Retirement

Social Security is funded mainly through FICA taxes on wages — currently 12.4 percent split evenly between employers and workers. In 2022, the tax was collected on the first $147,000 of wages. That amount will rise to $160,200 in 2023. The $13,200 jump in how much of workers’ wages will be taxed is large compared
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Social Security, the monthly benefit paid to retirees, disabled people and survivors of beneficiaries, includes an annual cost of living increase that is announced every fall. It helps seniors try to keep pace with the price increases that touch every part of the economy. The adjustment for 2023, of 8.7 percent, was announced on Thursday.
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Annual automatic cost-of-living adjustment for Social Security recipients Note: Between 1975 and 1982, beneficiaries received adjustments in July. After 1982, beneficiaries received them in January. Source: Social Security Administration By The New York Times The first automatic annual adjustment to Social Security benefits was paid in 1975, the result of legislation passed by Congress in
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The Bank of England started a bond-buying program last month to stabilize financial markets. But its plan to end the program this Friday is only making investors more nervous. British financial markets plunged into turmoil on Wednesday following mixed messages over whether the Bank of England would continue to provide support to pension funds and
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The moves at the nation’s largest newspaper publisher include a week of mandatory unpaid leave and voluntary buyouts. The chief executive of Gannett, the largest newspaper publisher in the country, announced widespread cost-cutting to its newsrooms on Wednesday, citing headwinds from the “deteriorating macroeconomic environment.” In a memo to the staff, Mike Reed, the chief
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El ajuste por costo de vida aumentará en 8,7 por ciento el próximo año, brindando alivio a los jubilados y otras personas que dependen en gran medida de esos pagos. Unos 70 millones de estadounidenses que cobran el Seguro Social recibirán un aumento de 8,7 por ciento en sus beneficios el próximo año, el mayor
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And a SoftBank-backed start up that wants to save your 401(k). Europe finally takes on inflation The European Central Bank increased its benchmark interest rates today for the first time in a decade, as inflation surges across countries that use the euro. The bank’s benchmark interest rates, before the increase, had been a negative 0.5
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You can’t leave money in your I.R.A. forever, as dictated by I.R.S. rules. This can put retired investors in a tough spot. Financial planners warn investors against trying to time the market. It is notoriously difficult to guess exactly when sentiment on Wall Street will reverse course — even professionals are likely to get it
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Steep downturns of stocks by 20 percent or more are relatively rare, but how long they last could portend damage — for you and the economy. The S&P 500 on Monday dropped into its second bear market of the pandemic, crossing a symbolic and worrisome threshold as stocks plunge following a meteoric rise over the
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But there are rules around opening one for a child. First: The child must have earned income. Has your teenager landed a summer job? Good! Now, consider putting your child’s earnings to work long term by opening a Roth individual retirement account. It may seem odd to think about retirement savings when your child could
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