savings
Will your COLA increase keep up with your healthcare costs?
Social Security beneficiaries will see an increase in their Social Security checks of 3.2 percent in 2024. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers…
A new conflict of interest rule
The Department of Labor has proposed a new retirement rule to close governance loopholes and require financial advisers to give retirement advice in the best interests of savers and not themselves. According to the federal government, “bad financial advice by…
Immediate expenses win over saving for retirement
A new survey by the consulting firm Buck found employees would prefer a “$500 pay increase to a $500 increase in contributions made to a retirement plan.” Also, the researchers report that over three-quarters of the employees surveyed said they…
The new contribution limits for 2024
Good news for individuals saving for retirement- the IRS announced the new contribution limits for 2024. The contribution maximums will increase by $500 for most retirement savings vehicles. Mike Winters reports on the 2024 contribution limits, but more importantly, picking…
Social Security replacement rates vary widely among retired workers
The original intention of Social Security was to replace 40 percent of an individual’s pre-retirement income with other retirement income from different sources to make up the balance. However, according to a report published by the National Institute on Retirement…
Are you overlooking a Roth IRA?
While retirement planning is different for everyone, there is one fundamental aspect that consistently factors into all plans: retirement savings. Although less than 25 percent of employees use an employer-sponsor 401(k) plan, if you are looking for a different retirement…
Bonds backfired on boomers in 2022
After last year’s market turmoil, younger investors are faring better than older investors. According to Fidelity Investments, “the average 401(k) balance for millennials stood at $48,300, up from 2021; however, the average 401(k) account for boomers held at $220,900, down…
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 Inflation Reduction Act’s big vaccine changes
The Inflation Reduction Act (IRA) of 2022 changed the vaccination coverage -plus reduced the cost of receiving those vaccines for people on Medicare. In 2023, “the IRA made adult vaccines recommended by the Advisory Committee on Immunization Practices available at…
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,…