Headlines
Inflation Causing Uptick in 401k Hardship Withdrawals
The negative effects of the inflation of the past two years have been well documented, but it goes beyond Americans complaining about higher food costs and trouble paying rent. In this piece, Megan Henney cites new data from Bank of…
Raising Taxes to Rescue Social Security?
It’s mentioned a lot by pundits and Democrat politicians– raise payroll taxes to fix Social Security’s ill financial health. Maurie Backman explains the program’s troubles (insolvency hits around 2033-34) followed by various tax raising proposals. One is to increase the…
Baby Boomers Live Longer. Therefore, Avoid Buying These 5 Things
Vawn Himmelsbach’s piece here reminds readers that in the 1930s, average life expectancy was 58 for men and 62 for women, based on Social Security Administration data. However, today women have a 1-in-3 chance and men a 1-in-5 chance of living to…
Don’t Get Caught Off Guard By Upcoming Social Security Benefit Cuts
Are cuts really coming? Yes, they are, but Congress could act before 23% across the board cuts hit all beneficiaries in 2033. Still, people can prepare for Social Security’s looming insolvency which has been predicted and written about for more…
Making an informed choice about when to claim Social Security
Starting your Social Security retirement benefits is an important step on your retirement journey. The Social Security Administration reports: Elderly Social Security beneficiaries, 12 percent of men and 15 percent of women, rely on Social Security for 90 percent or…
AI may make fraudulent schemes easier and faster to execute
Elon Musk said, “While AI has tremendous potential to transform industries, we must not forget the impact it could have on society and must work to mitigate potential risks.” The risk is here now. The Social Security Administration Office of…
Common misconceptions about how Social Security benefits are calculated
Among Social Security beneficiaries, 37 percent of men and 42 percent of women receive 50 percent or more of their income from Social Security. Among elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely on…
What if Social Security runs out of money?
The Social Security Trustees report is an annual report that provides information about the current and projected financial status of the Social Security and Medicare trust funds. The latest annual report shows the Trust Fund will run out of money…
How can you make a retirement savings plan when you run your own company
Though large corporations get the spotlight, according to the U.S. Small Business Administration, the reality is that the vast majority of businesses in the U.S. are small businesses. There are an astounding 33.2 million small businesses across America. Of the…
Money Saving Tips For Seniors
Seniors trying to make ends meet face unique challenges others simply do not. The fixed income component of being on Social Security alone looms large. While younger folks can work overtime, pick up a side gig, or put in an…