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Could hurricanes play important role in the 2024 COLA?

How will the heightened hurricane activity this season affect the 2024 Social Security cost-of-living- adjustment? Some experts are expectorating on how the storms will impact supply shortages and price increases. Gas prices contribute to the inflation index used for calculating…

The odds of approval of your SSDI application varied greatly by state 

After you file your SSDI claim, it usually takes three to five months to decide. The time will depend on how much evidence you provide with your application. Three to five months is just the average; it can take longer…

You might be doing better than you think

Social Security benefits are supposed to replace around 40 percent of the income you earned while you were working. As of June 2023, the average check is $1,701.62, according to the Social Security Administration – but that amount can differ…

Helping your kids fund a Roth IRA

Many retirees regret they didn’t start saving for retirement earlier. But what if you can turn those regrets into actions that benefit your children and provide important lessons? You can by taking this easy step. David McClellan explains how helping…

 The IRS has postponed the catch-up contribution requirements until 2026.

Recently, the IRS announced the new catch-up contribution requirement under the SECURE 2.0 Act. The new rule affects older, higher-paid 401(k) participants to make catch-up contributions into an after-tax Roth account instead of the pre-tax traditional accounts. Although Congress meant…

These potential adjustments to the Social Security program may not seem wonderful

Heraclitus said, “Change is the only constant in life.” It may also be true about Social Security. If changes do not happen to the program, Social Security would be able to pay about 80 percent of the benefits to which…

SECURE 2.0 Drafting Error Could Cause a Change in Retirement Planning

A drafting error baked into the SECURE 2.0 act passed by Congress and signed into law last December would, if not corrected, have an effect on those planning on making catch-up contributions in their employer-sponsored retirement accounts in 2024. Specifically,…

Social Security Advice for Women Could Equally Benefit Men

The Motley Fool’s Selena Maranjian takes a look at a series of tips provided by the Social Security Administration to help women make the best decisions for their benefits, but also notes that these ideas are essentially unisex. Calling them…

Attention First-Year Retirees: Some Mistakes to Avoid

Many folks getting set to move into that coveted life phase called “retirement” have some important–critical, really–steps ahead, most of which could cause financial discomfort down the road. One of these, of course, is the obvious decision on when to…

Preparing for Social Security Cuts–Some Steps You Can Factor into Your Strategy for Retirement

Yes, it’s still a decade away, but the possibility of substantial benefit cuts is very real, regardless of the actions–or inactions–of Congress. In fact, it’s clear to almost everybody who’s kept themselves at least partially up-to-date on the Social Security…

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