Social Security is a critical source of income for many retirees, with four in 10 baby boomers saying their benefits will be their primary source of income, according to a 2023 report from the Transamerica Center for Retirement Studies. But older people are also working longer than ever. The report also found that about half …
There are sayings such as: “It’s always darkest before the dawn” and “There’s a silver lining to every cloud.” Translating this to Wall Street suggests that buying in bleak times is a good idea. Sometimes this is true, but sometimes it is not. If you think now is a good time to buy oppressed AGNC …
You don’t have to be an avid investor to have retirement planning on your radar. It’s part of “adulting,” getting your finances in order before you launch into your golden years. Most people are familiar with employer-sponsored plans like the 401(k), but fewer than one in five American workers use this highly effective and supplemental …
For millions of seniors, Social Security is a retirement lifeline. But sometimes even small misunderstandings can be costly. While you don’t need to know every detail of how the program works, knowing at least the basics of how your benefits are calculated can help you avoid any surprises in retirement. These three factors are among …
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, …
Many older adults get most of their income from their monthly Social Security benefits. So naturally, Social Security recipients tend to expect a significant cost of living adjustment, or COLA, from one year to the next. In 2023, Social Security recipients obtained a COLA of 8.7%. But the 2024 COLA will be much smaller. The …
Are you planning to collect Social Security retirement benefits at age 62? You’re not alone. Nearly one in three Americans did so in 2021, according to the latest data analyzed by the Congressional Research Service. Some may soon be more motivated to apply for retirement benefits sooner. Here’s why claiming Social Security at age 62 …
There is no telling when the next market downturn will come, or which sectors will escape the worst of the carnage when it comes. However, growth stocks will almost certainly suffer the most when markets start to pull back. These investments are sensitive due to their high valuations and heightened growth expectations compared to, say, …