Social Security Retirement and Supplemental Security Income (SSI) benefits will increase by 8.7 percent in 2023, the most significant increase since the 1980s. The last time the cost-of-living adjustment (COLA) was higher was in 1981, when the increase was 11.2%. The increase, due to inflation, will result in a Social Security benefits increase of an extra $146 per month, or $1,827 for 2023, up from $1,681 in 2022.
If you’re like many, overspending during the holiday season may deplete your savings. It is important for you to recover your savings so you’re financially prepared for unexpected expenses. Here are tips to help you spend less and send more money to your savings:
The start of the New Year is a great time to implement financial strategies toward improving your life. Whether you’re already saving or trying to pay off debt, making the right financial resolutions and working towards them can help you achieve your goals. Use these eight financial strategies to improve your financial health in the New Year.
As you retire and continue to grow your wealth, you may want to give back to others. Allowing you to plan your legacy through philanthropic giving in retirement.
As we enter the New Year, your financial security be top of mind as you work towards your goals. Here are some saving statistics to help motivate you.
Planning for retirement by implementing appropriate retirement savings strategies can help boost your retirement savings. It’s essential to realize that saving for retirement happens over time through varying market performance cycles and specific actions.
Holiday spending and holiday budgeting go hand-in-hand. Holiday spending doesn’t just include gifts. Holiday spending on food, decorations, travel and more during the holiday season may often increase your monthly spending.
If you’re incorporating giving back as part of your year-end financial planning, there are many ways you can do so.
You can make an impact while receiving tax benefits by giving as part of an approach to charitable giving. You may want to consider philanthropic giving. Which addresses the root cause of social issues and requires a more strategic, long-term strategy, versus donating which tends to be more occasional giving.
If you’re unsure about retiring and are considering delaying retirement, you must consider if you have enough retirement savings. Do this before making your decision. Examining retirement savings benchmarks and having a comprehensive financial plan that outlines specific actions are the first steps toward knowing if you should delay your retirement. Also, some questions to ask yourself to help determine your retirement readiness include:
Some people decide to retire early and start drawing Social Security early. Many people are unable to live out their retirement plans due to inadequate retirement savings. In addition, many are spending retirement working another job.