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What is a Safe Harbor 401(k)
According to research by Guideline, 90 percent of the 5.8 million small businesses in the United States do not offer employees a retirement plan. So, of the 42 million people working for a small business, 75 percent don’t have access…
Simpler ways to increase your benefits
Social Security benefits are much more modest than many realize; the average Social Security retirement benefit in January 2022 was about $1,614 per month. The maximum Social Security benefit in 2022 was $4,194 per month; however, only a fraction of…
Taxes can take a significant bite out of your nest egg
There is one area most retirees miss, and that’s taxes. Taxes can take a significant bite out of your retirement savings and investment income from a taxable brokerage account. However, you can have tax-smart investments and retirement accounts to reduce…
How to prepare for medical expenses in retirement
Do you know that a significant portion of your retirement savings and Social Security benefits will go towards your medical expenses? A recent report by the Center for Retirement Research at Boston College found that” in 2018, 12 percent of…
We’re finally through the transition
You can begin your Social Security retirement benefits as early as age 62; however, you are entitled to full benefits when you reach your full retirement age. But, the 1983 Amendments phased in a gradual increase in the age for…
Tips for Retiring on a Budget
According to a recent GOBankingRates survey, the majority of us have less than $1 million saved for retirement, and half of us have less than $20,000 saved. However, even if you do not have the “gold” standard saved for retirement,…
Can Social Security recipients catch a break?
The 2023 Social Security Cost-Of-Living Adjustment (COLA) may be the highest ever received by most Social Security beneficiaries alive today. The projections for 2023 COLA at around 8.7 percent is the biggest since 1981 when beneficiaries received an 11.2 percent…
What day will the officials announce the 2023’s COLA increase?
The Cost-Of-Living Adjustment (COLA) is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage…
Is Claiming Social Security at 62 Right for You?
Fact is, age 62 is the most popular age that Americans claim their Social Security benefits. For many, they do so simply because they can, after working and contributing to the program for their entire lifetime. And, sometimes, claiming at…
The Real Reason Your Medicare Premium is Going Down in 2023
On the heels of the announcement by CMS (Centers for Medicare & Medicaid Services) that Part B premiums will go down in 2023 (see yesterday’s headline article on this site), politicians are clamoring to take credit for the decrease. Reality…