Social Security cost-of-living adjustment could be at least 6% in 2022

The Social Security cost-of-living adjustment for 2022 could be 6% to 6.1%, according to one new estimate. That is down from 6.2% projected last month, as new Consumer Price Index data released on Tuesday signals cooling inflation. Still, the prospective increase to monthly benefit checks next year could be the highest it has been since… Continue reading Social Security cost-of-living adjustment could be at least 6% in 2022

Many 401(k) investors don't use target-date funds the right way

Target-date funds are meant as a one-stop shop for 401(k) plan investors. A third of investors don't use them this way, however, according to Vanguard data. This may inadvertently skew one's asset allocation over time. The trend has improved over the past decade, however. And some investors may not be misguided in their approach. Target-date… Continue reading Many 401(k) investors don't use target-date funds the right way

State-run 'auto IRAs' are gaining steam as a savings solution for workers lacking a retirement plan

Workers are 15 times more likely to save for retirement if they can do so through their job, research shows. Since 2012, at least 45 states have either implemented or considered legislation targeting the estimated 57 million people who lack access to a workplace retirement plan. Three states — Oregon, Illinois and California — already… Continue reading State-run 'auto IRAs' are gaining steam as a savings solution for workers lacking a retirement plan

Congress wants to make more changes to the U.S. retirement system. Here's what's in play

Although the bills are in the early stages of the legislative process, experts expect there to be some movement on them in the coming months. Among the areas of interest: required minimum distributions, student loan debt impeding retirement savings, part-time worker eligibility for 401(k) plans and expanded "catch-up" contributions for older savers. The House bill… Continue reading Congress wants to make more changes to the U.S. retirement system. Here's what's in play

Millennials own less than 5% of all U.S. wealth

Despite making up the largest portion of the workforce, millennials controlled just 4.6% of U.S. wealth through the first half of 2020, according to data from the Federal Reserve. Baby boomers control over 53% of the country's wealth, while Gen X accounts for just over 25% and the silent generation holds around 17%, according to… Continue reading Millennials own less than 5% of all U.S. wealth