This 2025 Medicare Change Took Away a Valuable Benefit for Millions of Americans
Some important Medicare updates took effect on Jan. 1. One of the biggest changes is a $2,000 cap on out-of-pocket prescription drug costs, which could save some households a lot of money in 2025. But not all the changes were positive. Medicare premiums for Parts A and B went up again. And one benefit that’s […]
Here’s How to Collect Social Security Without Working a Day in Your Life
Qualifying for Social Security benefits in retirement generally goes something like this: Work and pay taxes on your income. Accumulate at least 40 work credits in your lifetime. Sign up for benefits whenever you want starting at age 62. But there’s a bit more nuance than that. The reality is that while Social Security eligibility […]
You May Not Need to Max Out Your 401(k) in 2025. Here’s How Much You Actually Need to Retire Comfortably.
Maxing out your 401(k) has never been so challenging. In 2025, those under 50 would have to set aside $23,500 to pull it off. Those 50 to 59 and 64 and up are allowed to contribute up to $31,000. And for the first time this year, adults ages 60 to 63 by the end of […]
Social Security Is Set to Run Out of Money in 2034. Here’s Why That’s Probably Too Optimistic.
Social Security represents about 30% of the income of people over 65, with roughly a third of seniors relying upon their checks for at least half of their financial support. About 10% rely upon their benefits almost exclusively. These individuals would have a difficult time making ends meet if their Social Security benefits were cut. […]
54% of Retirees View the 2025 Social Security COLA as Insufficient. Here’s How to Ensure a Wealthy Retirement.
In order to ensure that benefits keep up with inflation, the Social Security Administration (SSA) typically makes a cost of living adjustment (COLA) each year. For 2025, the SSA has delivered a 2.5% COLA — and the benefit increase appears to be getting mixed reviews from retirees. In a survey of 2,000 retirees conducted by […]
Social Security’s Early 2026 Cost-of-Living Adjustment (COLA) Projection Is In — and It’s a Good News/Bad News Scenario for Retirees
For most retirees, Social Security represents an indispensable source of income. This is a program that pulled 22.7 million people above the federal poverty line in 2022, 16.5 million of which were adults aged 65 and above. What’s more, surveys have shown that Social Security checks are necessary for seniors to make ends meet. A […]
Is There Such a Thing as Saving Too Much for Retirement? Here’s the Truth.
I’m at a stage of life when a lot of my friends are hitting the midway point of their careers. And while most of the people in my social circle aren’t ready to start counting down to retirement, they’re worried about saving for it. And I’m in the same boat. It’s hard for me to […]
2 Little-Known Social Security Rules Everyone Needs to Know by the Time They Reach 62
The decision facing many seniors about when to claim Social Security can be daunting. Claiming at age 62, when most people first become eligible for benefits, is a popular choice. You’ll get an infusion of cash to supplement any income and retirement savings you have, which could enable you to retire earlier. There’s a price, […]
