The COLA of the Social Security of the United States has meant that citizens with a benefit can receive in 2025 a Direct Deposit with a much higher amount than in the previous year. All beneficiaries have seen that the retirement check has increased this year. And although this should not affect the day we […]
The Social Security Administration (SSA) continues to make good on President Trump’s promise to protect American taxpayers from unnecessary spending while continuing to ensure it delivers on its mission. “For too long, SSA has operated on autopilot,” said Lee Dudek, Acting Commissioner of Social Security. “We have spent billions annually doing the same things the […]
The SEC is offering eligible employees a $50,000 incentive to resign or retire by April 4, according to a Bloomberg report. The regulator sent an email to employees on Friday detailing the incentive. The offer is a voluntary separation incentive or voluntary early retirement program, according to the email. The deadline to apply is March […]
Putting a portion of your income into a 401(k) is an excellent way to save for retirement. Unlike other individual retirement accounts, however, 401(k) plans have some limitations on how you can invest your money. If you’re hoping to diversify your retirement contributions into stocks like Apple (AAPL), it might not be as easy as […]
No one enjoys tax time, but if you’re a senior, it can be especially difficult. Not only are you living off a fixed income, but the IRS typically doesn’t withhold anything from your retirement account withdrawals upfront, so you may wind up with a bill when you file your return. Retirement account withdrawals and earnings […]
Calling its workforce “bloated,” the Social Security Administration announced Friday plans to slash about 7,000 jobs, or roughly 12% of its staff. The potential cuts are part of a larger reorganization at the agency in line with the Trump administration’s drive to downsize the federal government. The move comes as President Donald Trump has repeatedly […]
Balances for 401(k) retirement accounts hit the “second-highest average on record” in the final quarter of 2024, according to new data from Fidelity Investments. The financial services company found in its newly-released fourth-quarter retirement analysis that balances for that type of retirement plan averaged $131,700. That figure marked a jump of 11% year-over-year, according to […]
Some social security payments in March will see slight adjustments to payment dates because of how dates fall on the 2025 calendar. The Social Security Administration sends regular monthly payments (SSA benefits), but the date varies – generally depending on the day you were born. Social Security retirement, disability, and survivor (RSDI) beneficiaries who filed […]
The sudden cuts to the federal workforce under President Donald Trump will likely throw a curveball into the retirement plans of many Americans, including those from typically disadvantaged backgrounds like Black Americans. The federal government is often seen as a stable employer with generous benefits, including a defined benefit retirement package that has become rare […]
One of former President Joe Biden’s last acts in office could increase Social Security retirement benefits by over $1,000 a month for millions of Americans. On Jan. 5, Biden signed the Social Security Fairness Act into law, which repealed two benefit rules: the Windfall Elimination Provision and the Government Pension Offset. The policies were put in place […]
The Social Security Administration (SSA) is embarking on an “agency-wide organizational restructuring that will include significant workforce reductions,” according to an email sent to employees on Thursday evening and obtained by the Prospect. The email suggests that entire components of SSA, whose staffing is already at a 50-year low, would be abolished, with subsequent reduction-in-force orders. […]
Some Social Security recipients may notice unusual arrival dates for upcoming benefit payments but be assured that it’s not a mistake. The changes are due to the way dates fall on the benefit program’s calendar. Social Security payments for most recipients come out on Wednesdays throughout the month. For instance, if your birthdate falls between […]
