High-yield savings accounts (HYSAs) are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration up to $250,000, per depositor, per insured institution.
The Social Security Fairness Act, signed on January 5, 2025, eliminated two reductions known as the Windfall Elimination Provision and the Government Pension Offset. In plain terms: if you received a pension from a job that did not pay into Social Security, such as many state and local government positions, those provisions had been cutting your Social Security benefit, sometimes dramatically. Now they cannot.
A 65-year-old man today can expect to live to 84 years old, while a 65-year-old woman can expect to live until 86. For plan sponsors and advisers, that translates into a potential distribution horizon of at least 20 to 30 years. Without incorporating realistic longevity assumptions into glide path design, withdrawal strategies and income solutions, participants face a heightened risk of outliving their savings.
