Want to Increase Your 401(k) Contribution for 2024? Here’s Why You Need to Act Now
Maxing out a 401(k) plan is a pretty tall order. Currently, 401(k)s max out at $23,000 for workers under 50, while those 50 and over get a $7,500 catch-up option that brings their total allowable contribution for 2024 to $30,500. In 2025, these limits are rising by $500. Or, more accurately, the contribution limit for […]
1 Major 401(k) Contribution-Limit Change Coming in 2025
A Northwestern Mutual survey revealed that American adults believe they need about $1.46 million saved to retire comfortably. In reality, many people fall far short of that goal. According to Vanguard’s “How America Saves 2024” report, the average 401(k) savings for those over age 54 still falls short of $300,000. The IRS recently released the […]
Love to Travel? Don’t Miss These 4 Costco Deals
Image source: Upsplash/The Motley Fool If you like to travel the world like me, you understand how quickly travel costs can add up. I always look for great deals on flights, hotels, and other experiences. I also do what I can to save money when buying travel essentials for my adventures. One easy way busy […]
Here’s the Average Social Security Benefit for Retirees in all 50 States
Social Security is an important source of income for most retired Americans, but benefits vary greatly across the 50 states. For instance, the median-monthly payout for New Jersey residents exceeds the median-monthly payout for Mississippi residents by more than $420, and the annual discrepancy tops $5,100. However, the Social Security Administration (SSA) does not consider […]
Social Security Benefits Are Only Rising 2.5% in 2025, but Here’s Why That May Not Hurt Retirees
Millions of seniors today rely on Social Security to make ends meet. For some people, those monthly benefits are their primary source of income. Others have only those benefits to turn to for money in retirement, so it stands to reason that Social Security’s annual cost-of-living adjustments, or COLAs, are important to beneficiaries. The purpose […]
