How much will social security increase in 2023?

(Dan Caplinger) Millions of retirees live on the fixed income that social security provides them. With little external savings, the fact that Social Security makes annual cost-of-living adjustments is essential, because it allows the purchasing power of the checks that program recipients achieve to remain reasonably constant even in the face of high inflation. In … Read more

Should you sign up for Social Security before COLA 2023 starts?

(Kailey Hagen) The average Social Security check is set to rise by about $ 147 next year, thanks to a historic cost of living (COLA) adjustment of 8.7%. This is exciting news for seniors who already apply for benefits, but it poses a question for those who are eligible but have not yet registered: they … Read more

Have you used up your contributions to the 2022 pension plan? Here’s another account to save to

(Maurie Backman) You will often hear that it is important to push yourself to maximize your pension plan contributions. The more money you invest in an IRA or 401 (k), the more you will have access in the future. Plus, traditional IRAs and 401 (k) plans give you instant tax relief on your contributions. So … Read more

The big secret of Wall Street will never tell you about investing

(Ryan Downie) Investors can learn valuable lessons from Wall Street, but professionals aren’t always eager to reveal their secrets. Fortunately, there is a common misconception about the stock market that isn’t too difficult to correct – and it seems to be linked to some of the more costly mistakes retail investors make. Keep this “secret” … Read more

Why you should reconsider whether early retirement is right for you

(Stefon Walters) Retiring is something most workers are looking forward to. Whether they want to travel the world, spend more time with their family, or pursue a new hobby, the thought of having the freedom to do what pleases them is a well-deserved reward after decades of work. There is no one-size-fits-all number as to … Read more

The big secret of Wall Street will never tell you about investing

(Ryan Downie) Investors can learn valuable lessons from Wall Street, but professionals aren’t always eager to reveal their secrets. Fortunately, there is a common misconception about the stock market that isn’t too difficult to correct – and it seems to be linked to some of the more costly mistakes retail investors make. Keep this “secret” … Read more

Work in retirement? Here’s why it’s great and why it’s not really

(Dave Kovaleski) According to a study published last summer by the American Association of Retired Persons (AARP), about 42% of retired Americans are either working or planning to retire, while 57% of those close to retirement plan to continue working. . What is driving this trend? Let’s take a look at some of the reasons … Read more

The 2023 saver credit is available to more taxpayers than ever

(Dan Caplinger) Everyone can benefit from retirement savings. But especially when times are tough, it’s hard to find the money to put aside. Whenever you can get help, it’s worth taking advantage of. The federal government was concerned with making sure low- and middle-income Americans were prepared for retirement. That’s why lawmakers created the Retirement … Read more

You probably shouldn’t be applying for Social Security at 62

(Catherine Brock) Here is some good news to think about as you approach the end of your working life. You have some control over the income you receive from Social Security. There are a few levers you can pull, but one of the most influential is the timing of your first Social Security application. The … Read more

44% of workers say they don’t know enough about Medicare. Here are some key things to know

(Maurie Backman) There are some programs that retirees tend to depend on. An important one is social security. Although workers are encouraged to set aside money for retirement, seniors often end up getting most of their income from social security. And when it comes to retirement health care, a related but separate program comes into … Read more