The Social Security secret that gives the rich more benefits

Social Security provides retirement benefits to tens of millions of Americans, but the program also has a progressive nature to its monthly payouts. By giving low-income workers a higher percentage of their former salaries than high-income workers receive, Social Security provides more support to those who need it more, and many policymakers see that as…

Here’s how Social Security just lost $1 billion

Social Security provides critical benefits to countless seniors and disabled Americans, but despite the program’s long-term standing, there has been talk in recent years of it running out of money. In fact, in a 2016 Transamerica survey, 77% of workers said they’re worried about Social Security going bankrupt by the time they’re set to retire.…

How two-thirds of Americans are risking their retirement

Another week, another bleak statistic about Americans’ retirement prospects. The latest: Only 32 percent of us are saving even a single penny in a workplace retirement account like a 401(k), Bloomberg News reports this week, citing data from U.S. Census Bureau researchers Michael Gideon and Joshua Mitchell. Their data provide new insight because the information…

Americans share 3 big concerns about threats to their retirement savings

Americans aren’t saving enough for retirement. One-third of all adults have zero retirement savings, and 23% have less than $10,000 tucked away, according to a new study by Merrill Lynch and Age Wave on retirement savings. The study surveyed nearly 5,000 people across the country age 25 and older. Naturally, many people are concerned they’ll…

5 debts you need to tackle before you retire

Debt can be a burden at any age because it can prevent you from getting ahead financially. But debt can be an especially heavy weight in retirement. Making monthly debt payments can leave you with less money to cover necessary expenses — especially if you’re living on a fixed income. “If you ignore this situation,…

Be prepared to pay more for Medicare in 2017

Medicare premiums and deductibles are going up, and some will be hit particularly hard. Hero Images/Getty Images Some Medicare participants will have to dig deep in 2017 — even though Social Security payments didn’t rise very much. The Centers for Medicare and Medicaid Services announced its premium increases for Medicare Parts A and B. Part…

WiseBanyan review: Automated saving

If your goal is to stop procrastinating and start saving, WiseBanyan offers a solution. WiseBanyan, a robo-adviser offering free financial management, will pick out investment funds based on your personal financial situation, buy them for you and manage your portfolio. RATE SEARCH: Compare savings rates on Bankrate. What is WiseBanyan? WiseBanyan is a free robo-adviser service registered…

Wyden proposes a later RMD age

Sen. Ron Wyden, D-Ore., proposes to change some aspects of the way people must take retirement withdrawals from tax-deferred accounts. Chip Somodevilla/Getty Images I admit it. I’m thinking about retirement. Of course, I’ve been thinking about retirement since I was 30. Back then, my retirement thoughts were (mostly) about socking away money for my post-career…

What Elon Musk does that you should do

Kevork Djansezian/Getty Images A decade ago, Elon Musk of Tesla fame released his “master plan”, a blog post that detailed his plan to build an electric sports car and push the profits into creating ever-more affordable vehicles. The entrepreneur’s latest vision is using solar energy to power cars. Do you have a master plan? Maybe…

Your retirement goal is a moving target

©David Carillet/Shutterstock.com How are you supposed to know what you need for retirement? In 2012, the investment company Fidelity recommended 8 times your salary. This year, they said it should be 10 times. And gigantic asset manager BlackRock just advised that whatever amount you were thinking you needed to accumulate, you’ll need an extra 10%…

Trump, VP pick split on Social Security

Steve Sands/Getty Images If you’re watching the Republican Party national convention for clues about how to invest or what is going to happen to Social Security, don’t bother. When it comes to Social Security, the country’s largest retirement account, the Republican convention platform draft declares that “as the party of America’s future, (they) accept the…