Financial Archives - DR News - News, Retirement, Finance

Work Credits: The Key to Understanding Social Security Benefits and Financial Stability

Atlanta, Georgia – Understanding the complexities of Social Security benefits, including Supplemental Security Income (SSI), is crucial for achieving financial stability. One fundamental aspect to consider is work credits. SSI calculates work in these credits, allowing individuals to earn up to four per year based on their annual earnings. The required amount of earnings for a work credit increases annually as general wage levels rise. For most benefits, eligibility is determined by earning an average …

Retirement Goals Soar for Gen Z and Millennials, Survey Shows Their Financial preparedness

Houston, TX – American adults are increasingly realizing the need to save more for retirement, as a recent survey conducted by Northwestern Mutual reveals shifting retirement goals among different generations. The survey shows that the average amount Americans believe they will need for retirement has increased to $1.46 million, up 15% from the previous year. This figure highlights the growing concern about financial security during retirement. Despite the increased retirement goal, the survey also shows …

Retirement Goals and Financial Planning for Successful Couple at 57 and 58

TORONTO, CANADA – A couple in Toronto, Sara and Rob, are planning for their retirement in two years. Sara, 58, is currently in a high-paying job earning over $370,000 annually, including bonuses and vested shares. Her husband, Rob, 57, is self-employed, making over $60,000 a year, in addition to earning net rental income of about $50,000 annually. With their son in college and plans to retire in two years, Sara and Rob have mapped out …

Financial Independence Achieved by Young Couple With High-Revenue Businesses

Raleigh, North Carolina – Lindsey Harrison Barber, 34, and her husband, David Barber, 35, have achieved financial success in their respective businesses, bringing in eight figures in revenue. Despite having enough to retire early, the couple has no plans to slow down. Lindsey owns a marketing agency, while David owns an insurance company, and they save about 75% to 80% of their income each year. The Barbers prioritize flexibility and work-life balance, avoiding the traditional …

Insurance Company Profit Motivations Impacting Chesapeake Regional Healthcare’s Financial Stability

Chesapeake, Virginia – In Chesapeake, Virginia, Chesapeake Regional Healthcare is facing financial challenges that are impacting patient care in the community. The hospital is struggling to cope with rising costs of labor, drugs, and supplies, making it difficult to maintain quality healthcare services for its patients. Inflation has put a strain on the hospital’s finances, forcing it to make tough decisions to ensure its sustainability for the future. Like many hospitals across the United States, …

Unemployment Forces Nigerians to Tap into Pension Savings for Financial Relief

Lagos, Nigeria – In the face of rising unemployment rates in Nigeria, more individuals are turning to their pension savings as a means of financial support for day-to-day expenses. The trend has become increasingly common among both public and private sector workers who have lost their jobs amid the current economic challenges. According to data from the National Pension Commission, a significant number of Retirement Savings Account (RSA) holders have requested access to 25 percent …

‘Loud Budgeting’ Trending on Social Media as a New Approach to Financial Goals

New York, NY – As we welcome the new year, many people are looking for new strategies to achieve their financial goals. This year, a social media trend known as “loud budgeting” has gained popularity, particularly on TikTok. But what exactly is loud budgeting and how can it help you better manage your money? Loud budgeting is a money-saving technique that involves being vocal about declining social opportunities that could jeopardize your financial goals. This …

Social Security overpayments lead to financial crises for Americans

Atlanta, Georgia – Numerous Americans are facing financial hardships as Social Security overpayments continue to impact their lives. With the sudden loss of vital monthly payments, beneficiaries are finding themselves at risk of homelessness. One distressing case involved a mother who lost her apartment after the Social Security Administration (SSA) withheld her benefits due to an overpayment issue. The mother, who is legally blind, saw her $1,700 disability check taken away, leaving her unable to …

“Retirement” Crisis: Older Americans Forced Back into Workforce due to Financial Struggles

New York, NY – Hope Murray, a retiree with a diverse career history, found herself reentering the workforce at the age of 80 due to rising living costs. After enjoying a life of leisure in San Diego, Murray took up a job handing out samples at Costco to make ends meet. Reflecting on her $18-an-hour paycheck, Murray expressed gratitude for the financial stability it brought, allowing her to cover her expenses without dipping into savings. …

Security Benefits: Expert Tips for Financial Literacy Month from KYLLE’ D MCKINNEY

Montgomery, Alabama – As we enter Financial Literacy Month, it is crucial to consider how we can better prepare for our financial futures, including understanding the ins and outs of Social Security. Financial literacy plays a significant role in helping individuals make informed decisions about their money, and knowing how Social Security factors into retirement planning is essential. One key aspect to consider during Financial Literacy Month is the importance of understanding when and how …