retirement
Mark your calendars
Mark your calendars; the Social Security Administration will announce the 2024 cost-of-living adjustment on Thursday. However, Social Security recipients should see a significantly lower increase than last year’s 8.7 percent. Based on August inflation data, Mary Johnson of the Senior…
Save for retirement so you don’t have to worry
The Social Security Trustees announced the Social Security trust fund will only be able to pay about 80 percent of scheduled benefits starting in 2034. No wonder with headlines in the media that 59 percent of workers worry that Social…
The maximum amount you can get each month
Everyone wants to know: What is the maximum amount of Social Security benefits I can receive? According to the Social Security Administration: “If you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you…
Tips on how to transition into retirement
Life events are major events in people’s lives that alter their roles, positions, and/or resources. Retirement falls into this category; you no longer have that level of income you once had during your working life. However, you can plan ahead…
Social Security Will Not Provide Sufficient Retirement Income
The latest research from Vanguard found that Social Security will not provide adequate retirement income for low-income workers. The report states, “The goal for an average saver is to replace at least 70% to 85% of pre-retirement income in retirement,…
Expectations versus reality
Reality and expectations are two sides of the same coin. On the one hand, we have expectations, which are our aspirations and wants for the future. On the other hand, the reality is the actual result of our actions and…
Say what you may about the millennial workers, but….
Say what you may about millennial workers, but they are out saving the older workers. The latest Vanguard report found millennial workers are ”set to replace 58 percent of their prior earnings during retirement.” The experts point to developments within…
Why Americans do not like these possible Social Security funding solutions
Yes, the Social Security Trust fund is in trouble; however, Social Security will not run out of money since current workers fund retiree beneficiaries. Although current workers pay into the program via payroll tax, the revenue will not be enough…
Stop stressing about retirement
We all look forward to retirement, less stress, pursuing hobbies, visiting new places, or spending time with family and friends. However, many Americans are stressing out about retirement. A recent study by Allianz Life found most retirees are “more afraid…
How working affects your Social Security
The Transamerica Center for Retirement Studies reports almost half of the baby boomers plan to keep working past age 70 or never retire. However, if you are working while on Social Security, it is crucial to understand the earnings test…