Here’s the Maximum Social Security Tax You Could Have to Pay in 2025
Now that September inflation data is out, the Social Security Administration has announced several adjustments for 2025. One of these is the maximum amount of earnings that are subject to Social Security tax. Here’s what the new limit is and what it means for high earners in the United States. The $22,924 Social Security bonus […]
Why Your Perfect Credit Isn’t Enough for a Credit Card Approval
Image source: The Motley Fool/Upsplash If you have perfect credit, or anything close to it, you might expect an instant approval on credit card applications. Credit card companies check your credit score during the application process. A high score makes you eligible for just about any card, including the very best credit cards. What a […]
What Could Falling Home Prices Mean for You?
Image source: Getty Images Housing prices spiked during the pandemic as remote work became the norm for many companies, low mortgage rates encouraged borrowers to buy homes, and a housing shortage constrained supply amid high demand. The result is that the median home price now costs 36% more than it did five years ago. But […]
Have a Huge Car Payment? See How It Compares to the Average American’s
Image source: Getty Images Transportation is Americans’ second-largest expense behind only housing. It’s something pretty much everyone deals with, whether you live in a city and take public transportation or you live somewhere suburban or rural and own a vehicle. There are several expenses everyone must plan for under this category, but the one that’s […]
2 Reasons Not to Invest Like Warren Buffett for Retirement — Even Buffett Agrees
Warren Buffett didn’t get to be a billionaire by accident. The investing legend spent his lifetime making savvy financial decisions that got him to where he is today. It’s natural to look up to someone like Buffett — and tell yourself you’ll try to emulate his strategy to set yourself up with a sweet retirement […]
The 4 Kirkland Items I’ll Never Buy Again
Image source: Getty Images Costco’s famous Kirkland Signature is a fan favorite for a reason — there’s something for everyone. I’m a big fan of Kirkland Signature’s coffee, and my pups think it’s their birthday every time I add a little Kirkland canned dog food to the top of their meal. (They want me to […]
Reinvesting Your Required Minimum Distribution (RMD) in Retirement? Here’s What You Need to Know.
One of the great advantages of saving for retirement in an IRA or 401(k) is the tax savings. Instead of paying taxes on the money you contribute today, you can defer those taxes until retirement. That can give you more money to invest or spend on your living expenses while you work. But eventually the […]
Social Security’s 2025 COLA Will Be 2.5%. Here’s Why Most Retirees Will Probably See a Smaller Increase in Their Monthly Benefit.
Retirees across the United States now know how big of a raise they’ll receive next year. The Social Security Administration (SSA) announced last week that the 2025 Social Security cost-of-living adjustment (COLA) will be 2.5%. The average monthly Social Security retirement benefit will increase by around $50. Don’t count on receiving that much extra money, […]
This Is the Average Social Security Benefit Once 2025’s COLA Takes Effect — and How You Can Score a Much Larger One for Your Retirement
It’s official: After months of speculation, we finally have an answer regarding 2025’s Social Security cost-of-living adjustment (COLA). Next year, benefits will increase by 2.5% based on inflation data for the months of July, August, and September. At first, a 2.5% increase may not seem like much to write home about. But 2.5% is by […]
4 Big Social Security Changes Coming in 2025 May Surprise Many Retirees
Several aspects of the Social Security program are revised each year to keep payments aligned with inflation and wages. Given that the Social Security Administration says that for about half of U.S. retirees, those benefits provide at least half their retirement income, it is imperative that retirees (and workers nearing retirement) understand those changes. Unfortunately, […]
