Headlines
Peak 65. Haven’t heard of it? It’s coming in 2024.
Cyrus Bamji, guest contributor to the street.com, explains that in 2024 the U.S. will mark a historic demographic milestone called Peak 65. That’s when our nation will experience more Americans turning the traditional retirement age of 65 than at any time…
High Earners Not Taking Retirement Seriously Enough
High-earning households should understand that Social Security will replace a smaller share of pre-retirement income. That’s the nature of the progressivity built into the program, which has always been at its core, an anti-poverty program. Brian O’Connor states in this piece that…
Biden’s 4-Point Plan to Change Social Security Barely Moves Needle
Sean Williams writes often about Social Security and other finance issues. He describes President Biden’s four point plan to change Social Security, which is facing insolvency in just 10 years. The problem is the plan barely moves the needle. An…
Is Gen X the broke generation?
In a recent survey of individuals born between 1965 and 1980, Gen Xers found 56 percent of them said they have less than $100,000 saved for retirement, and 22 percent said they have no retirement savings. Almost two-thirds of the…
More households overestimating their retirement readiness
A new report from the Center for Retirement Research at Boston College found “more than 25 percent of US households think they are on track to maintain their standard of living in retirement, but many are at risk of falling…
How to achieve more than the average benefit amount
Social Security beneficiaries, 37 percent of men and 42 percent of women, receive 50 percent or more of their income from Social Security. Also, among the elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely…
How to fix Social Security before benefits are cut
Many Americans think since Congress resolved the debt limit crisis by suspending it until 2025, all is well with the federal funding of government programs. That is not the case. For the past thirteen years, the Social Security program has…
What is an IRA recharacterization?
IRA recharacterization is a strategy that changes the type of IRA for a specific contribution. Recharacterizing gives you the opportunity to change your mind or correct a mistake. However, there are deadlines and rules for recharacterizing IRA contributions. Rebecca Lake…
Election 2024: Battle Lines Being Drawn on Social Security
Early candidates in the Republican primary race have indicated a wide disparity in their positions when it comes to Social Security. Specifically, former Vice President Mike Pence has gone on record calling for program reform, hinting at a change in…
COLA Watch 2024–Likely Nowhere Near 2023
Inflation is easing, and that’s a good thing for the economy in general. Unfortunately for seniors, though, that downward trend brings with it a similar trajectory in cost-of-living adjustments (COLA). In fact, current projections are that the COLA for next…