Personal Finance

New Yorkers React To Retirement Numbers, Exclaiming 'Who Could Save That Much?'In a recent discussion on retirement savings with Vox, labor economist Teresa Ghilarducci laid out some stark benchmarks: by age 30, you should have saved one times your annual salary; by 40, two and a half to three times; and by 60, eight to 10 times. These numbers…

Each year, the Social Security Administration adjusts its benefits to account for inflation, providing an annual cost-of-living increase that's meant to offset rising prices. This year, the program's 67 million recipients may see their smallest boost since 2021. The 2025 cost-of-living adjustment is projected to come in around 2.63%, the Senior…

Concerns about Social Security’s future have been raised by thousands of senior citizens in recent months, citing new ideas, potential payout reductions, and even a likely funding crisis. A new retirement age is expected to be implemented in the US, thus it appears that everything for seniors is set to change, according to the latest news.…

A rich boomer couple has been labelled “selfish and privileged” after revealing they’re spending their children’s inheritance on luxury holidays.Victorian parents Leanne and Leon Ryland have two adult sons who apparently won’t see a cent of inheritance, with the couple having spent about $170,000 on holidays since they retired.Their goal of…

If you're retiring soon and wondering what will happen with your Social Security benefits, you're not alone.That's why many Utah families are now seeking alternative income sources for retirement.It's hard to trust Social Security will be there for you in retirement, especially when it is projected to run short of money needed to maintain…

1 in 4 Americans in their 50s will become 'silver squatters' and need financial support from family in retirementFew retirees dream of spending their golden years living in their adult kids’ basements or begging family members for money.Unfortunately, that's the harsh reality for a significant number of GenXers, according to Prudential's 2024…

What if a recession happens?getty Analysis by BCA Research warns that the US economy may face a recession in 2024 or 2025, as reported by Fox Business. While the Federal Reserve’s recent statement implied otherwise, it is prudent to consider the possibility of a recession, just in case. Below are strategies and considerations that can help you…

With the outlook for Federal Reserve interest rate cuts today an about-face from what it was in January, now is a good time for investors to check up on their fixed income allocations. Since the start of the year, there have been signs of easing inflation – with the consumer price index holding flat in May – and a slowing job market , but…

This year has brought much news about Social Security and difficult times for the federal agency, particularly in the previous months when the SSA had to deal with harsh criticism from beneficiaries owing to their overpayment tactics. Nancy Altman, president of Social Security Works, recently said that Social Security is on the ballot.…

Chicago’s pension debt climbed to just over $37 billion last year, but city leaders of the special working group Mayor Brandon Johnson convened more than a year ago to confront the issue will have a limited scope: how to ensure benefits for certain pensioners are at least as robust as Social Security.The rising debt revealed in the city’s latest…