Maurie Backman - Author for 24/7 Wall St.
Lastest Stories by Maurie Backman
I have a lot of friends who are in their 40s with multiple kids and struggling to build up enough savings for retirement (plus college, home improvements, and the other many things that tend to eat...
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There’s likely to come a point in time when you’re ready to quit the rat race and kick off your retirement. For some people, that point comes in their 60s. But if you’re in a high-pressure job,...
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Retiring early always carries risk — namely, that you’ll run out of savings and end up having to eventually return to work (or, worse yet, being unable to do that despite needing to). So if...
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These days, millions of seniors rely on Social Security to make ends meet in retirement. And given the way inflation continues to mess with working Americans’ finances, a lot more people will...
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A lot of people look to downsize their homes once retirement gets close, or once their children have moved out and they no longer need so much space. But you don’t have to be older for downsizing...
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You’ll often read about trust fund kids — individuals who grow up surrounded by wealth, attend fancy schools, and generally live a life of privilege from a very young age. But what if you don’t...
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It’s not uncommon for seniors on Social Security to collect those benefits for two decades or longer. But in that long a time frame, the value of a dollar can seriously erode due to inflation....
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The median retirement savings balance among Americans in their early to mid-60s is $185,000, according to Federal Reserve data from 2022 (the most recent available). Now that figure may be a bit...
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Fidelity says that by age 40, you should aim to have enough retirement savings to replace your salary three times over. So by age 32, you’re hopefully in the habit of steadily funding a 401(k) if...
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As of November 2024, the average retired worker collecting Social Security received a monthly benefit of $1,925. Your monthly benefit, however, will hinge on a variety of factors, including the age...
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Although the past few years have been brutal for borrowers from an interest rate perspective, they’ve been fantastic for people with money in the bank. For much of 2023 and 2024, 5% CD rates were...
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Without revealing my exact age, most of my friends, at this point, are roughly in their late 30s to late 40s/pushing 50. That means the majority aren’t on the cusp of retirement, but are far enough...
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In recent years, Social Security’s cost-of-living adjustments, or COLAs, have come in on the bigger side. But in 2025, seniors are only seeing their monthly benefits increase by 2.5%. Not only is...
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Social Security is a critical source of income for millions of retirees, a good number of whom have to get by on those monthly benefits alone due to a lack of savings. But many Social Security...
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