The Social Security program undergoes revisions each year to account for changes in wages and prices across the economy. Often, benefits are the largest source of income for retired workers, so understanding the changes could be the difference between prudent financial planning and costly mistakes. Most readers probably know Social Security payments receive annual cost-of-living […]
Economist Alicia Munnell, one of the nation’s leading experts on retirement, has some advice that may seem counterintuitive: The key to a successful retirement, she says, is not to retire. Munnell, 82, has followed her own advice and postponed her retirement for decades. At the end of December, the founding director of the Center for […]
Four more years, four years later. President-elect Donald Trump is about to do what only one other person in history (Grover Cleveland) has done before him: become president for a second time after being previously voted out of office. Social Security didn’t exist during Cleveland’s administration. However, the federal program is important today to nearly […]
As the markets tested record highs, retirement savers reaped the benefits. The average 401(k) plan balance ended the third quarter up 23% from a year earlier, at $132,300 — the highest average on record, according to a new report by Fidelity, the nation’s largest provider of 401(k) plans. The financial services firm handles more than […]
The Social Security Administration will make changes next year to address inflation, affecting its more than 72 million recipients. People entering retirement and people who receive disability payments and social security benefits will be the most impacted. Smaller cost-of-living adjustment (COLA) The lowest cost-of-living adjustment in four years will take effect in January at 2.5%, increasing retirement […]
On December 3, Social Security in the United States made one of its final payments for 2024, exclusively for beneficiaries in Group 1, which includes those who began receiving benefits before May 1997. This group consists of both age-based retirees and disability beneficiaries. The next payment is scheduled for December 11 and will be for beneficiaries born between the 1st and 10th of any month. This payment marks the last regular […]
Credit cards can be a valuable financial tool, offering flexibility, convenience and lucrative perks. But without proper management, the credit cards in your wallet can also lead to financial instability — which is what a large number of cardholders are dealing with right now. Recent data shows that credit card debt nationwide has reached a […]
Elon Musk Criticized for Targeting Social Security A series of critical X posts by Elon Musk, targeting Social Security as a “nightmare”, has sparked widespread attention. Musk, who is the wealthiest person globally, responded to these posts by Senator Mike Lee (R-Utah), known for his harsh stance on Social Security, Medicare, and Medicaid. Lee has […]
2025 is rapidly approaching, and it’s important to know what to expect from a personal finance perspective once the new year begins. And while there are no major policy changes to Social Security, there are still some important changes for both retirees and workers to be aware of. Each year, there are several inflation-based changes, […]
There’s nothing enjoyable about credit card debt. An outstanding balance of $5,000 at 29.99% interest means you’re paying about $1,500 a year just in interest. Imagine if that $1,500 could instead go toward repaying the balance. You’d pay it off much faster instead of stretching it out over years. And years. If you’re carrying credit […]
Retirees report lower levels of well-being than they did four years ago, according to a recent survey from the Employee Benefits Research Institute. Under half of retired Americans, 48%, between the ages of 62 and 75 report being very satisfied with life in retirement, down from 62% in 2020 and 53% in 2022. Digging into the data, it’s […]
What’s popular isn’t always what’s best for Social Security. A little over a month ago, voters from across the country headed to the polls or mailed in their ballots to determine which presidential candidate would lead our nation forward for the next four years. Mere hours after the last polls closed, the Associated Press called the […]
