Federal Taxes on Social Security Benefits Could Be Eliminated If Trump Has His Way. But There’s a Dark Cloud With This Silver Lining.
“I will govern by a simple motto: Promises made, promises kept.” President-elect Donald Trump said those words during his victory speech on Nov. 6, 2024. He made multiple promises during the presidential campaign. One pledge was especially important for America’s senior citizens. Federal taxes on Social Security benefits could be eliminated if Trump has his […]
Will You Benefit From the Major 401(k) Updates Coming in 2025?
It’s easy to see why 401(k)s are one of the most popular retirement accounts: They offer high annual contribution limits and the possibility of an employer match. Some companies even let you choose whether you want to fund your account with pre-tax or after-tax dollars. These accounts are set to look even better next year, […]
3 Social Security Rules That Are Changing in 2025 — and 1 Age-Old Rule That Sorely Needs an Update
Oct.10 was a big day for Social Security this year. That morning, the Social Security Administration announced a number of key changes to the program. But while the program’s rules are shifting in 2025, one specific Social Security rule is staying the same. And it’s a rule that’s been hurting retirees for years. Meanwhile, here […]
3 Possible Social Security Checks in November 2024? Here’s Why
The average Social Security check is about $1,927 per month, but that’s not enough for most retirees. It amounts to just over $23,000 per year. That covers a little more than a third of the average senior household’s expenses, according to the Bureau of Labor Statistics. Married retirees are lucky enough to benefit from two […]
Are You One of 38 Million Seniors Who Fear Your Retirement Income Won’t Be Enough? You’re Not Alone.
Social Security is one of the most crucial functions of the U.S. government. Last year, the program paid roughly $1.5 trillion to 68 million Americans, 51 million of whom were retired. Many of these retired Americans rely on the program for a significant portion of their incomes. Originally intended as one of three income sources […]
If I Could Tell All Retirees 1 Thing About Social Security in 2025, I’d Say to Do This Before You Claim Benefits
Is retirement on your radar? Maybe you’re even planning to permanently leave the world of work in the coming year. If so, congratulations! You’ve certainly earned the right to focus on yourself rather than your job. Before calling it quits and initiating your Social Security retirement payments in 2025, however, there’s one thing you’ll want […]
There’s Good News and Bad News About 2025’s Social Security COLA
You’ll generally hear that the monthly Social Security benefit you lock in based on your filing age will be the same amount you collect for life. For this reason, it’s important to sign up at the right time. But the truth is that your monthly benefit is never truly locked in, because each year, Social […]
5 Savvy Ways to Use Your Required Minimum Distribution (RMD) This Season
With the end of the calendar year in sight, many older investors will soon be making significant withdrawals from their traditional individual retirement accounts (IRAs), 401(k)s, etc. — in particular, those who may have been putting off beginning those withdrawals for as long as they could. See, while you don’t have to take your very […]
3 Surprising Downsides to Upgrading Your Costco Membership
Image source: Upsplash/The Motley Fool People who shop at Costco often enough are usually encouraged to upgrade from a basic membership to an Executive membership. The obvious downside of Costco’s Executive membership is that it costs twice as much as a Gold Star membership — $130 a year vs. $65. But in exchange, there’s a […]
Get a Discounted Costco Membership. Here’s How
Image source: Getty Images There are many reasons Costco has an army of fans. For starters, the store combines high quality with low prices. Plus, you can get great value on everything from gas to insurance. Not only that, but people also rave about its customer service. The downside? For the most part, you’ll need […]
