Social Security Benefits Get a Cost-of-Living Adjustment (COLA) in 2025, and It’s a Big Deal for Retirees
Nearlyl 52 million retired workers received a Social Security check in October 2024, and the vast majority of those people depend on monthly benefits to make ends meet. Indeed, 88% of retirees consider Social Security an important source of income, according to Gallup Somewhat surprisingly, two-thirds of adults surveyed by Nationwide Retirement Institute answered incorrectly […]
3 Required Minimum Distribution (RMD) Rules Investors Must Know Before 2025
Tax-deferred retirement accounts like traditional IRAs and 401(k) plans let investors reduce their tax burden in a given year by deducting contributions from their gross income. But the tax payments cannot be postponed indefinitely. Individuals with tax-deferred accounts must take required minimum distributions (RMDs) once they reach a certain age. Read on to learn three […]
My Cousin Has $2 Million in Retirement Savings and Still Works at Age 66. Here’s Why.
When a cousin of mine retired at 65, we all figured he was set for life. He’d always held down a good job, and I knew from talking to him that he had plenty of money socked away in savings. Recently, he disclosed to me that his nest egg was worth about $2 million at […]
Here’s the Typical Net Worth for Your Income
Tracking your net worth is like keeping a scorecard of your financial progress in life. Calculating your net worth is straightforward. First, you add up all of your assets — your checking account, your retirement savings, your home. From that, you subtract all your liabilities — your student loans, your mortgage, your credit card balances. […]
