Personal Finance News

After being postponed because of the ongoing government shutdown, the Social Security Administration (SSA) has confirmed the date of the 2026 Cost-of-Living Adjustment (COLA) announcement. The Significance of It The government shutdown that furloughed employees of the Bureau of Labor Statistics and delayed the availability of important inflation data—the basis for the yearly update—caused the original announcement, which was supposed to be made on October 15, to be delayed. Over 70 million Americans depend on Social Security benefits, and the yearly COLA establishes how much more they will get in 2026 to cover growing living expenses. Things You Should Know Newsweek has received confirmation from the SSA that the COLA update will be revealed on October 24. Newsweek was in...

Do you have any retirement savings? If yes, are you increasing your contributions over time or maintaining your account balance? The biggest error that most people make when it comes to their retirement contributions is not regularly increasing the amount they contribute. According to Lisa A. Cummings, Esq., an attorney and executive vice president at Cummings & Cummings Law, "the biggest retirement mistakes most workers make is keeping contribution rates flat year after year." As a compensation and benefits specialist, Cummings has seen the figures for thousands of people's plans. Nearly half of households, according to a 2024 Federal Reserve survey, have less than $65,000 saved for retirement, she added. "At a 3% employee contribution, a person making $70,000 would only sav...

The marriage between the adolescent heir Lai (賴) and a guy with the last name Hsia (夏) was declared legally void by a Taiwanese court on Sunday, preventing Hsia from inheriting Lai's NT$500 million (US$16.9 million) fortune. After the court rendered its decision in June, the Taichung District Court announced that Hsia decided not to appeal the civil judgment, rendering it final. The court stated in its June decision that Lai, 18, and Hsia, 26, had "no mutual admiration before the marriage" and that their correspondence was "distant and unfamiliar." The judge came to the conclusion that the marriage did not satisfy the necessary conditions for legality and that the couple did not have the "true intention of establishing a permanent union" Two hours after the marriage was reg...

Although Dave Ramsey is not opposed to homeownership, he is against individuals jumping into it before they are ready financially. The financial guru has strong views on when and how individuals should purchase homes, and those who are experiencing FOMO about the housing market may be surprised by his advice. Jose Luis Pelaez Inc / Getty Images/Blend Images His main point is straightforward: Purchasing a home before you are financially ready can actually hurt rather than help your financial future. When a Home Turns Into a Financial Mine In a recent episode of "The Ramsey Show," Ramsey stated, "When you're broke, buying a home is not a blessing." This contradicts the widely held belief that becoming a homeowner is always a wise financial decision. According to Ramsey, buying...

The 401(k) has transformed American retirement over the past 50 years. Employees were able to store pretax savings in this new account, which they could then invest like any other fund. Traditional pension systems, which have largely vanished, were replaced by this innovation, which gave workers more control and reduced their exposure to market volatility. The outcome greatly exceeds what was anticipated for what was viewed as a supplementary investment vehicle rather than a solid basis for financial planning. Although they provide a huge source of capital for the market today, 401(k)s might not be sufficient to support the next generation as they mature. This is the breakdown. 13 B.C. After 25 years of service, Caesar Augustus established tax-funded pensions for Roman soldiers that ...

Even if Social Security payments are still being made, a crucial deadline for recipients is probably going to pass without an anticipated announcement. We are currently in the second week of a government shutdown in the United States that has no apparent conclusion in sight. Usually published in mid-October, the annual Social Security cost-of-living adjustment, or COLA, takes effect at the start of the subsequent year. The announcement of the 2026 COLA hike was scheduled for October 15. However, Chris Orestis, president of retirement planning website Retirement Genius, stated that the government shutdown "is going to delay that announcement." It will take some time for the Social Security Administration to obtain the information it requires from the Bureau of Labor Statistics ...

The ostensibly high profits of private equity have been ascribed to "freedom" from regulation. However, the question remains as to how genuine the private equity earnings have been. Credit: iStock.com/VladSt I discussed why it is particularly risky to invest in private equity firms that purchase and manage businesses with the goal of transforming them so they can be sold for a profit in my earlier post. Since public pension management organizations, which retain the pension funds of public schoolteachers and other state employees, are frequently significant investors in private equity, a sizable portion of the populace is ultimately bearing those risks. However, as I also noted, if the rewards on private equity investments were particularly substantial, such high risks might be wa...

You can withdraw up to 25% of your pension fund as tax-free cash when you turn 55 (it will increase to 57 in 2028). This is referred to as a pension commencement lump sum (PCLS). State pensioners are cautioned against panicking and taking out cash due to "rumors" Ahead of the November Budget, state pensioners have been cautioned against taking money out due to "rumours" from the Labour Party. You can withdraw up to 25% of your pension fund as tax-free cash when you turn 55 (it will increase to 57 in 2028). This is referred to as a pension commencement lump sum (PCLS). The remaining amount can be moved into drawdown, from which you can withdraw taxable income as much or as little as you like. Alternatively, you can use the remaining funds to purchase an annuity, which will also ...

President Donald Trump's plan to switch from quarterly to bi-annual business earnings reporting has drawn harsh criticism from Senator Elizabeth Warren. The Massachusetts Democrat told Yahoo Finance that the move would impair control of publicly traded corporations and deny investors access to important financial data. The plan of President Trump President Trump argued that earnings reports should be filed only every six months. By: MEGA President Trump recently made the case that profit reports ought to be submitted just every six months. He asserted that the action will lower compliance expenses for companies and motivate leaders to put long-term expansion ahead of immediate outcomes. Since 1970, the Securities and Exchange Commission (SEC) has mandated that publicly traded co...