As they grow older and advance in their careers, many professionals start to find that they have more money in their pockets. If you’re in your 30s or 40s, this might sound like you. Those long nights and sacrifices you’ve made to move up the corporate ladder have finally paid off. For the first time…
Building Blocks for Hitting Your Retirement Sweet Spot
Many retirees, and some on the cusp of entering their Golden years, may hear someone talking about our “Magic Number.” This post concerns the myths and realities of a retirement “Magic Number.” First, we’ll explore what “the number” is and how various analysts propose different sets of numbers to represent it. Crucially, we’ll explore why (and how)…
Best Retirement Plans–Broken Down By Rankings
There was a time when workers could depend on an employee pension plan and Social Security to cover their retirement expenses. Nowadays, pensions are scarce. And, the future of Social Security is murky at best. Maybe this is why one in four Americans haven’t saved anything for retirement. And, those that did, aren’t saving enough. But, it doesn’t have to be this…
How Are Annuities Given Favorable Tax Treatment
How are you saving for retirement? Like most people, you’re probably contributing to a 401k or IRA. There’s nothing wrong with that. After all, there were about 600,000 401(k) plans in 2020, with 60 million active participants and millions of retired and former employees. And, in the same year, nearly 29 percent of US households owned traditional IRAs….
Inflation May Push Social Security COLA up Around 10% in 2023
September 8, 2022
admin
BrightbudgetingCost of Living adjustmentFixed IncomeFuture Planninginflationpersonal financeretirementseniorSenior Citizens LeagueSocial Security
0 Comment
By Georgina Tzanetos From Bankrate.com With inflation near a 40-year high, Social Security could get a historic boost next year to help seniors keep up. The most recent estimate for a 2023 cost of living adjustment (COLA) is 9.6 percent, says Mary Johnson, Social Security and Medicare policy analyst for senior advocacy group the Senior Citizens League…
The Savings Game: Spousal and Survivor Benefits, and Other Reader Questions
By Elliot Raphaelson Q: In a recent column, you indicated that if you remarried after age 60, and had been receiving a spousal benefit on the basis of your ex’s Social Security earnings, that benefit ends immediately, and you had to wait a year before you could receive a benefit from your new spouse. I believe…
Does Spouse’s Income Affect Social Security Benefits?
For some people, it makes sense to start drawing Social Security benefits before reaching full retirement age (FRA). But there are restrictions that attend this decision to draw benefits early. The Social Security Administration considers the act of drawing benefits as retirement. This means that recipients are restricted as to how much additional income they…
How Job Hopping Can Impact Your Investment Strategy
Americans are shifting jobs faster than ever before. According to the Harvard Business Review, the average monthly quit rate has been on the rise since 2009, a trend that came to a head with the “Great Resignation” of 2021. This trend is impacting how many professionals approach their investment strategy. For the American workforce, the…
How COVID-19 has Impacted Retirement
I’ll be the first to admit it. I’m exhausted by COVID-19—just as I’m sure that you are. But, that doesn’t mean you should completely ignore it. If you do, you may not only be putting your physical health in jeopardy but also your financial future. The pandemic has caused job loss or a reduction in hours. In…
Best Time of the Year to Retire for Tax Purposes
By Brian Baker From Bankrate Retirement is a goal nearly everyone hopes to reach someday. People spend decades working, saving, and investing to meet their retirement goals, and achieving those goals is a real accomplishment. But how do you know when’s the best time of the year to retire? The time of year you choose to retire…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`