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You’ve saved diligently in your 401(k), and you wouldn’t mind tapping into it – but you’re not age 59½ yet, so you could have to pay the IRS a 10% penalty on your withdrawal. There are exceptions to that rule, though. Here are 10 of them. Retirement is something each of us must plan for.…
Increase in payments for seniors and other Americans reflects surging inflation during pandemic Seniors and other Americans receiving Social Security benefits in 2022 will see the largest increase in their payments in four decades, reflecting surging inflation during the pandemic. Next year’s cost-of-living adjustment, or COLA, will be 5.9%, the Social Security Administration said Wednesday. The increase…
With Covid-triggered changes in the economy and more people taking early retirement or changing jobs, there has been a surge in rollovers from 401(k)s to individual retirement accounts. And mistakes that are commonly made with such transfers of money are rising, too. These mistakes can be costly, potentially amounting to tens of thousands of dollars, since…
Should I leave an inheritance for my children? A Winning at Life caller says that he will not leave an inheritance for his children. Find out why! Do you have questions for Gregory? Press the ASK GREGORY below and your question could be featured next! ASK GREGORY We’re Here to Help Have questions about this…
KEY POINTS While debt ceiling talks have put Social Security payments in the news, one topic that’s been put on the back burner is a deadline Congress faces to shore up the program. Social Security’s trust funds for retirement and disability benefits are projected to be able to pay only 78% of promised benefits by…
Understanding how your Social Security benefits are calculated is a critical component of knowing how and when to claim for maximum payout. The cost of getting it wrong could mean thousands less in benefits annually. Here are some tips from financial professionals for maximizing benefits: Work at least 35 years. Many people realize that their Social…
Beyond waiting as long as possible up to age 70 to claim Social Security or claiming spousal benefits to maximize payments, there is one simple step workers can take to get the benefits they’ve worked for: verifying their earnings records with the Social Security Administration. Each year, your employer sends a copy of your Wage…
Wall Street may be on the verge of an uncharacteristically painful quarter. Wharton finance professor Jeremy Siegel, who’s known for his positive market forecasts, is sounding the alarm on the market’s ability to cope with inflation. “We’re headed for some trouble ahead,” he told CNBC’s “Trading Nation” on Friday. “Inflation, in general, is going to…
A home inventory can help you simplify the claims process on your homeowners insurance and ensure you get everything you’re entitled to. We may receive payment from affiliate links included within this content. Our affiliate partners do not influence our editorial opinions or analysis. To learn more, see our Advertiser Disclosure. You buy homeowners insurance…
How do you get the most out of Social Security? Gregory dives into the best ways to get the most from your Social Security benefits in this Winning at Life episode clip. Do you have questions for Gregory? Press the ASK GREGORY below and your question could be featured next! ASK GREGORY We’re Here to…
How to invest, spend and save the right way Turning wealth into income isn’t the easiest of tasks. And more than a few people make mistakes with their money before and during retirement. Some mistakes are, unfortunately, irrevocable. But some, thankfully, are not. What are some of the correctable mistakes? Don’t de-risk too much All…
