Skynesher | E+ | Getty Images As inflation has pushed the cost of living higher, those eligible for Social Security retirement benefits may be tempted to claim benefits sooner than they had planned. Social Security recipients face a record 8.7% cost-of-living adjustment in 2023, which will help them contend with higher costs. But the COLA … Read more
Nicoletaionescu | Istock | Getty Images As it’s become harder to stretch a dollar at the grocery store and the gas pump, some Americans are pulling back on one important long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new survey … Read more
Xaviernau | E+ | Getty Images Social Security benefits will increase by more than $140 a month on average in 2023 as a record 8.7% cost-of-living adjustment kicks in. Exactly how much of an increase the roughly 70 million Americans who depend on the program for income will see will vary. More than 65 million … Read more
Half point | Istock | Getty Images Retirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. But two factors — the size of Medicare Part B premiums and taxes on benefits — may offset how much bigger those … Read more
Anita_bonita | Istock | Getty Images More than 9 million individuals and families could be leaving money on the table by not filing a 2021 federal income tax return, according to the IRS. Last week, the federal tax agency began sending letters to the people it had identified who could miss payments through tax credits … Read more
Between Bill Gates’ promise to give away “virtually all” of his wealth and Patagonia founder Yvon Chouinard’s recent decision to donate his entire company to fight climate change, it’s clear that views on inherited wealth have changed. At the same time, the largest generational transfer of wealth in history is underway, with baby boomers set … Read more
Geber86 | E+ | Getty Images As the U.S. economy attempts to find its footing as it emerges from the Covid-19 pandemic, two looming uncertainties have emerged: persistent high inflation and a possible recession. So it’s no surprise that financial advisors who landed on the CNBC FA 100 list for 2022 are hearing about those … Read more
Azmanjaka | E+ | Getty Images Amid record inflation, Social Security recipients will see an 8.7% increase to their benefits in 2023, the highest increase in 40 years. The Social Security Administration announced the change Thursday. That will result in a benefit increase of more than $140 more per month on average starting in January. … Read more
Tommaso79 | Istock | Getty Images People who don’t typically file taxes have a new way to claim a federal tax credit aimed at low- to moderate-income workers that was temporarily made more generous last year. GetCTC.org, a simplified filing tool, was updated Wednesday to include the tax credit. The maximum income tax credit you … Read more
Hello, MarketWatchers. Don’t miss these top stories. Amazon’s second ‘Prime Day’ in 2022: When it starts, the best deals and more Here’s what you need to know about Amazon’s Early Access Sale, which is on the 11th-12th. October. Read more Consumers are withdrawing from online shopping. Here are the biggest discounts this holiday season – … Read more