Summary Although it began as a retirement income program, over the years Congress has greatly expanded the benefits that Social Security provides. Overall, the federal government’s budget is more than $4 trillion a year. The biggest portion of that goes to Social Security beneficiaries. By 2035, Social Security will only be able to pay 79% of the benefits it will owe. The main reason is demographic: since around 2000, there [...]

Turning 50 is a big deal, especially in your financial life. After turning 50, it's time to start rethinking the way you've always done things, become a little bit more conservative with your investments, and start planning ahead. Rhian Horgan, CEO of financial technology company Kindur, and founder of retirement planning app Silvur, says that there are four things that should change after this milestone. 1. Track down all of the accounts you've [...]

By now you’ve probably heard of the SECURE Act, and that it’s the most significant piece of retirement legislation to become law in more than a decade. You also may have read that its changes could affect nearly every saver in the U.S. — from those just starting out in their careers to those already retired. If that’s as far as you’ve gotten in your research, though … well, who could blame [...]

The 4% rule doesn’t apply in today’s low-interest world, said a retirement researcher who also is the author of several books on retirement planning and spending. Wade Pfau talked about the impact of current events on retirement income planning Thursday during an online town hall meeting held by the National Association of Insurance and Financial Advisors. Pfau is professor of retirement income in the PhD in Financial and Retirement Planning [...]

A retired Atlanta Police Department sergeant knew that when she got her stimulus check, she wanted to "make a difference" with it. Retired Sgt. Carrie Mills loved her job and loves her city. She said it’s been breaking her heart to see people struggling in the midst of this pandemic. Mills doesn’t go out to eat much, but says she’s been particularly heartbroken for people in the service industry who [...]

If you've been planning on retiring soon, recent events may have you rethinking your choice. The coronavirus crisis has led to some significant declines in the stock market that may have affected your retirement account balance. Millions of Americans have also been left unemployed or with reduced income. For some Americans, delaying retirement simply won't be an option, either because you've already set your plans in motion or because your job [...]