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Yahoo
17-03-2025
- Business
- Yahoo
Can I Draw Social Security at 62 and Still Work Full Time?
All financial plans are important, but Social Security benefits play a profound role in preventing elderly poverty and are paid out at an important stage in a person's life. Find Out: Try This: With that in mind, it pays to know when you can start receiving your monthly payments and how continuing to work while collecting Social Security will impact your benefits. As the Social Security Administration (SSA) points out, it is perfectly fine to work full time and collect Social Security when you turn the eligible-to-collect age of 62. Whether you should, in normal circumstances, is another issue entirely. With a few exceptions, almost every financial guru will tell you to wait as long as you can to start collecting your Social Security payments. If you choose to draw on your Social Security before you reach your full retirement age (66 or 67 years old, depending on if you were born before or after 1960) and if you earn more than the designated SSA income limits, your benefits will be reduced. The SSA deducts $1 for every $2 you earn over the 2025 limit of $23,400. Using the SSA's example in its 'How Work Affects Your Benefits' publication, if your monthly Social Security payment at 62 years is $600 ($7,200/year) and you plan to work and earn $25,000 ($1,600 above the $23,400 limit), the SSA would withhold $800 of your Social Security benefits ($1 for every $2 you earn over the limit). However, you will get the money back once you reach full retirement age. At that point, your benefit can be recalculated and your monthly benefit will increase based on the additional earnings. You can keep track of your benefits by using the SSA's online platform, mySocialSecurity. More From GOBankingRates10 Most Expensive Meals in the World10 Cars That Outlast the Average Vehicle This article originally appeared on Can I Draw Social Security at 62 and Still Work Full Time? Sign in to access your portfolio
Yahoo
15-03-2025
- Business
- Yahoo
Chili's, Dunkin and 3 More Restaurants That Offer Retirement Benefits
While a number of fast foot joints and chain restaurants carry the perception that they're a workplace for teenagers and twentysomethings, a large number of chains offer very employee-friendly retirement plans and perks for employees thinking ahead about their retirement, or even those close to approaching it. Learn More: Consider This: Whether it's a stacked 401(k) plan, a comprehensive insurance and disability program, or a company-paid pension plan, these chains have retirement perks worth noting. The casual dining restaurant chain Chili's offers employees 401(k) retirement savings plans, in addition to health/dental/vision/life/disability insurance and mental healthcare. Be Aware: Read Next: The beloved donut chain allows employees to contribute up to 75% of pre/post tax eligible compensation to their 401(k) plan, with Dunkin' matching employee contributions up to the first 3%. Dunkin' then matches an additional 50 cents for every dollar for the next 2% of contributions, with the maximum employer contribution capping out at 4%. Additionally, Dunkin' employees ages 50 and up can make additional 'catch-up' contributions to their 401(k) plans. Further, life insurance is offered, as well as short/long-term disability payments. Find Out: The world's most famous coffee joint famously has a powerhouse benefits program for its employees in terms of comprehensive health coverage, as well as a robust 401(k) plan. The casual Mexican grill offers a matching 401(k) plan for employees after they work 1,000 hours, while also matching eligible student loan payments — a plan that lets employees save for retirement while paying off student debt. The chicken-based fast food chain has an expansive retirement plan for employees, offering up a 401(k) retirement plan while matching up to 5%, as well as a Chick-fil-A-paid pension plan. More From GOBankingRates10 Most Expensive Meals in the World10 Cars That Outlast the Average Vehicle This article originally appeared on Chili's, Dunkin and 3 More Restaurants That Offer Retirement Benefits Sign in to access your portfolio
Yahoo
13-03-2025
- Automotive
- Yahoo
The 7 Most Expensive Motorcycles in the World in 2025
The average motorcycle can cost a motor biking enthusiast anything from $5,000 to $20,000 to ride a new bike off the lot. This might seem like a lot of money, but it's still a far cheaper price range than what one would pay for most new cars. That said, there are a number of motorcycles that cost — wait for it — well over $1 million. For You: Trending Now: That's right, two wheels and an engine within a sleek body can cost millions upon millions of dollars. How? According to the information site Jagran Josh, the wallet-busting costs are mostly due to highly limited model runs and exclusive designs, cost-prohibitive technology too pricey for mass production and good old-fashioned historical significance. Also here are four motorcycles that maintain value and 3 that depreciate quickly. Price: $11 million This bad boy was initially priced at a shocking $110,000 before speeding to an almost-unbelievable $11 million at auction, all thanks to a wildly singular frame that is made from a single piece of metal built around a 120ci V-twin engine. Check Out: Price: $7 million This 1949 iteration of the Porcupine only produced four units, renowned for their lightweight frame made of aluminum (allowing it to excel in the Grand Prix racing circuit). That incredible rarity, mixed with powerful speed (thanks to a 500-cc DOHC twin engine), makes the Porcupine not just legendary, but extremely, extremely expensive. Price: $3.6 million A 'hyperbike,' the Ecosse ES1 Spirit can breeze past speeds over 200 mph due to its lightweight nature (256 pounds because of its carbon-fiber body) and its 1000 cc four cylinder in-line engine. That level of innovation, mixed with an overall rarity, allow the Ecosse a seven-figure price tag. Price: $3.5 million The Hildebrand & Wolfmuller was made in 1984, making it the first-ever production motorcycle — which almost makes an extraordinarily significant piece of antiquity and automotive history. Price: $3 million The seven-figure asking price of the BMS Nehmesis comes as no surprise — this is motorcycle that is literally coated with 24-karat gold and is loaded with an ultra-powerful 1700 cc engine. Price: $1.5 million Not just a motorcycle but a work of art, the Cosmic Starship is hand-painted by the artist Jack Armstrong for a one-of-a-kind design. Price: $550,000 The Tomahawk is the only motorcycle on this list not to crack the $1 million mark, but it's still incredibly expensive because of its extremely limited production, powerful V10 engine from a Dodge Viper and a hyper-futuristic (and non-street legal) body design. More From GOBankingRates10 Most Expensive Meals in the World6 SUVs That Last Longer Than You Think and Are Worth the Money This article originally appeared on The 7 Most Expensive Motorcycles in the World in 2025
Yahoo
23-02-2025
- Business
- Yahoo
Anthony O'Neal: 4 Ways Age Can Be a ‘Superpower' To Maximize Retirement Savings
Retirement savings don't follow a one-size-fits-all approach. Financial expert and author Anthony O'Neal shared a simple but powerful truth in a post — your age is your secret weapon when it comes to building wealth for retirement. Below are O'Neal's tips for making every stage count. While the time you have until retirement looks different at the age of 25 from the time you have at the age of 55, there are opportunities to maximize savings at every life stage. Consider This: See More: Starting as early as possible means more time for compound growth. The 2025 limits for employees under 50 are $23,500 for a 401(k) and $7,000 for an IRA, according to Fidelity. Maxing those accounts out will build momentum, especially with an employer match. Setting up automatic contributions makes it even easier to hit those limits by removing the temptation to spend the money instead of saving it. Read Next: Reaching 50 unlocks higher contribution limits. Catch-up contributions allow an extra $7,500 in a 401(k) and another $1,000 in an IRA. That means a total of $31,000 can go into a 401(k) and $8,000 in an IRA every year. This gives people a chance to close the gap if they've fallen behind on retirement savings. New for 2025 is an extra 'super catch up' contribution for 60 to 63 year olds, adding another $11,250 to the 401(k) limit. That brings the total possible contribution to $34,750. For high-earners, this is a great last-minute opportunity to add to tax-advantaged accounts. The higher the contributions, the more tax-deferred or tax-free growth can accumulate. Tax-efficient investing changes with age. Younger people starting out in their careers might benefit from Roth accounts, for example, paying taxes upfront while their income is still growing. High earners in their peak earning years, however, could prioritize pre-tax contributions to reduce taxable income, then shift their strategies later. Self-employed individuals have even more options. A SEP IRA or Solo 401(k) allows contributions of up to $70,000 in 2025. These accounts provide the flexibility to contribute more in high-income years and less when cash flow is tight. Retirement savings isn't a race against time. It's about using each stage of life to take advantage of different financial strategies. The new 2025 limits provide more room to build wealth, whether just starting out or making final contributions before retirement. Every age has built-in opportunities. The key is knowing when and how to use them. More From GOBankingRates10 Home Features That Have Decreased the Most in Popularity (And How Much Homes with Them Cost)6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on Anthony O'Neal: 4 Ways Age Can Be a 'Superpower' To Maximize Retirement Savings Sign in to access your portfolio
