As 2024 draws to a close, many individuals are contemplating the year ahead, seeking ways to bolster their financial well-being. Regardless of how distant retirement may seem, now is an opportune moment to take actions that can positively impact it. One strategic move with long-term benefits is making contributions to a Roth IRA. This retirement … Read more
Many individuals feel the weight of the necessity to save for retirement, driven by the fear that retirement could become a significant disappointment without a substantial nest egg. This concern may be amplified if potential cuts to Social Security become a reality. However, the challenge lies in maintaining a consistent retirement savings plan, especially in … Read more
The Social Security system is an essential component of retirement planning for most Americans. A recent Gallup poll found that nearly 90% of retirees rely heavily or partly on Social Security during retirement. However, navigating the complex world of Social Security taxes can be challenging, and there are potential pitfalls that could deplete your monthly … Read more
Philadelphia, PA: Authorities in Philadelphia are searching for the suspects involved in a series of armed robberies that have left local businesses and residents on edge. The first robbery occurred on November 20 at Larry’s Famous Pizza on Rising Sun Avenue, followed by another incident on December 11 at a Dollar General just blocks away. Both … Read more
Every day in the United States, as reported by the U.S. Department of Health and Human Services, 10,000 individuals reach the age of 65. In the upcoming year, during what is termed “Peak 65,” this number is anticipated to surge to 12,000 daily, marking an unprecedented peak in the country’s 65-year-old population. A projected 20% … Read more
The task of saving for retirement can be a daunting one, especially when faced with mounting financial responsibilities. A recent report from Vanguard reveals that the median 401(k) balance among its participants is a mere $27,376, far from the recommended $1.8 million needed to retire comfortably, according to Charles Schwab. However, there is a simple … Read more
The tax advantages provided by Health Savings Accounts (HSAs) may be unknown to many individuals. Despite not being as popular as long-term savings plans like IRAs and 401(k)s, understanding the rules and regulations surrounding HSAs can help individuals make the most of these accounts. Contributions to HSAs are tax-free, and the funds can also be … Read more
As retirees or those nearing retirement, it’s crucial to stay informed about the future of Social Security, a cornerstone of post-retirement financial stability for millions. Recent discussions among Republican presidential candidates have brought to light various proposals addressing the sustainability of Social Security funds, a topic of significant interest for retirees. The Debate on Raising … Read more
Withdrawing money from your traditional Individual Retirement Account (IRA) before the age of 59½ often comes with a penalty. Taxpayers will be assessed a 10% penalty, along with income tax in most cases, on early withdrawals. However, there are certain exceptions that allow individuals to take money out of their IRA early without paying the … Read more
As retirement approaches, many individuals are eager to enjoy their golden years on their terms. However, to ensure a comfortable retirement, careful financial planning is essential. One crucial step in the process is determining the exact amount of money needed for retirement. To begin, experts suggest starting with current living expenses. Consider that most of … Read more