Prediction: These 2 Moves by President Trump Could Affect Future Social Security COLAs
Donald Trump had no shortage of promises throughout his campaign. He vowed to end the federal income tax on Social Security benefits, for example, as well as eliminate tax on overtime pay and tips. While these laws have not been enacted yet (and Trump would need congressional approval to pass any sweeping tax laws), there […]
3 Reasons to Choose a Roth 401(k) for Your Retirement Savings in 2025
Many Americans are woefully unprepared for retirement. An estimated 20% of those 50 and over have nothing saved for retirement at all, reports AARP. But if you don’t manage to build up a retirement nest egg, you may reach a point where you have only Social Security to live on. And that could lead to […]
What Social Security Retirees Need to Know About Paying Taxes on Benefits
Tax season can be confusing for retired workers and other Social Security recipients. Benefits can be taxed at the federal and state levels, but the taxable portion of Social Security income varies based on income. Also, the deductions and exemptions vary between states. Here’s what retired workers and other recipients need to know. Start Your […]
This Is the Average 401(k) Balance for Americans Earning $50K to $75K per Year
Saving for retirement is challenging enough as it is, but it can be even more difficult depending on your income. The median wage among U.S. workers is around $60,000 per year, according to 2024 data from the Bureau of Labor Statistics. A 2024 survey from Bank of America also revealed that nearly half of Americans […]
Claiming Social Security Spousal Benefits? Here’s What Happens When You File Early
Although millions of older Americans collect a retirement benefit from Social Security today, it’s not a given that you’ll end up being eligible for those monthly checks. If you have a pretty bare-boned work history, or if you don’t work and pay into the system at all, you may not get any Social Security — […]
