5 Social Security Changes Retirees Need to Know About in 2025
2024 is coming to an end quickly, and several changes and adjustments are set to take effect in the world of Social Security in the new year. Most of these are inflation-related, and while some apply to retirees who already get Social Security, others apply to those who are about to start collecting their benefits […]
Social Security Full Retirement Age Is Increasing in 2025
The Social Security full retirement age will be increasing from 66 to 67 for workers in the United States. In this video, I’ll discuss the details of the Social Security full retirement age, what it means to you, and how to know when the right time to start collecting Social Security might be for you. […]
2 New Required Minimum Distribution (RMD) Rules Everyone Must Know Before 2025
Traditional IRAs and 401(k) plans allow workers to save pre-tax dollars for retirement. Any contributions can be deducted from gross income, provided modified adjusted gross income does not exceed limits imposed by the IRS. That results in a smaller tax bill at the time, but taxes cannot be delayed indefinitely. Required minimum distributions (RMDs) are […]
Social Security Changes Proposed by President-Elect Donald Trump Could Be Bad News for Retirees, According to a Recent Report
In November, Republican presidential nominee Donald Trump won a decisive victory over Democratic rival Kamala Harris. With Trump officially returning to the White House for a second term, many retired workers on Social Security are undoubtedly hoping he can bring about much-needed change. Trump during his campaign wrote on social media, “Seniors should not pay […]
Some People Could Pay More Social Security Payroll Taxes in 2025 Because of This Change
There are few social programs more important to Americans than Social Security. After decades of paying federal wage taxes, U.S. retirees will enjoy a guaranteed income stream through their golden years — one that a majority of them rely on to stay financially afloat. Although many people gripe about paying those taxes, they’re a necessity […]
Will You Qualify for Social Security’s Biggest Paycheck of $5,108 in 2025?
Getting the most you can out of Social Security can be a great goal for many retirees. The government program provides the backbone for many seniors’ budgets, often supplementing private retirement savings. The average Social Security retirement benefit in November was $1,925.46. But those who do everything they can to maximize their earnings during their […]
Donald Trump Pledged to Eliminate Social Security Benefit Taxes. Here’s Why That Could Turn Out Badly for Retirees.
President-elect Donald Trump is set to retake office in a little over a month after winning the election over Vice President Kamala Harris in November. Trump’s campaign made many promises, but one particularly interesting promise to retirees was his pledge to eliminate Social Security benefit taxes. To be clear, these aren’t the same as the […]
How Much Is the Required Minimum Distribution (RMD) if You Have $100,000 in Your Retirement Account?
While Social Security remains a large part of the majority of Americans’ retirement incomes, most also rely heavily on personal savings. Tools like traditional IRAs and employer-sponsored plans like 401(k)s are powerful tools to help people build their nest eggs over a lifetime, as they allow you to invest money pre-tax. The tax man never […]
Here’s the 1 Thing Trump Plans to Do About Social Security That Should Concern Retirees the Most
Donald Trump hopes to accomplish a lot in his second term. He intends to implement “the largest mass deportation program in history.” He wants to end birthright citizenship. Trump seeks further tax cuts. He supports cutting regulations. The president-elect plans to impose steep tariffs on all imports to the U.S. What about Social Security? Trump […]
1 Big Piece of Advice From Warren Buffett to Keep in Mind About Estate Planning
This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer. Warren Buffett is known primarily for his incredible investing record. He’s led Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) for close to 60 years and has increased the stock’s value over that period […]
