seniors
Social Security in 2025
The only thing constant is change, and that holds for Social Security. In Social Security’s almost 90-year history (August 14, 1935), many things have changed, and next year will be no different. Starting in January, there will be five changes…
Only 4% claim Social Security at 70
You can start receiving your Social Security retirement benefits as early as age 62 but at a reduced amount. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits…
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…
Retirement facts for 2024
American workers face many challenges in saving for retirement, but we as a nation are saving despite the news articles pointing to the lack of retirement preparedness. However, there is room for optimism. John Manganaro presents the 12 merry retirement…
RMDs by year-end deadline
The IRS recently published a reminder for those aged 73 and older of the deadline to take required minimum distributions (RMDs) from individual retirement arrangements (IRAs) and other retirement plans. The SECURE 2.0 Act raised the age at which account…
Social Security changes that could affect your wallet.
When the Social Security Administration announced on October 10th that the cost-of-living adjustment (COLA) was to be 2.5 percent for 2025, unless you were already taking your Social Security benefits, you may have skipped over that news. However, along with…
What is the best age to begin your benefits?
According to a recent survey, 88 percent of retirees rely on Social Security to make ends meet. The same group said their benefits are a major source of income. So, how can you get the most from your benefits? First,…
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…
Don’t fall into these traps when applying for benefits
Signing up for either Social Security or Medicare should not be so confusing. It is easy to fall into certain traps that could cost you thousands of dollars. Why? First, when you sign up for Medicare, you do so on…