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
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
Former All-Star center fielder and 2016 World Series champion Dexter Fowler announced via Instagram and Twitter this morning that he’s retiring after a 14-year Major League career. The 36-year-old offered the following statement: “It’s here. I’m hanging up my cleats. From an 18-year-old draft pick in Colorado to a ‘vet’ in Anaheim — there are … Read more
For many Americans, saving $1 million for retirement is the ultimate goal. This amount may or may not actually be enough to fund your retirement — based on a number of factors ranging from your lifestyle to your age and longevity — but if you’ve reached this goal, you’re definitely ahead of the game when … Read more
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
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
While investors tend to have their eyes fixed on the expected returns of their investments, responsible investing must also consider risk. Managing the trade-off between risk and return is the foundation of successful investing. Consequently, financial advisors who are tasked to help investors achieve their financial goals must pay attention to risk. There are four … Read more
A Social Security Administration office in San Francisco. Getty Images If you are delinquent on federal student loans and collect Social Security benefits, you may have your monthly checks reduced. A pandemic pause has put all garnishments on hold for now. But when collections are in effect, the reduction in annual Social Security benefits is … Read more
More than 1 in 4 retirees say they’re spending more than they can afford, according to an October 2022 survey by the Employee Benefit Research Institute. With inflation at 7.1% in November, it’s not surprising that savings aren’t going as far as they used to. But there are ways to bring in extra income without … Read more
A new year means a fresh start, and there are few better things to do than making sure you know exactly where you stand financially. This is especially true when it comes to retirement accounts, which often are approached with a set-it-and-forget-it mindset. Now’s a great time to make the following retirement moves for 2023 … Read more