Money, Wealth & Power—A Daily Look at the Financial World
The Social Security Fairness Act is providing significant financial relief to first responders and public sector retirees by delivering retroactive payments to those affected by previous benefit reductions. By June 2025, over 2.5 million payments had been processed, with some recipients seeing increased benefits as early as April 2025. By September 2025, the initiative had…
Securing Medicaid coverage is often a challenging endeavor, fraught with bureaucratic hurdles and eligibility criteria that can delay access to essential healthcare services. However, the real struggle begins once approval is granted, as utilizing Medicaid for specialized care can present even greater obstacles. This issue is particularly pronounced in rural areas like South Dakota, where…
The Social Security Administration announced the 2026 Cost-of-Living Adjustment (COLA) on October 28, 2025, marking a significant change for beneficiaries. This adjustment is designed to help counteract inflation, ensuring that retirees and disabled workers maintain their purchasing power. Most recipients will see this increase reflected in their checks starting in January 2026, with the first…
Social Security benefits are at risk of a significant reduction unless Congress intervenes. According to the latest trustees’ report, beneficiaries could face a 20% cut starting in 2033 due to a funding shortfall. This potential reduction could lead to an $18,000 decrease in lifetime benefits by 2032 if no legislative action is taken. The insolvency…
The Department of Labor’s recent rule change is set to significantly expand the investment options available in 401(k) plans. By easing restrictions on annuities and other lifetime income products, this regulatory shift aims to transform the $7.5 trillion defined contribution market. This move, which builds on the SECURE 2.0 Act, could make retirement decumulation products…
The IRS has announced significant changes to retirement account contribution limits for 2026, marking a notable shift in how much Americans can save for their future. These adjustments include increases across various retirement plans, such as 401(k)s and IRAs, and introduce new rules that particularly impact high earners. This article explores the details of these…
Financial expert Dave Ramsey has recently advised seniors to begin taking Social Security benefits at age 62, a recommendation that might seem counterintuitive given his previous warnings about the program’s sustainability. Despite labeling Social Security as a “mathematical disaster,” Ramsey’s advice aligns with his philosophy of securing immediate income rather than banking on uncertain future…
Democratic senators have introduced a bill proposing a temporary $200 monthly increase to Social Security checks, citing the need to alleviate financial strain from what they term ‘Trump inflation.’ This initiative is positioned as an emergency measure to support seniors, who are particularly vulnerable to rising costs. If passed, the legislation could benefit millions of…
Medicare Advantage enrollees have access to Flex Card perks that can be used for everyday health and wellness expenses. However, a recent report from Kiplinger warns that these benefits may soon disappear, urging immediate use. This urgency is echoed by McKinsey’s analysis of the evolving Medicare Advantage landscape, which highlights potential changes in the near…
Protecting retirement savings is crucial for ensuring financial security in later years. Many people overlook simple yet effective strategies that can significantly enhance their retirement funds. By focusing on these often-neglected areas, individuals can safeguard their savings and maximize their financial potential. Here are 15 overlooked fixes that can protect retirement savings. 1) Review Beneficiary…