Is Taking Your Required Minimum Distribution (RMD) in January a Good Idea?
Many retirement savers choose to take advantage of retirement plans like a 401(k) or IRA while they’re working. The big benefit is that you get to deduct your contributions from your taxes in the year you make them. That can give a lot of people more money to put toward retirement today. You won’t pay […]
6 Things All Retirees Need to Know About Social Security COLAs
Are you a retiree already collecting Social Security benefits? Maybe you’re about to become one? Whatever the case, even though the program’s monthly payments aren’t enormous — averaging just a bit less than $2,000 at this time — most everyone can certainly use this money these days after a painful spate of inflation. And that […]
Retiring Soon? 4 Important Things to Know About Social Security in 2025
Social Security is a big deal, delivering retirement benefits to more than 50 million retirees annually along with disability and survivor benefits to millions more. The retiree benefits alone total nearly $100 billion annually. Social Security is vital, too. According to the Social Security Administration, “Among Social Security beneficiaries age 65 and older, 12% of […]
A Big Social Security Change Just Signed by President Biden Comes With Bad News for Retirees
On Jan. 5, President Joe Biden signed into law the Social Security Fairness Act. That means nearly 3 million public-sector workers with government pensions will receive larger Social Security benefits, with the average increase estimated at $360 per month. But the new law also comes with bad news for beneficiaries. The Social Security trust fund […]
President-Elect Donald Trump’s Social Security Plans Could Mean Bigger Benefit Cuts Are Coming. Here’s What Retirees Need to Know Before January 20
Markets reacted strongly to the reelection of Donald Trump. In the week that followed Nov. 5, the S&P 500 was up about 3.7%. While the likely economic impact of all of Trump’s campaign promises is mixed, the stock market appears to believe that Trump will follow through with those that boost business, like cutting corporate […]
