Why it pays to wait to claim Social Security retirement benefits

Moyo Studio | E+ | Getty Images The first Social Security check was issued 83 years ago. The check, for $22.54, went to retired legal secretary Ida May Fuller of Ludlow, Vermont. Today, in 2023, the average retirement benefit is $1,827 per month, according to the Social Security Administration. The maximum Social Security benefit for … Read more

As retirees worry about tax surprises, these filing resources may help

Allison Michael Orenstein | Getty Images As the tax season kicks off, seniors may be facing new questions this year. A record 5.9% Social Security cost-of-living adjustment last year likely pushed up their income. Meanwhile, other income, such as required minimum distributions, other retirement account withdrawals or part- or full-time work may make filing more … Read more

8M Americans earning more than $100K are living paycheck-to-paycheck

Almost two thirds of Americans now say they are living paycheck-to-paycheck, a new survey has found – with nearly five percent of those struggling earning more than $100,000 a year. As inflation continues to bite – the Consumer Price Index for December showed that, over the last 12 months, the all-items index increased 6.5 percent, … Read more

Americans short on emergency savings amid ‘dangerous scenario’

Suze Orman speaks during AOL’s BUILD Speaker Series at AOL Studios In New York. Jenny Anderson | WireImage | Getty Images An unexpected bill is never convenient. But there are even more reasons now that an unforeseen event — such as a car repair or medical expense — could put Americans on unstable financial footing. … Read more

High egg prices due to a ‘collusive scheme’ by suppliers, group claims

Eggs for sale at elevated prices in New York on Jan 21, 2023. Fatih Aktas/Anadolu Agency via Getty Images) Egg prices soared to historically high levels in 2022 — and one group is alleging the trend is due to something more nefarious than simple economics. Across all egg types, consumers saw average prices jump 60% … Read more

French bakers protest as beloved baguette faces threat from rising costs

Issued on: 23/01/2023 – 22:21 Dressed in aprons and brandishing baguettes, hundreds of bakers demonstrated in the streets of Paris on Monday to warn that the country’s beloved bread and croissant makers were under threat from surging electricity and raw material costs. “We feel like there’s a huge injustice,” said Sylvie Leduc from the rural … Read more

Retirees fall short on retirement income replacement ratio

Mstudioimages | E+ | Getty Images To maintain your standard of living in retirement, the rule of thumb is you need to be able to replace at least 70% of the income you had while you were working. But many retirees fall short of that retirement income goal, according to research from Goldman Sachs Asset … Read more

High Social Security cost-of-living adjustments may affect your taxes

Allison Michael Orenstein | Getty Images Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. But come tax time, they could see surprises resulting from last year’s 5.9% increase, which at the time was the biggest COLA in four decades. Last year’s 5.9% cost-of-living adjustment was like … Read more

How to get your credit score above 800 and keep it there

Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. FICO scores, the most popular scoring model, range from 300 to 850. A “good” score generally is above 670, a “very good” score is over 740 and anything above 800 is considered “exceptional.” Once you reach … Read more

Why inflation hit these 10 items hardest in 2022

David Paul Morris/Bloomberg via Getty Images Inflation popped in 2022 to a level unseen in four decades. But prices ballooned more rapidly for certain items than others, largely concentrated among food, fuel and airfare. Some of those swings were due to outward factors that extended beyond broad inflationary pressures such as snarled supply chains, labor … Read more