Could Social Security bail you out if a recession hits in 2023?

Could Social Security bail you out if a recession hits in 2023?

(Maurie Backman) Will a recession hit in 2023? This is a question on the minds of a lot of people right now. The Federal Reserve has been raising interest rates for months in an attempt to slow the pace of inflation. But his interest rate policies could fuel a sharp decline in consumer spending as … Read more

Want more retirement income? Here’s an investment worth owning

Want more retirement income?  Here’s an investment worth owning

(Maurie Backmann) Retiring on Social Security alone is generally a bad idea. These benefits will only replace about 40% of your pre-retirement salary if you earn an average salary. And that’s assuming that benefits aren’t substantially reduced across the board. As Social Security faces a financial shortfall, seniors could face benefit cuts if lawmakers don’t … Read more

3 Ways Saving for Retirement Could Help Your Finances Today

3 Ways Saving for Retirement Could Help Your Finances Today

(Kailey Hagen) Saving for retirement is generally considered a form of deferred gratification. You choose not to spend some of your money now in exchange for more money when you retire. But that’s too simplistic a way of looking at it. Although you won’t realize the full benefits of saving for retirement until you withdraw … Read more

Want more retirement income? Here’s an investment worth owning

Want more retirement income?  Here’s an investment worth owning

(Maurie Backman) Retiring on Social Security alone is generally a bad idea. These benefits will only replace about 40% of your pre-retirement salary if you earn an average salary. And that’s assuming that benefits aren’t substantially reduced across the board. As Social Security faces a financial shortfall, seniors could face benefit cuts if lawmakers don’t … Read more

Are term funds good for your retirement? Yes and no.

Are term funds good for your retirement?  Yes and no.

(Adam Levy) Target date funds are a common choice for employees in their 401(k) and other retirement accounts. The set-it-and-forget-it approach makes investment decisions simple and removes the need for any portfolio management. Everything is done for you. Although they are a very common choice among retirement savers, they are not always the best choice. … Read more

3 tax measures to take by December 31

3 tax measures to take by December 31

Dan Caplinger, The Motley Fool, Thanksgiving is here, and before you know it, it’ll be time to start planning New Year’s Eve parties. But besides holiday shopping, planning family trips, and all that accompanies the holiday season, it is important to get your tax planning under control before the end of December. In particular, there … Read more

Social Security’s Record 2023 Increase Isn’t All It’s Supposed To Be

Social Security’s Record 2023 Increase Isn’t All It’s Supposed To Be

(Justin Pope) Retirees feeling crushed by the highest inflation in decades are getting some relief. The Social Security Administration announced that benefits will receive an 8.7% Cost of Living Adjustment (COLA), the largest increase since 1982. In pure dollar terms for the average Social Security recipient, it will be the biggest COLA ever recorded. Don’t … Read more

Do You Know These 4 Social Security Secrets?

Do You Know These 4 Social Security Secrets?

(Dan Caplinger) If you want to get bigger Social Security checks when you retire, it’s important to know all about the federal government’s program. Unfortunately, it can be difficult to get the information you need, and many people are still unaware of the key aspects of Social Security that determine the amount of your benefits. … Read more

Some lawmakers want to strip social security from high earners. Will this happen?

Some lawmakers want to strip social security from high earners.  Will this happen?

(Maurie Backmann) Social Security is financially fragile. In future years, the program expects to owe more benefits than it takes in as baby boomers leave the workforce, reducing its main source of revenue, payroll taxes. If lawmakers fail to find a way to pump more money into Social Security, the program may have to cut … Read more

3 tax measures to take by December 31

3 tax measures to take by December 31

Dan Caplinger, The Motley Fool, Thanksgiving is here, and before you know it, it’ll be time to start planning New Year’s Eve parties. But besides holiday shopping, planning family trips, and all that accompanies the holiday season, it is important to get your tax planning under control before the end of December. In particular, there … Read more