The Social Security Fairness Act, designed to expand benefits for millions of beneficiaries by repealing certain provisions that curtail their monthly checks, was passed by the House last week as efforts intensify to get it passed by the Senate before the December 31 deadline. “Workers should be able to count on the retirement benefits they’ve … Read more
Healthcare costs have been a long-standing challenge for US retirees. Estimates show that the average retired couple at 65 could spend north of $300,000 on healthcare expenses in retirement. Meanwhile, the average retirement savings for married couples aged between 65 and 74 is around $609,230. Millions of retirees depend on their monthly Social Security checks … Read more
Over 72.79 million Americans received some form of Social Security benefit in October, where the average monthly benefit stood at $1,787.08. The Social Security program serves as a crucial source of income for more than 54.15 million retirees across the country. While Social Security is designed to support retirement income levels, beneficiaries increasingly rely on … Read more
Financial Guru Dave Ramsey isn’t a fan of Social Security. He often describes the program as a “mathematical disaster” that “robbed” him of his own earned money for decades. US Social Security benefits help over 70 million people with monthly income, with the average check estimated to be $1,976 for all retired workers in January … Read more
Wealthy people often use the most commonly available banking and investment accounts to compound their wealth and avoid tax liabilities on future withdrawals. They love liquidity and tax benefits and generally maintain a frugal lifestyle. For these reasons, high-net-worth individuals often gravitate towards tax-advantaged accounts like 401(k), Roth IRAs, and brokerage accounts that offer them … Read more
The Social Security Administration (SSA) announced a 2.5% Cost-of-living Adjustment (COLA) for 2025 in an October 10 press release, increasing Social Security and Supplemental Security Income (SSI) payments for over 72 million Americans. Based on inflation data, the SSA announces COLA hikes every year in October to help Social Security recipients fight inflationary pressures and … Read more
A 74-year-old woman and her husband of nearly 30 years have a combined net worth of $7 million. As the couple prepared their estate plans, the woman struggled to come to terms with the money-savvy husband’s decision to divide their net worth equally between their two boys. She explained her confusion in a recent MarketWatch … Read more
Social Security rules like the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) markedly reduce Social Security benefits for nearly three million US retirees receiving pension income. Under WEP, individuals receiving retirement or disability pension income from public employers that don’t withhold Social Security taxes from their salaries will see their Social Security … Read more
From September onwards, many US retirees in Connecticut, Colorado, Montana, Minnesota, New Mexico, Rhode Island, Utah, Vermont, and West Virginia could start receiving smaller monthly Social Security checks, by up to $200, due to a tax hike these states will impose on the benefits. The remaining 41 states don’t impose income taxes on Social Security … Read more
According to a Schwab Retirement Plan Services poll, the average American expects to retire comfortably with almost $1.9 million. However, the Federal Reserve’s 2022 Survey of Consumer Finances reports that the average household savings for individuals aged 65 to 74 is only $609,230. This gap inevitably affects retirement plans, as retirees must align their savings … Read more
