Here’s What the Average Social Security Benefit Will Be in 2025
Of course, nobody has received a 2025 Social Security payment just yet, but we know what the average benefit is right now, and the raise beneficiaries are set to receive. With this information, we can figure out how much the average Social Security benefit will be in 2025 for several different categories of recipients. *Stock […]
Don’t Forget About These 3 Required Minimum Distribution (RMD) Rule Changes From 2024
One thing that makes retirement accounts like a 401(k) or IRA extremely attractive is the tax advantages they offer. Instead of paying taxes upfront, you can defer those taxes well into retirement. That can give more people more money to save for retirement today. But you can’t defer those taxes forever. Eventually, the government wants […]
Here’s the 1 Social Security Change in 2025 That’s Going to Hurt the Worst
New years always usher in changes. 2025 will be no different. Some of those changes shouldn’t be surprises. For example, the Social Security Administration (SSA) has already revealed changes to Social Security that are coming next year. Some of those changes are good ones. Others are not so good. Here’s the one Social Security change […]
President-Elect Donald Trump’s Social Security Proposal Comes With Unintended Consequences
For an overwhelming majority of retirees, Social Security represents more than just a monthly check. It serves as a financial foundation for those who can no longer provide for themselves. For more than two decades, Gallup has been conducting an annual poll that questions retirees regarding their reliance on Social Security. Between 80% and 90% […]
Retirees With the Biggest Social Security Checks Have These 3 Things in Common
Social Security’s maximum benefit will reach a record $5,108 per month in 2025. Those lucky enough to take home these checks will have roughly $62,000 to spend, plus whatever they’ve managed to save for retirement on their own. It’s a far cry from the $1,976 monthly benefit the average retiree can expect from Social Security […]
4 2025 Medicare Cost Changes All Retirees Need to Know
Medicare’s annual enrollment period ended on Dec. 7. Hopefully, you had a chance to review your options and choose the plan you believe will provide you the greatest coverage at the lowest cost in 2025. How much you’ll spend depends on a lot of individual factors, but there are some major Medicare cost changes that […]
This Is the Average Social Security Benefit for Age 75
For 51 million retired Americans, Social Security provides a crucial safety net, distributing $1.5 trillion in benefits. They are a vital source of income for many, with 1 in 7 retirees relying on them for nearly all of their income. Let’s take a closer look at some things you should know. A lot goes into […]
New Year, New Rules: 5 Major Social Security Changes for 2025
Social Security will turn 90 years old in 2025, and a lot has changed during that time. Every year, the government makes adjustments to the program that help it take in greater tax revenue and increase benefits available to retirees, among other things. Next year is no different. There are five major changes coming your […]
Have $100,000? Here Are 7 Ways to Grow That Money Into $1 Million for Retirement Savings
Many of us have saved some money for retirement, but much less than we will need. If, for example, you’ve got $100,000, you might be aiming to have $1 million by retirement. That’s a decent goal, though many people might actually need more than a million-dollar nest egg — especially if retirement is a decade […]
401(k)s Will Do 2 Things They’ve Never Done Before in 2025, and They Could Be Just What Some Savers Need
A lot has changed since the 401(k) first came onto the scene in 1978. Contribution limits have risen significantly, adults 50 and older can now make catch-up contributions, and an increasing number of employers now offer Roth 401(k)s for employees who want to enjoy tax-free withdrawals in retirement. In 2025, there will be two new […]
