Today: 17. Dec, 2024
Social Security beneficiaries are anticipating the announcement of their annual cost-of-living adjustment (COLA) for 2025. However, the increase might not be as substantial as in previous years. Experts predict that the adjustment could be one of the smallest since 2021, raising concerns…
As you approach retirement, it’s essential to navigate the transition smoothly. Understanding key financial steps can help ensure a comfortable and secure retirement. Susan Dziubinski from Morningstar discusses with Christine Benz, director of personal finance and retirement planning, the essential actions preretirees…
As retirement nears, many Americans face the daunting reality of insufficient savings. According to recent data, around 20% of Americans over the age of 50 have no retirement savings at all. This can be a frightening prospect, especially for those who have…
Social Security has just celebrated its 89th anniversary, a milestone that highlights its longstanding role in American life. Established on August 14, 1935, under President Franklin D. Roosevelt, the Social Security Act aimed to provide a safety net for older Americans. However,…
With most American workers contributing to Social Security throughout their careers, many expect to rely on these benefits upon retirement. However, a recent survey by the Nationwide Retirement Institute reveals that a staggering 72% of adults worry that Social Security will run…
Retirement savings are hitting new highs, yet inflation remains a significant concern for today’s retirees. Fidelity reports that a record 485,000 401(k) accounts held balances of $1 million or more at the end of the first quarter 2024. This trend is reflected…
The prospect of early retirement is increasingly popular among millennials and Generation Z, who often dream of escaping the workforce well before their 60s. The idea of dedicating years to personal pursuits is indeed attractive, but retiring in your 50s introduces complex…
A federal program for people with disabilities and older adults made its first benefit payments 50 years ago. As we mark this milestone, significant changes to Supplemental Security Income (SSI) benefits are on the horizon, potentially improving the lives of millions of…
A Daunting $38 Trillion Question In an in-depth examination of the current state of retirement funds in the United States, which amasses a staggering $38 trillion, Teresa Ghilarducci, a pension expert and labor economist, reveals a troubling reality. Despite the enormous pool…
Dispelling the Persistent Myth The American Social Security system is battling a detrimental myth that encourages many to claim their benefits too soon. Emerson Sprick, Associate Director of the Economic Policy Program at the Bipartisan Policy Center, says, “The biggest myth about…
