The Internal Revenue Service (IRS) has announced significant adjustments to the annual contribution limits for 2025, marking a notable increase for those saving through 401(k) plans. The maximum amount individuals can contribute to their employer-sponsored retirement accounts will rise to $30,500, up from the current limit of $22,500. This adjustment reflects inflationary trends and aims...

Washington D.C. has solidified its position as the city with the highest minimum wage in the United States, setting the rate at $17.95 per hour as of 2024. This figure surpasses the federal minimum wage of $7.25 and reflects a series of local policies aimed at addressing the rising cost of living in the nation’s...

The Social Security Administration (SSA) projects a significant increase in the 2026 Cost-of-Living Adjustment (COLA) for retirees, potentially boosting monthly benefits for those aged 62 to 80. Based on recent economic indicators and inflation trends, the anticipated COLA for 2026 could reach approximately 3.5% to 4.0%, marking one of the higher adjustments in recent years....

Recipients of Supplemental Security Income (SSI) will see a rare occurrence this October, as the Social Security Administration (SSA) announces the issuance of two SSI payments within the same month. Typically, SSI beneficiaries receive a single payment each month, aligned with the scheduled release date around the second or third week. However, due to specific...

Effective immediately, teachers and firefighters across multiple states will see significant increases in their monthly pension benefits, marking the end of the decades-long WEP (Windfall Elimination Provision) and GPO (Government Pension Offset) policies that have historically limited retirement payouts for public sector workers receiving Social Security benefits. Under new legislation enacted this week, eligible retirees...

Former President Donald Trump has recently proposed a controversial shift in retirement investment policy by advocating for the inclusion of high-risk cryptocurrencies within workers’ 401(k) plans. His proposal aims to expand investment options for American workers, emphasizing the potential for higher returns but raising significant concerns over increased financial volatility and investor protection. The suggestion...

The looming threat of a government shutdown has raised significant concerns across multiple sectors, with Supplemental Nutrition Assistance Program (SNAP) benefits and food stamp assistance emerging as critical areas of potential impact. If Congress fails to agree on a funding measure before the current fiscal year expires, millions of Americans relying on these programs could...

Starting October 2025, Canada will introduce new driving license regulations specifically targeting drivers aged over 70, aiming to enhance road safety and ensure drivers’ fitness on the road. Under the updated framework, seniors in this age group will be required to undergo more frequent assessments of their driving abilities, including medical evaluations and practical testing....

The U.S. Department of Transportation announced significant updates to driving license requirements for seniors, set to take effect starting October 2025. These new regulations primarily target drivers aged 70 and older, aiming to enhance road safety while ensuring that older motorists maintain independence. Under the new rules, seniors will face more comprehensive evaluation processes, including...

The Social Security Administration has announced a significant adjustment to the eligibility age for retirement benefits, raising it from 66 to 67 years old. This change, effective over the coming years, marks the most substantial shift in the retirement age since the program’s inception. The adjustment aligns with longer life expectancy trends and aims to...