Washington leaders at odds over proposed tax increases

zimmytws | iStock | Getty Images Congressional leaders can agree on one thing – Social Security needs to be fixed before the program’s funds are unable to pay full benefits in 2035. But that is where the consensus ends. Leaders from both the Republican and Democratic parties have each recently discussed the issue on Capitol … Read more

Not all ‘Secure 2.0’ proposals in the House and Senate are the same

Photo by Mike Kline (notkalvin) | Moment | Getty Images Continued improvements to savings, security The House passed its version of Secure 2.0, the Securing a Strong Retirement Act (HR2954), in late March with a bipartisan vote of 414-5. In the Senate, committees with jurisdiction over retirement-related provisions now have approved proposals that collectively form … Read more

Social Security isn’t bankrupt. What we know about future benefits

A Social Security Administration office in San Francisco. Getty Images A new Social Security trustees report points to a slightly longer time horizon for the program’s trust funds. But even with a new depletion date of 2035 – a year later than projected last year – the program still faces a 75-year deficit. A one-year … Read more

70% of retirees wish they’d started saving for retirement earlier

Sporrer / Rupp | Image Source | Getty Images The biggest piece of advice that people in retirement would pass along to their younger selves is simple: start saving earlier for the end of your career. Roughly 70% of retirees said that changing their habits to save or invest more and earlier is the top … Read more

401(k) plans may not last long enough in retirement

Elena Kurkutova | Istock | Getty Images Older Americans may have a number of different goals with their retirement savings. But usually their main goal is the same: to make it last. Unfortunately, many younger baby boomers and members of subsequent generations who do not have access to a traditional pension could outlive the funds … Read more

High inflation prompts older Americans to tap savings, take on debt

MStudioImages | E + | Getty Images For many older Americans, record high prices are jeopardizing their financial security just as they approach or live in retirement, according to a recent survey from The Senior Citizens League, a nonpartisan senior group. The online survey was conducted online in the first quarter and included 3,056 participants, … Read more

Inflation augurs record 2023 Social Security cost-of-living adjustment

Image Source | Getty Images New government inflation data came in hotter than expected last week. If record-high prices do not subside, that will lead to a higher Social Security cost-of-living adjustment in 2023. Yet even with a more generous boost to benefits next year, there’s a growing campaign to change the way those annual … Read more

Sanders, Warren bill would extend Social Security’s solvency, expand benefits

Late. Elizabeth Warren, D-Mass., And Sen. Bernie Sanders, I-Vt., At the 10th Democratic primary debate of the 2020 presidential campaign season in Charleston, South Carolina, on Feb. 25, 2020. Jim Watson | AFP | Getty Images Sens. Bernie Sanders, I-Vt., And Elizabeth Warren, D-Mass., Introduced a new bill on Thursday that aims to extend Social … Read more

Social Security cost-of-living adjustment in 2023 may be a record high

Westend61 / Josep Rovirosa | Getty Images Social Security beneficiaries saw the biggest cost-of-living adjustment in about 40 years in 2022, when they received a 5.9% boost to their monthly checks. Next year, that annual adjustment may even go as high as 8%, according to early estimates. That is despite the fact the annual Social … Read more

‘We cut our expenses by 50%’

In 2011, at 41-years-old, I retired early from my six-figure career in law. My wife joined me in retirement four years later after quitting her job as a nurse. By the time she retired in 2015, our portfolio of high-yielding stocks and mutual funds paid roughly $ 130,000 a year in dividends, which covered most … Read more