Many retired individuals depend on Social Security benefits to support their daily expenses. As other sources of income, such as retirement savings, dwindle over time, these benefits become increasingly crucial because they constitute a guaranteed income. As a result, it’s prudent for current employees to strive to enhance their future Social Security payouts. A survey … Read more
Choosing the right age to start receiving Social Security benefits is a pivotal decision that will influence your monthly income for the rest of your life. While you can claim benefits as early as 62, waiting can increase your monthly checks. If you delay until 70, you’ll receive your full benefit plus an additional 24% … Read more
Retirement is not just a phase; it’s a lifestyle transformation. And, like any transformation, you need to be prepared. If you’re eyeing 2024 as your year of liberation from the 9-to-5 grind, you’ve come to the right place. Let’s delve into the three unmistakable indicators that you’re ready to embrace the golden years with open … Read more
Securing a comfortable retirement demands more than just relying on Social Security benefits. While Social Security was never designed to be the sole pillar of retirement funding, various avenues exist for potential retirement income. Acknowledging that Social Security alone falls short of ensuring a comfortable retirement is essential. Its intended purpose was to provide an … Read more
As inflation trends stabilize, predictions indicate that the rise in Social Security benefits in 2024 might not be as significant as the previous year. Current forecasts by the Senior Citizens League, a nonpartisan advocacy group, suggest a potential cost of living adjustment (COLA) of around 3%. This starkly contrasts the 8.7% increase witnessed in 2024, … Read more
The population of retirees is expanding at a notably faster rate than the influx of new workers, ushering in an unprecedented phenomenon of an aging America that will reshape our economic and labor landscape. In the last five decades, the baby-boomer generation, born between 1946 and 1964, has significantly impacted the American workforce. As they … Read more
Succumbing to fears concerning Social Security could lead to financial consequences. From a statistical perspective, the optimal age to receive Social Security benefits is 70. Nonetheless, many individuals appear to disregard these statistics. Around 40% of Americans intend to claim their Social Security benefits by age 65. Schroders, an asset management company, sponsored an annual … Read more
The retirement expectations of older Americans tend to center around two significant milestones: the Social Security early retirement age of 62 and the Medicare eligibility age of 65. However, a recent publication from the Social Science Research Network reveals that, on average, Americans retire earlier than their initial expectations. Several societal and demographic factors play … Read more
Social Security benefits are a significant pillar of retirement planning for many Americans. With the median retirement account balance standing at a mere $35,345 in 2021, it’s evident that many retirees lean heavily on Social Security. However, there are subtle ways you might be missing out on maximizing these benefits. Let’s delve into two key … Read more
Washington state employees saw a recent deduction in their paychecks due to a new tax on wages. The new tax is meant to support the expenses of long-term care. This tax, known as the Washington Cares Payroll Tax, was established in 2019, but its implementation started in July 2024. Here’s how the tax works: most … Read more