Social Security deductions are one of those topics that don’t really come up until two things happen: 1) our loved ones reach the retirement age where they can apply for benefits, or 2) we grumble about the chunk of money taken out of our (bi)weekly paychecks. With a presidential election happening now, the topic of Social Security and Supplemental Security Income (SSI) has come up more often than not. Specifically, Millennials and Gen Zers are being told that only 75% of the benefits will be covered by 2035, and younger voters want to know how either candidate plans to fix this. For those who are already receiving these benefits, there’s a new discussion on the table: the 2025 Social Security COLA increase. SSI benefits for more than 72.5 million Americans will increase 2.5% next year. The cost-of-living adjustment (COLA) increase will cover benefits payable to nearly 68 million SSI beneficiaries in January 2025. Additionally, increased payments to nearly 7.5 million SSI recipients...

Retirement isn’t normally a high priority on young workers’ lists. But this 41-year-old single mother not only secured her bag but did so in the biggest way possible. CNBC has the story of Lakisha Simmons, who retired with almost $1 million in her retirement fund ($850,000 to be exact), having worked since she was 14-years-old. Although she comes from a working-class family, Simmons worked as an associate professor at Belmont University in Nashville, TN. Between her full-time job and her side hustles, Simmons was able to bring in $150,000 in 2020. But Simmons had set a goal for herself: retire by the time she was 45-years-old. So, she deployed what’s known as the FIRE Method — “financial independence, retire early” — which is also popularly known as an extreme saving method. Simmons sold her home (to get rid of her mortgage of $2,400/month), cut down on all her expenses (switched to a prepaid cell phone plan, made meals at home), and saved $100,000 in the first year. “Simmons keeps...