Latest News
COLA Announcement & Explanation
Maurie Backman covers how the cost of living adjustment (COLA) is derived and when the October announcement will take place in this piece. CPI-W is explained. The consensus forecast among experts is a 2.5% COLA. That is the result of…
Ending Taxes on Social Security: Pros & Cons
Sean Williams explains what is popular is not always savvy. Donald Trump is campaigning to end income tax on Social Security benefits. Williams explains the origin of taxing benefits in the 1983 rescue law and then the 1993 change that…
Tired of Skimpy COLAs? Take other actions now.
With next year’s cost of living adjustment estimated at just 2.5%, Maurie Backman reminds seniors not to be hostages to small Social Security benefit increases. But the alternative choices can be harsh and involve serious belt tightening. Among the options…
How much money you need to retire comfortably in every U.S. state
Mike Winters of CNBC looks at a recent GOBankingRates analysis of all 50 U.S. states and notes the annual cost of a comfortable retirement can differ by as much as $67,981 depending on where you settle. The point is where you retire…
Beware of regrets by waiting to claim until age 70
Financial experts are near universal in their advice to wait to claim Social Security until age 70 to get the maximum monthly benefit for the rest of your life. Laura Beck discusses that strategy with an individual who did that…
How Much will the Average Social Security Benefit Will Increase?
With a Social Security cost of living announcement on the horizon, many seniors are asking how much more they might get starting in January 2025? Maurie Backman says $48. That equates to 2.5%, the estimated COLA, on the average social…
Gen Xers Are Catching Up on Retirement Savings
Kate Stalter of U.S. News reports on those sandwiched between the more populous boomer generation and even more populous Millennials. Gen Xers often find themselves overlooked when it comes to financial planning resources, though retirement is on the horizon for the oldest members…
Target Funds vs. Index Funds for Near Retirees
With Social Security replacing a mere 40% of pre-retirement income, those nearing retirement will need much additional income. Maurie Backman notes that many 401(k) plans default to target date funds. These funds adjust your risk profile based on how close…
Oct 10th announcement will be more than just about COLA
Maurie Backman reminds us that an official Social Security COLA announcement will come on October 10th, and then all can take a look at their monthly benefits and apply that percentage to see what their 2025 monthly benefits will be.…
3 Big Social Security Changes Coming in 2025
It’s not just the announcement of the cost of living adjustment (COLA) that will make big news next week. Trevor Jennewine explains that once that amount is announced, and it’s predicted to be 2.5%, other Social Security adjustments also will…