At 64, Robin is retired with a healthy $700,000 nest egg. On paper, she should feel secure. Yet instead of enjoying her days, she finds herself opening her retirement account app five times a day, watching the balance tick up and down with the market. Each dip sparks anxiety: What if I run out? What…
Understanding the average retirement benefits by age can help you better plan for your financial future. At the same time, it’s important to understand your own benefit amount will depend on how much you’ve earned, how long you worked and the age at which you claimed your benefit, among other potential factors. Read More: What…
Social Security celebrates its 90th anniversary today, marking a major milestone for the program that supplies monthly benefit checks to almost 70 million senior citizens, disabled people and surviving family members of deceased workers. When President Franklin D. Roosevelt signed the Social Security Act into law on Aug. 14, 1935, he guaranteed for the…
Social Security beneficiaries could see a 2.7% cost-of-living adjustment (COLA) next year, which is slightly more than the 2.5% boost U.S. retirees received this year. The new estimate comes from the Senior Citizens League, an advocacy group, which posted its prediction on its website on Tuesday after the Bureau of Labor Statistics released its latest inflation figures. AARP…
A longtime nurse approaching retirement recently posted on Reddit that he felt “defeated and cooked” after discovering a coworker had $460,000 more saved in their 401(k). He shared his financial situation on the r/retirement subreddit, noting that he and his wife have about $240,000 saved for retirement, plus an anticipated $1,100 monthly pension, Social Security…
The Social Security Administration said it will continue issuing paper checks to the retirement program’s beneficiaries, backing away from a previously announced plan to switch all payments to electronic deposits after Sept. 30. On Wednesday, the Social Security Administration told CBS MoneyWatch it would continue issuing paper checks for beneficiaries who have no other means…
Social Security is facing a growing number of challenges that threaten to undermine the retirement program’s stability even as more retirees today say they urgently need the monthly payments compared with 20 years ago, according to a new AARP survey. About two-thirds of retirees said they substantially rely on Social Security for retirement income, or…
Older Americans are kicking the can down the road on retirement over concerns about the economy and their own financial readiness to step back from work. That’s according to a new survey from F&G Annuities & Life, which polled 2,000 U.S. adults over 50 years old. The life insurance and annuities company found that 23%…
A million used to be the magic number for retirement. Then inflation, longer lifespans, and rising healthcare costs moved the goalposts. These days, plenty of people are aiming for $2 million — or even $2.5 million — just to feel secure. But while that might seem like the new benchmark, the reality is that very…
Time’s up for roughly 2 million Americans on the cusp of having their Social Security payments slashed in half. And it has nothing to do with the looming shortfall in Social Security’s reserves. That’s still eight years down the road. The reduced benefit payments starting this month are how the Social Security Administration (SSA) is…