I Know I’ll Get Social Security in Retirement. Here’s Why I’m Leaving It Out of My Plans
Retirement is still several decades away for me, but planning for it has been a top priority of mine since I entered the workforce. I’ve done my best to save diligently and choose the right accounts for my money. I’ve thought about when I’d like to retire and how much I’ll likely spend when I […]
Want the Max $4,873 Social Security Benefit? Here’s the Salary You Need.
Social Security was never intended to provide all of anyone’s retirement income, but that doesn’t mean you shouldn’t get the most you can out of the entitlement program. The question is, how? Your future Social Security payments are determined by your current contributions to the program, but your contributions are a fixed percentage of your […]
Social Security COLAs Have Lifted Benefits 84% Over the Last Quarter Century. Is That Enough?
Social Security benefits increase annually thanks to a cost-of-living-adjustment (COLA) that is intended to help benefits rise along with inflation. However, a common perception is that COLAs have failed to keep up with the higher cost of living associated with essentials like food, shelter, and healthcare. Based on my calculations, COLAs have increased benefits about […]
Major Social Security Announcements Are Coming Soon: 3 Things to Know Right Now
Nearly 68 million Americans will receive a Social Security check in 2024, and for many people, those checks will make or break their finances. It’s a good idea, then, to make sure you’re staying up to date with the program’s latest changes. While Social Security may not change significantly from year to year, there are […]
Here’s How Easy It Is to Get Your Costco Executive Membership Reimbursed
Image source: Getty Images Costco is different from other stores in that it charges members a fee for access. You don’t have to spend money simply to walk through the door at Target or Walmart. But at Costco, you’re looking at a minimum of $65 per year for a Gold Star membership. The Executive membership, […]
Do You Need More Than One Credit Card? Here’s How to Decide
Image source: Getty Images Credit cards can add convenience to your life. Some people have only one credit card, while others depend on a multi-card strategy. But before getting additional credit cards, consider whether that’s a good choice. Don’t neglect to think about how your decision will impact your finances. Could you benefit from having […]
This Is the Average 401(k) Balance for Ages 55 to 64
So you’ve been diligently saving and investing for retirement, as most of us should be doing. Good for you! (If not, it’s probably not too late to start.) You may reasonably be wondering how you’re doing compared to others. Here’s a look at the average 401(k) balances for people in various age groups. Image source: […]
The 2025 Social Security Cost-of-Living Adjustment (COLA) Is Almost Official, and It Could Reveal a Surprising Benefit for Many Retirees
The Social Security Administration will announce the 2025 Social Security cost-of-living adjustment, or COLA, on Oct. 10, and it could disappoint many retirees. Over the last three years, seniors have gotten used to super-sized raises. The COLAs for 2022, 2023, and 2024 were 5.9%, 8.7%, and 3.2%, respectively. But retirees could be in line for […]
Want to Save Money? Here’s How Your Credit Card Can Help
Image source: Getty Images Unfortunately, everyday living costs continue to rise. A study by The Motley Fool Ascent compared the average monthly expenses for Americans in 2023 to 2013 using U.S. Bureau of Labor Statistics (BLS) data. In 2023, Americans spent an average of $6,440 per month on expenses. That’s an additional $2,182 spent monthly […]
I Absolutely Prefer a Roth IRA to a Roth 401(k) for Retirement Savings. Here’s Why.
Unless you’re independently wealthy, you need to be saving and investing for retirement. It’s a major undertaking, to be sure, but there’s a wide variety of retirement savings accounts that can help you. Two of the most commonly used ones are the IRA and the 401(k), and each of those exists in both a traditional […]
