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☆ ‘It’s putting patients’ lives in danger’: Nurses say ransomware attack is stressing hospital operations
▼ + stars: | 2024-05-29 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +9 min

“It’s putting patients’ lives in danger,” said a nurse who works at Ascension Providence Rochester Hospital, a 290-bed facility about 25 miles north of downtown Detroit. The health care sector reported 249 ransomware attacks to the FBI last year, more than any other sector, with some cases affecting patient records. And, perhaps more than any other sector, health care firms hold an enormous volume of sensitive data that is ripe for targeting and extortion schemes. The hack cut off health care providers from billions of dollars of revenue and snarled service at pharmacies across the US. (She said her firm had no specific insights into the Change Healthcare or Ascension ransomware attacks.)

Persons: cyberattack, “, ”, cybercriminals, Mac Walker, Walker, ” Walker, Ascension’s, Ascension, Dina Carlisle, “ There’s, Andrew, ” Sezaneh Seymour, ” Bryan Vorndran, Vorndran Organizations: CNN, Ascension Providence Rochester Hospital, “, FBI, Biden, White House, Department of Health, Services, OPEIU, University of Minnesota School of Public Health, Change Healthcare, UnitedHealth, Healthcare Locations: Detroit, Birmingham , Alabama, St, Louis, Rochester , Michigan, ” OPEIU

☆ Roth conversions are up in 2024 — but it's not always a 'slam dunk,' accountant says
▼ + stars: | 2024-05-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Roth individual retirement account conversions are up in 2024 — but there are key things to know before converting funds, experts say. There was a 44% year-over-year increase in the number of Roth conversions during the first quarter of 2024, according to data from Fidelity Investments. Roth conversions transfer pretax or nondeductible individual retirement account funds to a Roth IRA, which provides future tax-free growth. However, "it isn't a slam dunk for everyone" because it takes time for tax-free growth to exceed your upfront tax bill, said Marianela Collado, a certified financial planner and CEO of Tobias Financial Advisors in Plantation, Florida. Here’s how much you can saveInvestors need "sufficient assets" outside of retirement accounts to cover the upfront tax bill, warned Collado, who is also a certified public accountant.

Persons: Roth, Marianela Collado, Collado, You'll Organizations: Fidelity Investments, Roth IRA, Financial, Finance, Medicare Locations: Plantation , Florida

☆ Retiring abroad can mean more bureaucracy than bruschetta. But it’s growing in popularity
▼ + stars: | 2024-05-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

But while retirees might imagine spending their golden years full of pasta and palazzos, the realities of moving abroad are much less romantic. He didn’t think retiring abroad was feasible. Packing up shopAs America’s retirement crisis grows, so too does the dream of retiring abroad. “People need to think about estate planning, which is often different abroad,” said Brett Spencer, the founder of Impact Financial, a financial advisory firm that specializes in Americans living abroad. I think that’s the reality that a lot of people probably aren’t prepared for,” said Peddicord, who splits her time with her husband between Paris and Panama City, Panama.

Persons: Laura Barnett, She’s, Chris, Chris Barnett, didn’t, Laura, “, We’ve, ”, ” Chris, there’s, won’t, It’s, Brett Spencer, ” Spencer, he’s, Italy Patience Dunbar, Charles Ippoliti, Patience Dunbar Patience Dunbar, Charles, they’ve, Patience, Giorgia, We’re, you’ll, Kathleen Peddicord, Peddicord, don’t, Jacki Dahl, Bill Dahl, Bill Organizations: New, New York CNN, US Department of Defense, CNN, Gallup, Social, Impact, Invest Overseas, “, ”, Rocky, Expiatorio Locations: New York, Kentucky, Poitiers, France, Fayetteville , North Carolina, Portugal, Aveiro, Europe, Monmouth, Italy, Arona, Milan, Oregon, Kansas, United States, Paris, Panama City, Panama, States, Reno, Guadalajara, Mexico, ”

☆ Social Security's 2025 bump is projected to be the smallest in 5 years
▼ + stars: | 2024-05-27 | by ( Cork Gaines | ) www.businessinsider.com time to read: +3 min

The Senior Citizens League's latest projection forecasts Social Security's 2025 cost-of-living adjustment (COLA) to be just 2.66%, the lowest increase since before the pandemic. AdvertisementAccording to the Social Security Administration, the average monthly benefit in 2024 is $1,907, up about $50 from 2023. Over 67 million Americans receive Social Security. AdvertisementOver 67 million Americans receive Social Security, and an increase is not guaranteed. Since the COLA was added to Social Security benefits in 1975, there have been three years without a bump in the monthly checks.

Persons: —, Shannon Benton, Benton, Ippei Naoi Organizations: Service, The, Business, Social Security, Senior Citizens League, Social Security Administration, Senior Citizen, Social, Labor Statistics, Citizen

☆ You could score a tax break for hiring your own kids this summer — if you follow the rules
▼ + stars: | 2024-05-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

"If your child's income falls within the limits, they may not owe any income tax, which can be a win-win," said Lovison, who is also a certified public accountant. If your child's income falls within the limits, they may not owe any income tax, which can be a win-win. What to know before hiring your kidsBefore hiring your children, it's important to know state and federal labor laws, along with tax rules, experts say. "Some states pretty much ban you from hiring children under the age of 14 under any scenario," Lovison said. Payments to children are subject to income tax withholding regardless of the child's age, according to the IRS.

Persons: Sean Lovison, Lovison, Roth, Carol Fabbri Organizations: Social, Advisors, IRS Locations: Philadelphia, , Colorado

☆ Opinion | Debating the Best Way to Fix Social Security
▼ + stars: | 2024-05-26 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Want to Fix Social Security? The Well-Off Must Accept Smaller Checks,” by Peter Coy (Opinion, nytimes.com, May 13):I find it maddening that the only solution to the Social Security Trust Fund difficulties offered by conservatives is reducing benefits. There are a number of acceptable increases that could solve the funding problems of Social Security and Medicare. Let me suggest a few: The Social Security tax stops at a relatively low income level, $168,600 annually, this year. Speaking of all of a person’s income, why is it that only “earned” income is taxed for Social Security?

Persons: Peter Coy, stiffs Organizations: Social Security Trust Fund, Social Security

In addition to Wegovy and Ozempic, the GLP-1 class includes Eli Lilly's highly popular weight loss drug Zepbound and diabetes treatment Mounjaro. VanGilder signed up nearly four years ago and started taking the weekly diabetes injection Ozempic specifically for weight loss. The big difference between Calibrate and prior weight loss efforts, VanGilder said, is that she doesn't feel like she's dieting. Calibrate is one of the only companies to regularly release reports detailing the results of its weight loss program. The federal Medicare program by law can't cover weight loss drugs unless the prescription is for another approved health benefit, such as diabetes or cardiovascular health.

Persons: Michael Siluk, Gray Beard, She'd, that's, Beard, wouldn't, She's, Ro, Goldman Sachs, Eli Lilly's, it's, Andrew Dudum, There's, Zachariah Reitano, Reitano, Wegovy, WeightWatchers, Gary Foster, Foster, Oprah Winfrey's, Kim Gradwell, Lee Smith, Jennifer VanGilder, she'd, Jenny Craig, VanGilder, I've, Kristin Baier, Rob MacNaughton, Ro's Reitano, we'd, Eli Lilly, Craig Primack, Primack, Hims, Dudum, We're Organizations: — Novo, UCG, Novo Nordisk, CNBC, Teladoc Health, World Health Organization, Food, WeightWatchers Clinic, Ursinus College, Asset Management Locations: Charlotte , North Carolina, U.S, Dudley , North Tyneside, Britain, Collegeville , Pennsylvania, Hims

☆ A Gen Xer who barely lives above the poverty line sells plasma to cover her rent because she doesn't qualify for government assistance: 'There's a lot of praying and just hanging on.'
▼ + stars: | 2024-05-21 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kelley used to drive 30 minutes across the Kentucky border every morning to work as a security guard. A growing number of American households can barely pay their bills but make too much to qualify for government assistance. Kelley can't afford healthcare and has started selling her plasma for extra moneyKelley said her top expenses are housing and food. She also said it's a lot more difficult to qualify for government assistance since she isn't actively supporting children. "If you make too much, there's no help; if you are healthy, there's no help; if you don't have kids, there's no help."

Persons: —, Lisa Kelley, Kelley, she's, ALICE —, ALICE, I've, She's, isn't Organizations: Service, Business, Survey, United Way's, Medicare Locations: Cincinnati, Kentucky, DollarTree

☆ In the House of Psychiatry, a Jarring Tale of Violence
▼ + stars: | 2024-05-21 | by ( Ellen Barry | ) www.nytimes.com time to read: +1 min

The annual gathering of the American Psychiatric Association is a dignified and collegial affair, full of scholarly exchanges, polite laughter and polite applause. Then his wrists and ankles were cuffed to the sides of a stretcher, and his pants were yanked down. They gave him injections of Haldol, an antipsychotic medication he had repeatedly tried to refuse, as he howled in protest. One recent study, using 2017 data from the Centers for Medicare and Medicaid Services, estimated the number of restraints per year at more than 44,000. Researchers who surveyed patients about restraint and seclusion have found that a large portion, 25 to 47 percent , met criteria for post-traumatic stress disorder.

Persons: Jacob K, Matthew Tuleja Organizations: American Psychiatric Association, Javits Convention, Division, Centers, Medicare, Services Locations: Manhattan

☆ What Donald Trump might do if he wins a second term in 2024
▼ + stars: | 2024-05-20 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +11 min

Read previewIn January 2025, Donald Trump may be sworn into office as the 47th President of the United States. Another Trump term, on the other hand, would likely entail a radical reversal from not just the previous four years, but even from Trump's first term in office. While not exhaustive, here's just some of what to expect in a second Trump administration. Miller told The New York Times that a second Trump administration would build "vast holding facilities that would function as staging centers" on "open land in Texas near the border." According to Bloomberg, Trump wants to extend those cuts in a second term.

Persons: —, Donald Trump, Joe Biden, Biden, Trump, Trump's, That's, mifepristone, Stephen Miller, Miller, Alex Wong, Nixon, shouldn't, he's, Israel, there's Organizations: Service, Business, Trump, The New York Times, Heritage Foundation's, Senate, Federal Communications Commission, Federal Trade Commission, Federal Reserve, Congress, TIME, Republican, National Guard, United, Department of Justice, Capitol Police, Atlantic Treaty Organization, State Department, Pentagon, Bloomberg, American, Security, Social Security, CNBC Locations: United States, Texas, CPAC, China, Ukraine, Gaza, Israel, Europe, Washington ,

☆ Opinion | Biden Can Do Something at the Debates That Trump Never Could
▼ + stars: | 2024-05-18 | by ( Patti Davis | ) www.nytimes.com time to read: +3 min

Twenty years later, in 1980, I watched my father, Ronald Reagan, debate Jimmy Carter. There was the moment when then President Carter decisively (but politely) criticized my father for his opposition to Medicare. There was a moment in the third debate when Mr. Bush was speaking and Mr. Gore crossed the stage and got way too close to his opponent. Mr. Gore basically invaded his space, but Mr. Bush just turned, gave him a friendly nod of his head and smiled. He may as well have said, “Howdy.” Mr. Gore may have scored more points on substance, but people remembered that moment.

Persons: Richard Nixon, John F, Kennedy, ”, Ronald Reagan, Jimmy Carter, Carter, George W, Bush, Al Gore, Gore, “ Howdy, ” Mr Organizations: Medicare, Union, Democratic

Social Security trust fund reserves are projected to be depleted by 2035. The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk." The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration. Without sufficient action, reduced Social Security benefits might not be able to keep pace with rising costs.

Persons: Emily Millsap, you've, Roth, HSAs Organizations: Social Security, Avantax Wealth Management, Social, Social Security Administration, Workers

☆ Damaging hacks expose the weak underbelly of America’s health care system
▼ + stars: | 2024-05-16 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +6 min

Washington CNN —A pair of recent ransomware attacks crippled computer systems at two major American health care firms, disrupting patient care and exposing fundamental weaknesses in the US health care system’s defenses against hackers. Health care lags other industries such as big financial institutions and energy providers when it comes to IT security, according to some experts. The two ransomware attacks hit different nerves of the health care system. Momentum is also growing on Capitol Hill to force health care organizations to meet basic cybersecurity standards. More broadly, the Justice Department last week announced a task force to examine “health care monopolies and collusion” that will guide the department’s approach to “civil and criminal enforcement in health care markets,” where warranted.

Persons: cybersecurity, ” Joshua Corman, Sen, Ron Wyden, ”, cybercriminals, Biden, Anne Neuberger, Mark Warner, ” Carter Groome, Corman, ‘, ” Sen, Marsha Blackburn, Andrew Organizations: Washington CNN, Biden, “ Industry, CNN, Oregon Democrat, ransomware, Change Healthcare, White House, American Hospital Association, Department of Health, Human Services, Virginia Democrat, Healthcare, cybersecurity, Health, Cavalry, UnitedHealth, Optum, Tennessee Republican, Justice Department, UnitedHealth Group, Wall Street, Department Locations: St, Louis, United States, Virginia, Tennessee

Thedieck, now 31, is still in the military, and has gotten an awful lot of what he's wanted ever since. Darren Thedieck, age 31, joined the Air Force at age 18. Saving on a military salaryThedieck was interested in saving and investing long before he joined the Air Force. Right now, though, the plan is for that money to provide a financial "cushion" for the family, Thedieck says. Instead of full retirement after military life, both he and Naudia plan to take off in a new direction.

Persons: Darren Thedieck wasn't, he's, Thedieck, He's, Darren Thedieck, Andrea Ferro, Naudia, Denmark —, he'll, — Warren Buffett, Benjamin Graham, Darren, That's, They're Organizations: CNBC, U.S . Air Force, Air Force, titans, Social Security, Service Credit Union, Apple, Disney, Netflix, Spotify, FIRE Locations: Las Vegas, England, South Korea, Germany, Aviano, Italy, Venice, Denmark, United States

☆ Online swagger makes presidential debates sound like prize fights
▼ + stars: | 2024-05-15 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

!” Trump said, accepting the challenge on his social media platform with a nod to words that typically open boxing matches. The debates are set for June 27 on CNN and September 10 on ABC News. It’ll be on cable, so not exactly pay-per-view, but certainly not the aired-everywhere style that has become typical of presidential debate since the Commission on Presidential Debates started sponsoring them in 1988. The CNN debate, on the other hand, will be conducted in a TV studio with no audience, which means no applause or cheering. After grumbling from both campaigns, the Commission on Presidential Debates issued a statement arguing that beginning in September would still allow for early voters to watch before making a decision.

Persons: CNN — Joe Biden, “ Donald Trump, ” Biden, Trump, Biden, Harry, ”, Clint Eastwood’s, “ Let’s, ” Trump, Trump’s, –, Hugh Hewitt, It’ll, John F, Kennedy, Richard Nixon, Biden’s, Hunter, Robert F, Kennedy Jr, “ Organizations: CNN, didn’t, ABC News, Republican, Democratic, Social Security, ABC, Biden, Trump, Commission, Washington Post Locations: Atlanta, New York, Los Angeles, Delaware

☆ Uber announces shuttle rides, features for caregivers and Costco perks
▼ + stars: | 2024-05-15 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Here are the key new offerings the company announced: Uber ShuttleZoom In Icon Arrows pointing outwards Review trip screen for Uber Shuttle Courtesy: UberRiders looking for a more affordable way to get to the airport, work and live events, such as sports games and concerts, can reserve seats on an Uber Shuttle. Uber said the shuttle services employ commercially licensed drivers, and users can tip and rate them directly within the Uber app. Costco on Uber EatsZoom In Icon Arrows pointing outwards Costco on Uber Eats Courtesy: UberUber said Costco will be available as an on-demand option within Uber Eats in select locations across the U.S. starting Wednesday. Costco members can enter their member numbers in the Uber Eats app and are eligible for 20% off of Uber One, the company's subscription membership. Uber One for StudentsZoom In Icon Arrows pointing outwards Uber One for Students Courtesy: Uber

Persons: Uber, Dara Khosrowshahi, Ilya S, San Diego Organizations: GE, Chelsea Industrial, Savenok, Getty, Wednesday, Uber, Medicare, Costco, U.S, nonmembers Locations: New York City, Chicago , Pittsburgh, Charlotte, N.C, New York, San Francisco , Los Angeles, Chicago, Atlanta, San

☆ High inflation harms older households — and two factors determine who is most at risk, research finds
▼ + stars: | 2024-05-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

This year, Social Security beneficiaries saw a 3.2% increase to their benefits. The Social Security cost-of-living adjustment may also be 3.2% in 2025 based on the latest government inflation data, estimates Mary Johnson, an independent Social Security and Medicare policy analyst. That estimate may change between now and October, when the Social Security Administration announces next year's cost-of-living adjustment, or COLA. The average Social Security COLA has been 2.6% over the past 20 years, according to The Senior Citizens League. Many households tend to cut back on savings and increase withdrawals to try to lift themselves to where they were before inflation picked up.

Persons: Lourdes Balduque, Mary Johnson, Social Security COLA, Laura Quinby, It's, Quinby, Warren Buffett's Organizations: Social, Social Security, Social Security Administration, Senior Citizens League, Center for Retirement Research, Boston College, Center for Retirement, Finance

☆ Don't call them DINKs. Many childfree adults are ALICEs, living paycheck to paycheck without government assistance
▼ + stars: | 2024-05-14 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

A growing number of child-free adults, however, are falling through the cracks of the US economy. Many low-income childfree adults fall into the ALICE category — people who are asset-limited, income-constrained, and employed. The majority of these adults don't receive any state or federal rental assistance. AdvertisementMany Social Security and Medicare programs also primarily offer assistance to older adults, excluding adults under 62. He suggested expanding the Earned Income Tax Credit to benefit more adults without children, along with removing the extra qualifications childfree adults must meet to access SNAP benefits.

Persons: —, childfree, Robert Greenstein, Greenstein Organizations: Service, Business, Brookings Institution, Brookings, The Hamilton, Security, SNAP, Social Security Locations: Brookings

☆ Trump has promised an immigration crackdown if reelected. That could backfire on the economy
▼ + stars: | 2024-05-14 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —If voters return former President Donald Trump to the White House, he’s promised to launch an unprecedented crackdown on immigration and even conduct mass deportations. Trump recently told Time that he would aim to deport 15 million to 20 million people, perhaps by using the National Guard. Even though consumer prices are no longer skyrocketing, the cumulative impact of three years of high inflation is painful. “Most Americans view high inflation and high prices as unfair. But immigration remains a major concern for voters in the 2024 election and Trump has made it a centerpiece of his campaign.

Persons: Donald Trump, he’s, Trump, —, Mark Zandi, “ It’s, Joe Brusuelas, ” Brusuelas, You’d, ”, Karoline Leavitt, Joe Biden “, ” Leavitt, “, Joe Biden, Zandi, Trump’s, criminologists, Biden, Jerome Powell, Brusuelas, Goldman Sachs, ” Goldman Sachs, Wendy Edelberg, Edelberg, that’s Organizations: New, New York CNN, White, National Guard, Federal Reserve, CNN, RSM, Trump, Social Security, University of Michigan, Labor Department ., The Hamilton, ”, Hamilton, Security, Congressional, Office, The Hamilton Project, Brookings Institution Locations: New York, China, Covid, Mexico, United States

☆ Bob Menendez: Here’s what prosecutors say bought off a US senator
▼ + stars: | 2024-05-12 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +8 min

Here’s what prosecutors say the senator and his wife got:Gold barsProsecutors say Hana and Daibes gave Menendez and his wife gold bars, which were seized by the FBI from the Menendez residence. After returning from a trip to Egypt and getting a ride home from the airport from Daibes’ driver, prosecutors say Menendez searched online for the price of a gold bar. Nadine Menendez needed a new car, apparently after hitting and killing a jaywalker in Bogota, New Jersey, in December 2018. There is a long list of actions prosecutors say Menendez undertook in exchange for all of these alleged bribes. The envelopes of cash prosecutors say bore Daibes’ fingerprints may be more difficult to explain.

Persons: CNN — Democratic Sen, Bob Menendez, Mercedes, Menendez, CNN’s Manu Raju, “, ”, Nadine, Wael Hana, Fred Daibes, Jose Uribe, Daibes, Nadine Menendez’s, Nadine Menendez, Uribe, Hana, –, …, Qataris, retry Menendez, Salomon Melgen, Melgen, Donald Trump Organizations: CNN — Democratic, Bob Menendez of New, Senate Foreign Relations Committee, Capitol, FBI, Court Southern District of, Prosecutors, Court Southern District of New York Prosecutors, Court Southern District of New York, Menendez, Uribe, Mercedes, Benz, Senate Foreign Relations, US Department of Agriculture, New York, of Justice Locations: Bob Menendez of, Bob Menendez of New Jersey, Egypt, Qatar, New Jersey, Daibes, Court Southern District of New York, Bogota , New Jersey, New

☆ Just 4% of current retirees say they are 'living the dream,' survey finds. Here's why
▼ + stars: | 2024-05-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Brauns | E+ | Getty ImagesJust 4% of today's retirees said they are "living the dream," according to a new survey from asset management company Schroders. Image Source | Getty ImagesThe Schroders survey results come as more experts are pointing to a potential retirement crisis. "The retirement savings crisis in the United States is no longer looming: it is here, now," said a new report from the National Institute on Retirement Security. Not everyone agrees there is an emergencySome experts are skeptical there is a retirement savings crisis at all. Of seniors with more than $10,000 in retirement savings, 93% said they were doing okay or living comfortably.

Persons: —, Deb Boyden, That's, Warren Buffett's, Boyden, Andrew Biggs, George W, Bush, EBRI, Biggs Organizations: Getty, National Institute on Retirement Security, Finance, American Enterprise Institute, Social Security, Northwestern Mutual, Research Locations: —, United States

Many Americans don't know, and it's getting even harder to calculate — especially as Social Security is poised to start reducing benefits in just about a decade. Related stories"That number is all over the place," Copeland said, referring to how much people are going to need in retirement savings. "It will be devastating if people who already are facing very dire retirement prospects get less Social Security than they're planning on. Estimating how much you will need in retirement may be helpful, even long before retirement. That highlights the fact that calculating how much you're going to actually need in retirement is complicated.

Persons: it's, That's, there's, Craig Copeland, Copeland, —, William Arnone, Indira Venkateswaran, Greenwald Organizations: Service, Security, Greenwald Research, Business, AARP, Wealth, Research Institute, Social, Social Security, National Academy of Social Insurance Locations: America

☆ A 63-year-old peak boomer said she 'can't even think about retiring' despite having a master's degree and working two jobs
▼ + stars: | 2024-05-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.

Persons: Cathy, ALICE, —, Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St

☆ As Social Security's funds face insolvency, experts say these are key factors to watch
▼ + stars: | 2024-05-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Phoenix Wang | Moment | Getty ImagesA new Social Security trustees report released on Monday provides a modest bright spot for the program. watch nowThe trust fund shortfall may be addressed through tax increases, benefit cuts or by taking funds from general revenues, he said. But Social Security is poised to be an issue in the upcoming House, Senate and presidential campaigns, he said. Here are some key revelations to note from this year's Social Security trustees report. If there is a major recession, many workers who are at the margin may apply for disability benefits, he said.

Persons: Wang, Jason Fichtner, Fichtner, Max Richtman, Laura Haltzel Organizations: Social Security, Center, Committee, Budget, National Committee, Preserve Social Security, Social, Congressional Research Service

☆ China is in the middle of its own retirement crisis as many older people cannot afford to stop working
▼ + stars: | 2024-05-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

China is grappling with a retirement crisis as its population ages. According to OECD data, people over the age of 60 account for 13% of the country's workforce. China is anticipating another 300 million people to reach retirement age in the next 10 years. AdvertisementChina is going through a retirement crisis, with a significant portion of older people finding that they can't afford to stop working. That rivals the share of workers who are of retirement age in the US, where 10%-15% are aged 60 or older.

Persons: —, That's Organizations: Service, OECD, Reuters, Social Security, Budget, Trustees Locations: China

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