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Americans need to be schooled on how to build a nest egg
Maurie Backman reports on survey results from TD Ameritrade that show most adults aged 40 to 79 give themselves a C or lower on the progress they’ve made building their nest eggs. This same survey found that 32% of Americans in their 40s…
Who is at risk of retiring broke?
Katie Brockman explains the three legged stool of pensions, savings, and Social Security benefits as the key to a secure retirement. Unmarried women over 60 are most at risk for “having no legs” on that stool and thus face a…
Social Security changes in 2020
While the law has not changed, a few automatic and technical changes went into effect on January 1, 2020 related to Social Security. Brittany De Lea of Fox Business News summarizes them in this piece. Congress appears to be ignoring…
Don’t forget the “catch up contributions” if age 50 or older
As Maurie Backman reports in this piece, most retirees will reply on a combination of Social Security benefits and retirement savings to cover bills once they stop working. Social Security will replace only 40% of pre-retirement income for the average earner. But most seniors…
This Social Security Perk Starts to Drop
Patience pays when it comes to Social Security, but it will pay just a bit less starting in 2021. As Dan Caplinger explains in this piece, 2020 is the last year of full retirement at age 66. Full retirement climbs…
Millions of Seniors Can’t Even Afford the Basics
Katie Brockman cites a recent study from the Center for Social and Demographic Research on Aging that roughly half of adults over age 65 who are living alone can’t afford to pay for their basic necessities. The culprit may be over reliance…
Social Security Benefits Following the Latest COLA
Sean Williams of The Motley Fool explains what the 1.6% cost of living adjustment (COLA) announced last October and that took effect in January 2020 actually means for folks. The average retired worker will bring home about $284 extra for this calendar…
Biden & Sanders clash on Social Security
Social Security hasn’t been part of the stump speeches of the Democrat candidates very often this season, but Bernie Sanders and Joe Biden have come to heads about comments Biden apparently made in the past. Biden’s team accuses Sanders of doctoring a video…
Understanding the SECURE Act
Since its becoming law on December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) has drawn many questions from the public, specifically in terms of how individuals are affected. BBB Education Foundation columnist Melissa Ramsey, in…
The Most Important Factors That Determine Your Social Security Payout
As one approaches the decision point on when to file for Social Security benefits, there are several key factors that come into play. Three of these–how many years you worked and how much you earned–are pretty much unchangeable at that…