Planning for retirement is a crucial undertaking that can span many years, and the decisions you make during this period will significantly impact your financial stability, lifestyle, and legacy in your later years. It’s essential not to take these decisions lightly or delay them. Moreover, if you have a partner, it’s vital to involve them … Read more
A drastic change in the financial situation of retirees is on the horizon for 2024. Thanks to the cost-of-living adjustment (COLA), Social Security benefits and Supplemental Security Income (SSI) payments are set for a 3.2% increase. This adjustment is crucial in helping beneficiaries keep pace with the escalating cost of living. However, it may only partially … Read more
Four Financial Red Flags Proving You’re Not Ready To Retire at 62 In 1991, the average American reported retiring at 57; in 2024, the average reported retirement age was 61. It was also reported that the target retirement age among those who aren’t retired went up from 60 in 1995 to 65 in 2024. So, … 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
If you search online, you’ll encounter various suggestions for enhancing your Social Security benefits. For instance, improving your job skills to secure higher wages can increase your program payouts. Another strategy is to consider delaying your filing until age 70, ensuring the maximum monthly benefit based on your earnings history. While striving for a higher … Read more
Social Security benefits are crucial in providing financial security for American retirees. For married couples, the program offers the possibility of receiving dual benefits, either because both spouses have worked or through spousal and survivor benefits. However, there are several factors that can unintentionally reduce the amount your spouse receives. Here are three important considerations … Read more
There’s been a significant shift in how retirees envision funding their golden years in recent years. According to a 2024 study by Schwab, many workers rely on their 401(k) workplace savings plans as their primary retirement income source. This trend is noteworthy: in 2024, approximately 37% of workers expected their retirement income to come primarily … Read more
As you approach retirement, a pivotal decision awaits: when is the best time to begin claiming your Social Security benefits? This choice, akin to the age-old wisdom of “The early bird catches the worm,” holds significant financial implications. While some claim benefits as early as 62, others delay until 67 or later. Each path has … Read more