savings
Aim to be less reliant on Social Security COLAs
The official 2025 COLA will be released by the Social Security Administration (SSA) in mid-October 2024, usually around October 15th. However, the announcement may not be what seniors are hoping for. Why? Experts estimate a lower COLA than the previous…
Alternate Sources of Retirement Income
Social Security is not enough to live on, so a mix of income resources makes sense. Gabrielle Olya for Go Banking Rates explains here… Notice: The link provided above connects readers to the full content of the posted article. The URL (internet…
Unexpected costs in retirement
Planning for your retirement is not easy. You must not only account for the costs of everyday things such as housing, insurance, and traveling but also those unexpected costs you may encounter during your retirement that may impact your financial…
Women and retirement savings
At the end of 2022, the average monthly benefit check for a retired woman was $1,638 compared to $2020 for a retired man, according to a report from the Social Security Administration. Why? Women tend to earn less than men,…
Are you nervous about retirement?
The majority of Americans are nervous about retirement, according to the latest report from Schwartz Center for Economic Policy Analysis. The results demonstrate that the stress level of retirement differs based on age, gender, economic and educational levels. Lynn Cavanaugh…
What are your plans for your Social Security benefit?
In June 2024, over 67 million individuals received Social Security benefits, with an average benefit of $1,781. We know from previous studies that About 1 in 7 seniors rely on Social Security for at least 90 percent of their income.…
Is it an under-saving issue or a retirement crisis?
Do Americans have a retirement crisis or an under-saving for retirement issue? According to the Boston College Center for Retirement, their research shows almost 40 percent of working-age households cannot maintain their standard of living in retirement. However, 80 percent…
The risk of running out of money
Inflation is putting “more retirees at risk of running out of money,” according to a recent study published by Boston College. Who will be seeing this risk? Is it the wealthy retirees or the less-than-wealthy retirees? The less wealthy retirees…
Choosing the right self-employed retirement plan for you
According to the Bureau of Labor Statistics, almost 16 million Americans are self-employed. There are benefits to being self-employed, including being one’s boss, but there are downsides. One is you must take control of your retirement planning. It can be…
Have Markets already Privatized Social Security?
With a unique perspective John Tamny for Forbes explains how the markets have already adjusted to Social Security’s shortfalls. The 55 plus crowd, recognizing that Social Security will not sustain them in retirement, are saving and investing more now than…