Dear Annie: I have been married for 33 years. My wife has children and grandchildren from another marriage. She has a great job and makes a lot of money. I am now retired. I have a nice little nest egg from my pension. About 15 years ago, when we had a joint checking account that …
Saving for retirement is difficult, and if you’re falling behind, you’re not alone. The average retirement account balance is about $113,000 in 2022, according to Vanguard’s latest “How America Saves” report, and the median balance is only about $27,000. However, as retirement costs continue to rise and Social Security faces continued financial challenges, workers may …
If you think Social Security will provide a large portion of your retirement income, think again. In August, the average monthly Social Security retirement benefit was $1,840. That’s only about $22,000 over a year. Fortunately, if you have earned more than average over your working life, your benefits will be above average. There is, however, …
AUSTIN (Nexstar) Joe Ramirez gave and received a lot of love during 28 years in the Austin Independent School District. As a high school teacher of the year, a two-time college teacher of the year and a beloved mentor to students decades after graduation, Ramirez said he would still be in the classroom if a …
Pay Dirt is Slates’ financial advice column.Have a question?Send it to Athena and Elizabeth here.(It’s anonymous!) Dear Pay Dirt, In the past, adults often died young enough that an inheritance could help young adults become financially stable. Today, not only are we living longer, but the economic reality for the younger generation is quite dire. …
FatCamera/Getty Images Some purchases, like buying designer clothing or making daily impulse purchases, don’t provide the lasting value needed to live a wealthy life. Rather than spending all your money on these purchases, the wise approach is to strive for three keys and carefully invest in the assets in each of them. I’m a Self-Made …
Dear Dave, I read where you recommend saving 15% of your income for retirement. Should I count my employer’s contribution to my retirement plan in this 15%? Carlotta Dear Carlotta, That’s a great question. Employer contributions don’t count toward the 15 percent I recommend setting aside for retirement. It’s great if you work for a …
A 3.2% cost of living adjustment will affect more than 66 million Social Security beneficiaries starting in 2024, due to inflation. However, those receiving SSI will receive their first increased payment at the end of this year. Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security benefits. The COLA is based …
New Jersey’s public employees’ pension fund gained more than $5 billion in market value in the fiscal year ended June 30, bringing its total value to about $91.4 billion as it continued to rebound after heavy losses in 2022. That represents a 9.1% gain on investments, outperforming the funds’ benchmark and its long-term expected rate …
Kevin Xiong / Getty Images/iStockphoto For decades, the U.S. Social Security system has been the cornerstone of retirement planning, ensuring a basic level of financial support for retirees. However, while the American system has its merits, several countries around the world have developed impressive retirement programs that offer superior benefits, sustainability and overall satisfaction. Here’s …