Your 2025 Social Security Cost-of-Living Adjustment (COLA) Might Not Go as Far as You Expect. Here’s Why
All Social Security beneficiaries are getting a 2.5% cost-of-living adjustment (COLA) next year — or at least they are on paper. This will increase monthly benefit amounts for all recipients, including those claiming spousal Social Security. At the same time, a crucial retiree expense is set to rise in 2025. It likely won’t eat up […]
Here’s What the Average Social Security Benefit Will Be in 2025
Of course, nobody has received a 2025 Social Security payment just yet, but we know what the average benefit is right now, and the raise beneficiaries are set to receive. With this information, we can figure out how much the average Social Security benefit will be in 2025 for several different categories of recipients. *Stock […]
Don’t Forget About These 3 Required Minimum Distribution (RMD) Rule Changes From 2024
One thing that makes retirement accounts like a 401(k) or IRA extremely attractive is the tax advantages they offer. Instead of paying taxes upfront, you can defer those taxes well into retirement. That can give more people more money to save for retirement today. But you can’t defer those taxes forever. Eventually, the government wants […]
Here’s the 1 Social Security Change in 2025 That’s Going to Hurt the Worst
New years always usher in changes. 2025 will be no different. Some of those changes shouldn’t be surprises. For example, the Social Security Administration (SSA) has already revealed changes to Social Security that are coming next year. Some of those changes are good ones. Others are not so good. Here’s the one Social Security change […]
President-Elect Donald Trump’s Social Security Proposal Comes With Unintended Consequences
For an overwhelming majority of retirees, Social Security represents more than just a monthly check. It serves as a financial foundation for those who can no longer provide for themselves. For more than two decades, Gallup has been conducting an annual poll that questions retirees regarding their reliance on Social Security. Between 80% and 90% […]