Seniors: Here’s How Inflation Could Affect Social Security in 2023 | Personal-finance

Seniors: Here’s How Inflation Could Affect Social Security in 2023 |  Personal-finance

(Katie Brockman) As inflation continues to soar, many Americans have had to shift their spending. Even fixed income sources like Social Security benefits can be affected by inflation as well, and seniors could see some changes coming in 2023. While we won’t know for certain how inflation will affect Social Security until later this year, … Read more

3 Winners and 2 Losers in a Stock Market Downturn | Personal Finance

3 Winners and 2 Losers in a Stock Market Downturn |  Personal Finance

(Mark Blank) The boreal forest of North America and Russia is considered the largest alpine forest in the world. Besides its immense size, this forest has something truly unique about it. Every so often, it’s ravished by an inferno of forest fires. While this sounds bad, it’s both natural and beneficial. The fires purge the … Read more

Will Lawmakers Save Social Security From Benefit Cuts? | Smart Change: Personal Finance

Will Lawmakers Save Social Security From Benefit Cuts?  |  Smart Change: Personal Finance

(Maurie Backman) Seniors who get the bulk of their income from Social Security are potentially in serious trouble. The reason? Social Security may be looking at benefit cuts in a little over 10 years. And if lawmakers don’t intervene, many retirees could wind up plunged into poverty. The good news is that there are different … Read more

These 3 Retirement Accounts Can Be Your Hero, Baby | Personal Finance

These 3 Retirement Accounts Can Be Your Hero, Baby |  Personal Finance

(Stefon Walters) When saving for retirement, one of the best things you can do is go at it from all angles. In other words, utilize all the available retirement accounts and take advantage of the tax breaks that come along with them. As you’re planning your retirement, these three accounts can be your heroes. 1. … Read more

How to Retire With $2 Million on an $80,000 Salary | Personal-finance

How to Retire With  Million on an ,000 Salary |  Personal-finance

(Chuck Saletta) If you follow a retirement planning guideline known as the 4% rule, you’ll want to retire with a portfolio that’s 25 times the amount you expect to draw from your accounts in your first year of retirement. If you follow that plan described by that guideline, you should be able to see your … Read more

Retirees: 3 Easy Ways to Protect Your Nest Egg | Personal Finance

Retirees: 3 Easy Ways to Protect Your Nest Egg |  Personal Finance

(Sam Swenson, CFA, CPA) In a time of high inflation, rapidly rising interest rates, and a dwindling Social Security reserve, retirees are right to feel concerned about making their savings last. Combine that backdrop with the reality that few companies still offer defined pension plans, and even more pressure is placed on the average retiremente … Read more

3 Ways to Improve Your Retirement Plan — According to Retirees | Personal-finance

3 Ways to Improve Your Retirement Plan — According to Retirees |  Personal-finance

(Catherine Brock) The best advice you can get about preparing for retirement might be from those who’ve already done it: retirees. In a new study from the independent Employee Benefit Research Institute (EBRI), called Retiree Reflections (PDF), retirees share insights about their past financial decisions and current financial worries. You might be able to use … Read more

Read This Before You Max Out Your 401(k) | Personal-finance

Read This Before You Max Out Your 401(k) |  Personal-finance

(Maurie Backman) You’ll need savings of your own to get by in retirement — there’s no question about that. Sure, you may have other income sources, like a small pension or Social Security benefits. But chances are, the bulk of your buying power during your senior years will come from the savings you amass. Now … Read more

Here’s How You Can Realistically Make $18,000 in Passive Income | Personal Finance

Here’s How You Can Realistically Make ,000 in Passive Income |  Personal Finance

(Keith Speights) Some ways of generating significant passive income are impractical for many individuals. Sure, there are plenty of methods where you can make at least $100,000 annually. The catch, though, is that you must have a lot more cash upfront than most people will ever have. However, not every alternative for making money is … Read more

The Unfortunate Truth About Maxing Out Your 401(k) | Personal Finance

The Unfortunate Truth About Maxing Out Your 401(k) |  Personal Finance

If you’re able to max out your 401(k) contribution, you’re in an enviable position. It’s no small feat to be able to sock away $20,500 toward your retirement this year. And while getting as much money as you can into a tax-protected retirement account is typically a good idea, it does have some downsides. Here’s … Read more