retirement

Three Accounts ‘Average Joes’ Can Use To Invest Like Millionaires: Maximizing Roth IRAs, 401(k)s, and Tax-Free Withdrawals

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Three Accounts ‘Average Joes’ Can Use To Invest Like Millionaires: Maximizing Roth IRAs, 401(k)s, and Tax-Free Withdrawals

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

Social Security Payments to Increase By 2.5%: What It Means

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Social Security Payments to Increase By 2.5%: What It Means

The average Social Security payment is increasing by $48 per month next year. The Social Security Administration announced the 2.5% cost-of-living adjustment (COLA) for 2025 on Thursday, marking the smallest increase since 2021. The average COLA was 2.6% across the past decade, with the 2024 change at 3.2%, according to the administration. The close to … Read more

Social Security COLA For 2025 Increases Payments For 72 Million Americans By 2.5%, Lowest In Years

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Social Security COLA For 2025 Increases Payments For 72 Million Americans By 2.5%, Lowest In Years

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

Do You Job Hop for Higher Pay? Vanguard Says It Could Cost You $300K in Retirement Savings

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Do You Job Hop for Higher Pay? Vanguard Says It Could Cost You 0K in Retirement Savings

Employers can leverage a shared database to ensure new workers receive better or at least the same default savings rates for retirement plans they were receiving from their previous employers. Sora Shimazaki/Pexels.com People who change jobs often might make more money than average in the long run. However, many of them experience opportunity costs that … Read more

Social Security’s 2025 cost-of-living increase won’t be enough due to inflation, retirees say

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Social Security’s 2025 cost-of-living increase won’t be enough due to inflation, retirees say

“Inflation has eaten up my savings,” she said. “I don’t have anything to fall back on—the cushion is gone.” So even with the anticipated increase she’s looking for work to supplement her retirement income, which consists of a small pension and her Social Security benefits. About 70.6 million Social Security recipients are expected to receive … Read more

‘How Do I Split $7 Million Between My Son Who’s Bad with Money and My Husband’s Ungrateful Kids?’

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‘How Do I Split Million Between My Son Who’s Bad with Money and My Husband’s Ungrateful Kids?’

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

Are You Among The Top 10% Of Wealthy Retirees? Here’s How To Find Out And What Steps You Can Take To Join Them

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Are You Among The Top 10% Of Wealthy Retirees? Here’s How To Find Out And What Steps You Can Take To Join Them

A rich retirement life is often the result of patient investing and diversification across asset classes in your working years that offer adequate income and financial security when you hang up your boots. How much you need to retire is a burning question that younger generations pay more heed to than millennials and boomers. While … Read more

Boomer Reveals Heartbreaking Reason He Wishes He Claimed Social Security Earlier Than 70: ‘I Regret Always Planning For The Future’

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Boomer Reveals Heartbreaking Reason He Wishes He Claimed Social Security Earlier Than 70: ‘I Regret Always Planning For The Future’

75-year-old Tim F. receives larger monthly Social Security checks because he waited until he was 70 to collect the benefits. He followed the general trend of securing bigger checks by delaying his retirement beyond 62 and even full retirement age, which is 67 for those born after 1960. However, Tim regrets not collecting Social Security … Read more

October Social Security Payouts: Hundreds Of Dollars Added For Many Recipients—Check Your Payment Date

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October Social Security Payouts: Hundreds Of Dollars Added For Many Recipients—Check Your Payment Date

Social Security checks for October will be issued soon and could be hundreds of dollars bigger for some recipients. Checks are generally issued starting on the second Wednesday of each month, depending on your birthday. Those born in the first ten days of a month will receive this month’s Social Security checks on October 9. … Read more

Colorado lawmakers reject PERA funding change as system faces crunch

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Colorado lawmakers reject PERA funding change as system faces crunch

Lamenting the uneasy budgetary situation facing the state, Colorado lawmakers rejected a proposed bill Friday that would have increased annual payments to the Public Employees’ Retirement Association in times of inflation. “I think it’s a good concept. I don’t see how we can afford it this year,” Rep. Rick Taggart told fellow lawmakers on the … Read more