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A shifting retirement landscape
The recently released Vanguard Retirement Outlook analysis found that “if all workers had access to a defined contribution plan, retirement readiness would rise to 61 percent.” However, the U.S. retirement system has undergone a structural shift where defined benefit plans…
Medicare Open Enrollment will start Oct. 15th
Due to the government shutdown, updates to information on the Medicare.gov website may be limited or delayed. Your Medicare benefits and coverage will continue as before, and you can go to your doctor and access the health care services you…
Will your retirement savings last 25 years?
Retirement isn’t a carefree experience for everyone. Fears about money and declining health loom large, compounded by the uncertainty of what the future holds. A recent survey of pre- and post-retirees found that two-thirds of people fear running out of…
The Emergency Relief for Federal Contractors Act
Senator Catherine Cortez Masto, D-Nev., introduced legislation (S. 2964) on October 1st that would allow penalty-free distributions from retirement accounts in the case of certain Federal contractors impacted by Federal Government shutdowns. Companion legislation (H.R. 5690) was introduced in Congress…
Columbus Day Holiday
The staff at Social Security Report are off today for the federal holiday, Columbus Day.
Medicare and a Health Savings Account
Now that you are on Medicare, or getting ready to go on Medicare, you may not be able to contribute to your Health Savings Account (HSA) any longer, but you can still use it to pay for qualifying medical expenses.…
2026 Retirement Rule Change for 401(k) Catch Up Contributions
A popular retirement tax break for catch-up contributions ends in 2026 for higher-income earners. A provision in the 2022 Secure 2.0 Act no longer allows high earners making $145,000 or more to put their catch-up contributions into a traditional 401(k)…
Retirement Can Come with Unexpected Costs
Unexpected expenses catch many Americans by surprise in retirement. One of the largest of these is the cost of Medicare Part B. The current cost of Medicare Part B for 2025 is $185, but is expected to increase to $206.50…
Retirement Doesn’t Always Mean You Have to Start Your Social Security Benefits Early
If you are in a position to retire early and don’t need to start your Social Security benefits at that time, congratulations! If you find yourself in a position where your early retirement wasn’t your choice, there are options you…
Which is better? A Roth IRA or a regular IRA?
The two key differences between a Roth IRA and a regular IRA are that you pay taxes on your contributions to a Roth, and with a regular IRA, you pay taxes on your withdrawals. When you file your tax return,…