Here’s My Favorite Retirement Account Heading Into 2025 and Beyond
One rule I always follow when it comes to retirement is “It’s always better to be overprepared than underprepared.” Of course, this applies to many areas of life, but it’s especially critical when it comes to retirement finances. One of the surest ways to make sure you’re as financially prepared as possible for retirement is […]
How Much Is the Required Minimum Distribution (RMD) If You Have $500,000 in Your Retirement Account?
Tax-advantaged accounts — think traditional IRAs and employee sponsored plans like a 401(k) — are incredible tools to build wealth over a lifetime — wealth you will need to carry you in retirement. The IRS still wants its cut Since you don’t pay tax on the money going in, you have to pay it on […]
Is President-Elect Donald Trump Going to Change Social Security? History Couldn’t Be Any Clearer.
In November, more than 51 million retired-worker beneficiaries brought home an average Social Security check of $1,925.46. Though this is a relatively modest payout from America’s leading social program, it’s a necessity that helps an overwhelming majority of retirees cover their expenses. Since 2002, national pollster Gallup has surveyed retirees annually to decipher how important […]
This Law Would Expand Social Security Benefits for Millions — but It Comes at a Cost
Social Security’s disappointing 2.5% cost-of-living adjustment (COLA) for 2025 has raised old concerns about its ability to adequately provide for the retirees who spent their careers paying into it. With the program hurtling toward a shortfall in about a decade, the cry for Social Security reform continues to grow louder. So far, bills to alter […]
Here’s the Maximum Social Security Benefit at Full Retirement Age (FRA) in 2025
Social Security’s full retirement age (FRA) is climbing to 66 years and 10 months in 2025. It’s the final stop before 2026, when FRA reaches 67 for adults born in 1960 and later. The rising FRA is just one of several Social Security changes set to take place in a few short weeks. Average benefits […]
Social Security Gets a Shake-Up in 2025, and 3 Changes May Surprise Retirees
Certain aspects of Social Security are revised each year to keep benefit payments aligned with inflation and wages. While those changes are most consequential for retirees and other beneficiaries, they will also impact some workers not currently receiving Social Security. However, a recent survey from Nationwide Retirement Institute shows that a large percentage of Americans […]
3 Required Minimum Distribution (RMD) Rule Changes That Happened This Year
Tax-deferred investment accounts and retirement plans like 401(k)s are an incredible tool to help build the wealth you need to carry you through your golden years. These accounts allow you to avoid paying taxes on what you invest up front. In turn, you pay taxes when you withdraw funds from them. In order to ensure […]
Spousal Social Security Benefits: 4 Things All Retired Couples Should Know
Many people view Social Security as a plan that forces individuals to save for their retirement. That view is mostly correct. Employers must contribute to the retirement savings of their workers, too. There’s also a twist to Social Security that allows spouses to claim benefits based on their husbands’ or wives’ benefits. How do these […]
This Flaw in the Social Security Benefit Calculation Will Cost Retirees $120 on Average in 2025
In just a few weeks, retirees will get their first Social Security benefits with the 2025 cost-of-living adjustment (COLA) included. This will raise the average check to $1,976 per month. It’s less than what many were hoping for, especially after three years of above-average COLAs, including a whopping 8.7% increase for 2023. Many argue the […]
Retirees in These States Could Lose Some Social Security Benefits to State Taxes in 2025
Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » Since Social Security retirement benefits became available in 1935, they have been a much-needed financial relief for countless Americans. For some retirees, Social Security is their only source of income and keeps them financially afloat. […]
