January 2025 Brings Major Changes for Retirees—Check How They’ll Affect Your Income
January 2025 brings significant updates for retirees, including a 2.5% Social Security COLA increase, higher Medicare premiums, and new retirement savings limits.
January 2025 brings significant updates for retirees, including a 2.5% Social Security COLA increase, higher Medicare premiums, and new retirement savings limits.
The full retirement age (FRA) for Social Security is changing from 66 years and 8 months to 66 years and 10 months for individuals born in 1959. This adjustment affects when you can claim full benefits and how much you’ll receive.
Retirees, how much should you withdraw from your retirement accounts? The answer isn’t always simple. While the 4% rule is a common guideline, your personal needs, healthcare costs, and market conditions will shape the ideal withdrawal rate for your retirement. Tailor your strategy to ensure your savings last throughout your retirement years.
Planning for retirement? Learn why $1 million may not be enough in 15 of the most expensive U.S. states. Discover actionable tips, from budgeting to relocating, to ensure a secure and comfortable retirement.