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

How they found their ‘perfect location’ and made it happen

In 2006, after years of living paycheck to paycheck in California, I decided to move to Mexico. I was 50, and a prior vacation in the beautiful coastal town of Mazatlán had convinced me that an easier, happier and more affordable lifestyle was possible. And I was right. Now, at 66, having spent the past … Read more

S&P 500 had worst half in 50 years, but the 60/40 portfolio isn’t dead

Stock trader on the floor of the New York Stock Exchange. Spencer Platt | Getty Images News | Getty Images The S&P 500 Index, a barometer of US stocks, just had its worst first half of the year going back over 50 years. The index fell 20.6% in the past six months, from its high-water … Read more

More than half of Americans live paycheck to paycheck amid inflation

With inflation at 40-year highs, workers across all income levels are having a harder time making ends meet. As of May, 58% of Americans – roughly 150 million adults – live paycheck to paycheck, according to a new LendingClub report. That’s down slightly from 61% who reported living paycheck to paycheck in April, but up … 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

Giving yourself gifts can help you save more money

Giving yourself more gifts might just be what you need to get into better saving habits. Rewarding yourself can be a powerful tool to modify your spending habits and save more for your future, according to Charles Duhigg, author of the book “The Power of Habit.” Working toward large financial goals that aren’t in the … Read more

Proposed changes to retirement system approved by Senate committee

The Senate Finance Committee on Wednesday unanimously approved a series of proposals that make full congressional passage of a retirement-improvement package more likely this year. Called the Enhancing American Retirement Now (EARN) Act, the measure contains some provisions that are the same or similar to those proposed in the House, which passed the Securing a … Read more

Stimulus checks could be used in the next recession, economists say

Drazen_ | E + | Getty Images The stimulus checks sent out during the coronavirus pandemic were wildly popular. Nearly 4 in 5 voters were in support of the direct payments to American families. And Democrats and Republicans alike rallied behind the policy, an increasingly rare sight in Washington. Still, the checks were not without … Read more