Brian Loffredo, 68, still does his own yard work and watches his grocery spending despite having millions in the bank. Loffredo, who lives in Connecticut, worked in retail management for decades but said finances were tight early in his career while raising four stepchildren. He recalled winters when he could “see the breath coming out […]
Sporrer/Rupp | Image Source | Getty Images Millions of Social Security beneficiaries have now received their first benefit checks for 2025. The new 2.5% cost-of-living adjustment — which adds $50 per month to retirement benefits on average — marks the lowest increase since 2021, when inflation spiked shortly thereafter. With prices still high, many beneficiaries […]
Miniseries | E+ | Getty Images Leverage the 401(k) ‘super catch-up’ For 2025, investors can save more with higher 401(k) plan limits. Employees can defer $23,500 into 401(k) plans, up from $23,000 in 2024. The catch-up contribution limit is $7,500 for workers ages 50 and older. But thanks to Secure 2.0, there’s a “super catch-up” […]
Morsa Images | Digitalvision | Getty Images List prices for the top 25 prescription drugs covered by Medicare Part D have nearly doubled, on average, since they were first brought to market, according to a new AARP report. Moreover, that price growth has often exceeded the rate of inflation, according to the interest group, which […]
Djelics | E+ | Getty Images Retirees can expect to see some big changes in 2025 when it comes to their Social Security and Medicare benefits. President Joe Biden is expected to sign a bill that will increase Social Security benefits for certain pensioners. Additionally, the annual Social Security cost-of-living adjustment goes into effect for […]
Richard Stephen | Istock | Getty Images As Congress managed to avoid a government shutdown, the Senate also passed a key bill that will increase Social Security benefits for some public workers. The Social Security Fairness Actwhich passed by a vote of 76-20 in the early hours of Saturday, will eliminate Social Security provisions known […]
Images By Tang Ming Tung | Digitalvision | Getty Images As some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, “Secure 2.0” ushered in sweeping changes to the U.S. retirement system, including several updates to 401(k) plans. Some […]
There are changes coming to your 401(k) in 2025 due to the Secure Act 2.0. (Drew Angerer/Getty … [+] Images) Getty Images Significant updates are coming to 401(k) plans in the near future, thanks to the Secure Act 2.0. With several notable provisions going into effect, 2025 will bring new opportunities for individuals to enhance […]
Former President Donald Trump and Vice President Kamala Harris are shown on screen during a debate watch party at the Cameo Art House Theatre in Fayetteville, North Carolina, Sept. 10, 2024. Allison Joyce | Bloomberg | Getty Images With the Social Security Administration facing a looming funding crisis over the next decade, it’s clear that the […]
Jacob Wackerhausen | Istock | Getty Images What to know about the 10-year rule Before the Secure Act of 2019, heirs could “stretch” inherited IRA withdrawals over their lifetime, which helped reduce yearly taxes. But certain accounts inherited since 2020 are subject to the “10-year rule,” meaning IRAs must be empty by the 10th year […]
