Retirees

Investor 24

Washington Wants to Make 2 Huge Changes to Social Security for Retirees | The Motley Fool

It’s no secret that Social Security is in dire need of reform. Inflation has become a particularly relevant issue for retirees of late, as the rising cost of food, energy, and medical care has eaten away at the buying power of benefits this year. But the problem actually started long ago. In fact, cost-of-living adjustments …

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Social Security adds safety protocols to protect people facing long wait times in adverse conditions

Social Security adds safety protocols to protect people facing long wait times in adverse conditions

A Social Security Administration office in Sebring, Florida. Jeff Greenberg | Universal Images Group | Getty Images The agency’s service difficulties date back to before the pandemic, said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare. “The Social Security Administration has been underfunded, shortchanged for over a decade …

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Scammers switched fake jobs. Now, they're claiming they're from the Social Security Administration, not the Internal Revenue Service.

Social Security benefits could give retirees extra $1,800 next year

A bigger inflation-boosted Social Security check and, yes, hope for some relief from high prescription-drug costs are on the the horizon. And for many retirees, the relief can’t come quick enough.  Inflation is brutal for lower-income consumers, including millions of retirees who don’t have much savings, as the cost of gas, groceries and rent climb. Thanks to surging inflation, …

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If you're 'unretiring' and collecting Social Security, here's what to know before heading back to work

If you’re ‘unretiring’ and collecting Social Security, here’s what to know before heading back to work

Kelvin Murray | Getty Images A combination of record high prices and a record number of job openings has been encouraging more retirees to go back to work. The trend, called “unretirement,” rebounded this spring to pre-pandemic levels. About two-thirds, or 68%, of retirees would consider returning to work, according to a recent CNBC All-America …

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Early retiree shares 13 'stupid simple' money rules that helped him save $1 million: 'I wasn't born rich'

Early retiree shares 13 ‘stupid simple’ money rules that helped him save $1 million: ‘I wasn’t born rich’

I will remember December 23, 2016 for the rest of my life. It was my last day working a full-time job. My wife and I retired early at 33 and 35, respectively, after accumulating $870,000 working in information technology. With the help of the market, our net worth increased to $1 million shortly after. I …

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Forget the Stock Market. This Is the Big Risk for Retirees.

Forget the Stock Market. This Is the Big Risk for Retirees.

A research paper by Wenliang Hou finds that retirees have an exaggerated sense of market volatility. Dreamstime Text size Market volatility may keep retirees up at night, but the biggest risk to retirement security isn’t what is happening on Wall Street.  Instead, the chance of living longer than expected and depleting your assets—what the financial …

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Social Security cost-of-living adjustment could be 10.5% in 2023, according to new estimate

Social Security cost-of-living adjustment could be 10.5% in 2023, according to new estimate

Kevin Dietsch | Getty Images Social Security beneficiaries will be in line to receive a record high cost-of-living adjustment in 2023 due to inflation. The question is exactly how high it may be. Based on new Consumer Price Index data for June released on Wednesday, The Senior Citizens League, a nonpartisan senior group, now estimates …

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Protecting Social Security benefits from rising inflation is high on voters' wish lists, survey finds

Protecting Social Security benefits from rising inflation is high on voters’ wish lists, survey finds

A Social Security Administration office in San Francisco. Getty Images The clock is ticking when it comes to implementing changes to shore up Social Security’s funds, which will not be able to pay full benefits in 13 years’ time. Potential voters are aware of the program’s woes, according to a June survey by Social Security …

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Retirees face threat from economy and market turmoil: Experts

Retirees face threat from economy and market turmoil: Experts

A market drop, a price spike and a looming recession — this year has battered the finances of everyday Americans. But some can wait out the misery. Eventually, the market will likely improve, as will debilitating grocery and fuel costs. Older people and retirees, however, lack the luxury of time. For them, the twin crunch …

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Many younger baby boomers may outlive their 401(k) savings, new research finds. Here's why

Many younger baby boomers may outlive their 401(k) savings, new research finds. Here’s why

Elena Kurkutova | Istock | Getty Images Older Americans may have a number of different goals with their retirement savings. But usually their main goal is the same: to make it last. Unfortunately, many younger baby boomers and members of subsequent generations who don’t have access to a traditional pension could outlive the funds in …

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