Retirement Savings Tips, SNAP Extension & Top Financial News for Oct. 24, 2022
Written by
Gary Dudak
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It’s National Bologna Day, but we’re not here to feed you a load of baloney — just the top financial stories of the day.
The Big Lead: How To Maximize Your Retirement Savings
A volatile and bearish stock market makes saving for retirement especially challenging. It also comes amid a major change in contribution limits for retirement savings plans.
SNAP Spotlight: New York Gov. Kathy Hochul & 10 Others Extending Emergency SNAP Allotment
In addition to New York, 10 other states and D.C. have extended their emergency SNAP allotments through November 2022, according to USDA data.
Good To Know: What Is the Social Security Earnings Test & How Does It Affect Your Retirement Income?
If you claim Social Security benefits before reaching full retirement age and continue to work and earn above a certain threshold, you may be subject to the retirement earnings test. This could result in withheld benefits, so it’s important to understand these thresholds and how the earnings test limit could affect you.
Bonus: 5 Ways To Make $50,000 a Year in Passive Income
Explore a few ways to generate a heavy flow of passive income. Most of them require a significant cash investment; but, if you’ve been saving diligently and investing wisely, you can put your money to work for you instead of working for your money.
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