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Is a Roth IRA right for you?
A Roth IRA is an Individual Retirement Account to which you contribute after-tax dollars. Your contributions and earnings can grow tax-free, and you can withdraw them tax-free and penalty-free after age 59½ and once the account has been open for…
Why you may want to claim your Social Security benefits early
You can start receiving Social Security benefits as early as age 62 or any time after that. The longer you wait, the higher your monthly benefit will be, although it stops increasing at age 70. Your monthly benefits will be…
A call for “common sense” reforms to Social Security
Former vice president Mike Pence, a likely 2024 presidential contender, is advocating for “common sense reforms” to Social Security and Medicare. Speaking to university students, “if we act in this moment with the support of this generation, we can introduce…
Next-year’s COLA may be lower
Recent data shows spending among older Americans has increased. This increase in spending may be due to this year’s historic cost-of-living increase, the largest in almost four decades. However, while older Americans may have received a hefty cost-of-living increase, that…
Is there a reasonable solution to Social Security woes?
Social Security Trust Fund will be able to pay scheduled benefits on a timely basis until 2034, according to the latest report. At that time, the reserves will become depleted. Continuing tax income will be sufficient to pay 77 percent…
Will cutting fraud save Medicare?
In 2022, the total amount spent on Medicare was $982 billion, and Medicaid spending was $864 billion. The federal government has estimated that 7.5 percent of payments on traditional Medicare in 2022 were for “improper or fraudulent payments”; for Medicaid,…
ESG Investing and your retirement savings
President Biden has vetoed the legislative bill blocking ESG Investing for Retirement Funds. What does this mean? ESG Investing is Environmental, social, and governance (ESG) investing is a strategy you can use to put your money to work with companies…
Hardship withdrawals in 2022
According to the latest analysis by Fidelity Investments, Americans’ retirement nest eggs saw significant drops year-over-year. The savings rates did change, but not at the level Fidelity recommends. Javier Simon explains how economic turmoil may prevent many Americans from maximizing…
How will the banking crisis affect Social Security funding
According to the 2022 report from the Social Security trustees, the trust funds will run out of money by 2035; however, the Congressional Budget Office projects insolvency could come even sooner. A bipartisan group of U.S. senators is working on…
Social Security benefits may not increase as much next year
Approximately 70 million Americans–Social Security and Supplemental Security Income (SSI) beneficiaries–saw an increase of 8.7 percent in their monthly benefits in 2023. According to new research from the Bank of American Institute, the cost-of-living adjustment for 2023 was one of…