Major Issue with Social Security Benefits in 2024 – Impact on Retirees

Joe Biden

Millions of seniors depend on monthly Social Security benefits. While it’s not advisable to rely solely on Social Security for income, without it, many retirees would struggle to cover essential expenses such as housing, medication, and food. The Role of COLA A key feature of Social Security is the annual cost-of-living adjustment (COLA). COLA aims … Read more

New Required Minimum Distribution (RMD) Rule in 2024 – How It Will Affect Retirees

Joe Biden

Retirees need to stay updated with new rules impacting their required minimum distributions (RMDs) from retirement accounts this year. Retirement accounts like IRAs and 401(k)s offer great benefits, including tax-free growth, deductions, and matching contributions. However, the government requires you to eventually withdraw money from these accounts, leading to possible tax liabilities. This necessity is … Read more

The Date When Social Security Benefits Could Be Cut by More Than 20%

Joe Biden

Social Security benefits are a crucial lifeline for millions of seniors, especially given that many do not have adequate retirement savings. Despite this, Social Security alone often falls short of covering all financial needs during retirement. While most retirees require about 70% to 80% of their pre-retirement income to maintain their standard of living, Social … Read more

Farewell to 401(k) Plans: Save More for Social Security Benefits

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Saving for retirement is crucial to ensure financial security in the later years of life. However, many Americans are entering retirement unprepared, relying solely on Social Security. This dependence is alarming, given that Social Security faces potential depletion by 2035. To address this issue, experts Alicia Munnell and Andrew Biggs have proposed a controversial plan: … Read more

Don’t Claim Social Security Benefits Yet – You’ll Get More Money If You Wait a Year

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Retirement is often seen as the ultimate reward after years of hard work—a time to relax without the constraints of an alarm clock or a set schedule. However, rushing into retirement and claiming Social Security benefits prematurely can lead to financial regrets. To help you make the most informed decision, we spoke with Chris Urban, … Read more