savings
What is the super catch-up?
Under the SECURE 2.0 Act of 2022, individuals aged 60-63 are eligible to participate in “super catch-up.” What is super catch-up? The super catch-up allows retirement savers to contribute an additional $11,250, on top of the standard $23,500 annual contribution…
Where to live in retirement
GOBankingRates recently published a study on how far combined retirement savings of $750,000 and Social Security benefits would last in each region of the country. They considered housing markets, healthcare costs, and assorted living expenses in each area. To read…
How much savings should you have
What is your savings balance? The average middle-class American is $13,000, compared to the $128,000 in median savings of Americans with a net worth in the top 10th percentile. However, your personal goals should determine the savings you should have…
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.”…
Top Retirement Planning Questions
NorthWestern Mutual’s 2024 Planning and Progress Study looked at the top retirement questions Baby Boomers have on their minds. The study conducted earlier this year found that the top question, with over one-third of participants voicing it, was: “How much…
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…
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…