8 Words From President-Elect Donald Trump That Can Change Social Security Forever
In November, close to 52 million retired-worker beneficiaries took home an average Social Security check of $1,925.46. While this isn’t a boatload of money, it’s proved to be a vital source of income for our nation’s aging workforce. In each of the last 23 years, national pollster Gallup has completed a survey that questions how […]
2.8 Million Americans Could Receive Expanded Social Security Benefits in 2025. Here’s How
Social Security’s 2025 cost-of-living adjustment (COLA) bumped the average benefit from $1,927 per month to $1,976 per month. It’s a $49 increase, but many hoped for more. Despite slowing inflation, some retirees still find it difficult to make ends meet, particularly when they don’t have a lot of personal savings. A new bill headed for […]
This Is the Average Social Security Benefit for Age 72
Thankfully, Social Security benefits have grown since the first check was cut to one Ida May Fuller in 1940. The $24.54 she received from check number 00-000-001 wouldn’t go very far today. Thanks to several Acts of Congress and dozens of cost of living adjustments (COLAs), the average check today is much higher, providing a […]
How Much Is the Required Minimum Distribution (RMD) If You Have $1 Million in Your Retirement Account?
When it comes to required minimum distributions, or RMDs, from retirement accounts, the rules have changed a bit in recent years. For a long time, the RMD age was 70 1/2 years old, but it now stands at 73. If you turned 73 in 2024, you must take your first RMD by April 1, 2025. […]
3 Retirement Savings Changes That Take Effect in 2025
Saving in 401(k)s and IRAs is a smart way to put money aside for retirement. However, there are rules you need to know in order to take maximum advantage of these accounts. Moreover, as with most things in the world of finances, nothing is ever truly set in stone, and adjustments to key retirement accounts […]
Here’s the Average Social Security Benefit for Retirees at Ages 62, 66, and 70
A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70. Yet, less than 10% of newly awarded retirees actually waited that long in 2023, and the percentage is similar in prior years. […]
Are You One of 2.8 Million Americans Who Could Benefit From the Social Security Fairness Act?
The U.S. Senate recently voted to proceed with the Social Security Fairness Act, a bipartisan bill that could expand Social Security benefits for nearly 3 million Americans. The bill passed in the House of Representatives in November and is now on its way to President Biden’s desk. If passed, the landmark legislation could significantly impact […]
Retiring in 2025? Important Changes You Should Know
Many people find retirement to be a beautiful time. After years of working and sacrificing, it’s a moment finally to enjoy the fruits of your labor, whether this means traveling, spending more time with family, or spending your evenings doing absolutely nothing. Although you may stop working during retirement, there are still financial matters you’ll […]
Taking Your First Required Minimum Distribution (RMD) in 2024? 3 Rules You Need to Know
Required minimum distributions (RMDs) are mandatory annual withdrawals the government makes you take from most retirement accounts beginning the year you turn 73. If you reached that milestone in 2024, you might still be a little unsure about what you have to do. You may have already met your RMD requirement for the year, depending […]
3 Secrets of 401(k) Millionaires
Got a 401(k)? This employer-sponsored retirement account makes it easy to make pre-tax contributions straight from your paycheck. Your contributions lower your taxable income in the current year as you sock away money for your future self. Stick with it year after year, and your balance could snowball into a million-dollar nest egg before you […]
