This Is the Average Social Security Benefit for Age 72
Thankfully, Social Security benefits have grown since the first check was cut to one Ida May Fuller in 1940. The $24.54 she received from check number 00-000-001 wouldn’t go very far today. Thanks to several Acts of Congress and dozens of cost of living adjustments (COLAs), the average check today is much higher, providing a […]
How Much Is the Required Minimum Distribution (RMD) If You Have $1 Million in Your Retirement Account?
When it comes to required minimum distributions, or RMDs, from retirement accounts, the rules have changed a bit in recent years. For a long time, the RMD age was 70 1/2 years old, but it now stands at 73. If you turned 73 in 2024, you must take your first RMD by April 1, 2025. […]
3 Retirement Savings Changes That Take Effect in 2025
Saving in 401(k)s and IRAs is a smart way to put money aside for retirement. However, there are rules you need to know in order to take maximum advantage of these accounts. Moreover, as with most things in the world of finances, nothing is ever truly set in stone, and adjustments to key retirement accounts […]
Here’s the Average Social Security Benefit for Retirees at Ages 62, 66, and 70
A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70. Yet, less than 10% of newly awarded retirees actually waited that long in 2023, and the percentage is similar in prior years. […]
Are You One of 2.8 Million Americans Who Could Benefit From the Social Security Fairness Act?
The U.S. Senate recently voted to proceed with the Social Security Fairness Act, a bipartisan bill that could expand Social Security benefits for nearly 3 million Americans. The bill passed in the House of Representatives in November and is now on its way to President Biden’s desk. If passed, the landmark legislation could significantly impact […]
