savings
Does paying off a mortgage ASAP make sense for retirees?
The Joint Center for Housing Studies of Harvard University recently released a report showing that the number of homeowners aged 65 to 79 with a mortgage on their primary home has increased to 41 percent. Also, homeowners aged 80 and…
Saver’s Match could boost retirement savings
In 2027, eligible Gen Z and Millennial retirement savers could see a double-digit increase thanks to the Saver’s Match. Saver’s Match, which replaces the Saver’s Credit, was enacted under the SECURE 2.0 Act, provides eligible taxpayers with a 50 percent…
Breaking News: Social Security & Medicare aren’t Going Bankrupt!!
In the true sense of the word, neither Social Security nor Medicare is in any danger of going “bankrupt.” However, that doesn’t mean that both programs are not having financial difficulties. Indeed they are, but the worst case scenario is…
A Logistics Nightmare: Implementing the Social Security Fairness Act.
Celebrated by all those affected by the elimination Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), what’s not talked about is the logistics of implementing this new legislation known as the Social Security Fairness Act. Fact is, bills…
HSAs account balances are increasing
A recent report on Health Savings Accounts (HSA) found that there had been a 35 percent increase in HSA account balances from 2024 to the beginning of 2025. “HSAs have long been a strategy to help offset the high cost…
How many people will benefit from the price cap
If you are a Medicare recipient who takes expensive prescriptions, you will get a break on your drug costs in 2025. The Inflation Reduction Act 2022 enabled Medicare to negotiate drug prices and establish a $2,000 cap on out-of-pocket spending…
Changes to retirement savings in 2025
With the new year starting and soon a new administration, what will this mean for retirement savings? Will Americans be encouraged to save more for retirement, and will new laws be passed to incentivize investment in 2025? Lynn Cavanaugh asked…
Does the 4% rule still hold true?
Developed by financial planner William Bengen in 1994, the 4 percent rule is a widely accepted guideline for determining how much a retiree can withdraw from their retirement savings each year without running out of money. But does this still…
The top regret of retirees
What is the one thing that the majority of retirees regret? When asked in a recent survey, the number one regret of retirees was they did not prioritize saving for retirement during their younger working life instead of waiting to…
Changes to 401(k)s in 2025
The start of the new year is only two weeks away, and there are changes to those participating in a 401(k) plan that they need to know. As the result of the SECURE 2.0 Act of 2022, these new rules…