You Can Tap Into Your Retirement Savings Early for Disaster Relief — but Should You?
The California wildfires have devastated families, businesses, and entire communities. A recent analysis suggests that initial property losses from the fires could be as much as $45 billion. Insurance will cover some of those losses, but many will face high out-of-pocket costs with no obvious place to turn. Fortunately, you can tap your retirement savings […]
Some Workers Claiming Social Security May See a Benefit Bump in 2025 Thanks to This Adjustment
Social Security’s 2.5% cost-of-living adjustment (COLA) for 2025 was disappointing for many seniors. It added just $49 to the average monthly check, and that’s not enough for a lot of households. Most U.S. seniors will have to look to their savings or other government benefits if their Social Security benefits don’t go far enough. Where […]
Part-Time Workers Need to Know About This Important 2025 Retirement Account Law Change
Part-time work offers greater flexibility than traditional, full-time employment, but it comes with its own challenges. Part-time workers typically earn less than full-time workers. This, and the fact that they often don’t qualify for employee benefits, can make it more difficult for them to save for retirement. These barriers aren’t easy to overcome. But part-time […]
How Much Is the Required Minimum Distribution (RMD) if You Have $750,000 in Your Retirement Account?
Will you be 73 (or older) in 2025? And, do you have any money in a traditional IRA, 401(k), or other workplace retirement account? If you answered yes to both questions, you’ll soon need to take at least some of your money out of these accounts. The IRS requires these withdrawals, and they’re called required […]
2 Social Security Changes That Could Hurt You Financially in 2025
One positive aspect of Social Security is that the program is set up to adapt to economic changes. Each year, for example, Social Security benefits are eligible for an automatic cost-of-living adjustment. In 2025, benefits rose 2.5%. And while that’s the smallest COLA to arrive in years, it’s a sign that inflation isn’t surging quite […]
Here’s Exactly How the 2025 Social Security COLA Affected Retirement Benefits
Social Security recipients are now seeing the 2.5% cost-of-living adjustment (COLA) reflected in their monthly benefit payments. This is intended to help seniors and other Social Security recipients keep up with inflation and is based on Consumer Price Index (CPI) data from the third quarter of 2024. While the 2.5% COLA isn’t exactly news at […]
Here’s How Many Americans Are in the ‘Perfect’ Credit Club
Image source: Getty Images Having an exceptional credit score is sort of like having a key to the city. It opens doors and provides opportunities otherwise not available to you. You get access to the best rewards credit cards, the lowest mortgage rates, and more. Looking for a secure place to grow your savings? See […]
Will President Trump’s Moves in His First Week Back in Office Impact Social Security?
The 45th President of the United States is now the 47th. And he hit the ground running. President Donald Trump issued a flurry of executive orders soon after his inauguration last Monday. Most of them were expected, tying in with his pledges during the presidential campaign and after the November election. Where to invest $1,000 […]
Here’s the Average Social Security Benefit at Ages 62, 66, and 70
Regardless of whether you have just entered the labor force or left it a long time ago, there’s a high probability you’ll rely on your Social Security check, in some capacity, to make ends meet. For 23 years, national pollster Gallup has conducted an annual survey of retirees to gauge how important is the Social […]
