Latest News
Is COLA keeping up with inflation?
Social Security recipients will receive a 2.5 percent cost-of-living adjustment (COLA) in January 2025. However, Kevin Thomson, CEO of 9i Capital Group, said: “The COLA increase is not substantial enough to outpace the growing costs faced by Social Security beneficiaries.”…
Undermining the nation’s retirement readiness
Could a government-run retirement program to increase coverage do more harm than good to the nation’s retirement security? The Retirement Savings for Americans Act (RSAA) aims to expand retirement coverage for workers by creating a federal retirement plan for those…
A third of retirees are overspending
The 2024 study by the Employee Benefits Research Institute found that 31 percent of retirees were guilty of overspending in retirement. This figure is up from the first study conducted in 2020 which 17 percent of retirees said their spending…
Three key moves to make in 2025
Even though Social Security benefits only replace 33 percent to 55 percent of earnings for the average worker, Social Security is the largest source of income for most beneficiaries. Without Social Security benefits, about 4 in 10 adults 65 and…
How you can save more money in 2025
New year, new rules for retirement savers. In 2025, 401(k) savers can save $23,500, and those 60 to 63 can save an additional $11,250 for a total of $34,750. “This can be a great way for people to boost their…
Medicare Part B costs have outpaced COLA for years
Data shows that Medicare Part B premiums have been rising faster than COLA for years, which is why many seniors are struggling to make ends meet. Mary Johnson, Social Security and Medicare policy analyst, her analysis shows that “From 2005…
Your tax bill could be much lower depending on where you retire
Most of us know the famous Ben Franklin quote about taxes; “Nothing can be said to be certain, except death and taxes.” However, times have changed when it comes to taxes. Retirees may or may not have to pay state…
Retired military service members may be eligible for tax benefits
Are you a veteran? Are you unsure whether your military retirement pay is taxable? “Military retirement income combined with income from a civilian job or a spouse’s income can push Veterans into a higher federal income tax bracket, according to…
Differences between Roth and traditional 401(k)s
We all know that Roth 401(k) and traditional 401(k) are great retirement savings accounts, but which is right for you? Your choice could mean the difference between higher taxes now or in retirement. Yes, contributions to these accounts and any…
What is the maximum taxable earnings limit?
The new year starts in 51 days; are you ready for the changes to Social Security? Of course, the cost-of-living adjustment (COLA) of 2.5 percent will boost the average Social Security check by $50 a month; however, there are more…