’s why now is the perfect time to check […]
Last month, the Social Security Administration shared some news that millions of seniors have been waiting for — an official 2025 cost-of-living adjustment, or COLA. Benefits will be rising 2.5% at the start of the new year. And while that’s certainly not the smallest COLA seniors have ever gotten, it pales in comparison to recent […]
A new government will take office in the White House early next year, pending the outcome of next week’s presidential election, and one of the first challenges it will face will be Social Security. Despite an imminent funding cliff that could result in benefits cuts within the next ten years, Social Security has largely been neglected, even […]
