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AdvertisementAndrea, 64, faces a tough choice after a layoff: find a job or start collecting Social Security. She had planned to keep working until she reached retirement age at 67. Decisions about when to stop working and take Social Security have become a cornerstone of the retirement experience. Many wished they had waited to receive their maximum Social Security benefit, while others retired early for reasons outside their control. She said her husband, who is a retired attorney, receives several thousand dollars a month between his Social Security checks and pension.
Persons: Andrea, Andrea —, that's, you'd, Roth, Doug Ornstein, Ornstein, Organizations: Social, Social Security, Roth IRA, LinkedIn Locations: Minnesota's Twin Cities, TIAA, United Kingdom
Biden's enhanced ACA subsidies, which lowered premiums for the middle class, will expire in 2025. Biden's expansion increased the financial assistance for people already on ACA plans and lifted the income eligibility cap for those benefits. Related storiesHow ending ACA subsidies would impact Americans and government spendingEnding subsidies would be cheaper for the government and taxpayers. Some Republicans like Vice President-elect JD Vance have said they want to inject needed competition into the health insurance marketplace. Still, Young said letting the ACA subsidies expire will likely mean that healthcare will become more expensive for millions of people.
Persons: Donald Trump, Joe Biden's, Trump, , Gary Young, Young, JD Vance, it's, KFF, Elon Musk, Vivek Ramaswamy, Robert F, Kennedy Jr, Mehmet Oz, Kennedy, Oz Organizations: Trump, White, Affordable, Medicaid, Republican, Biden, Congressional, Office, ACA, Northeastern University's Center for Health, Healthcare Research, Republicans, of Treasury, Children's Health Insurance, Centers for Disease Control, Social Security, GOP, of Government, Department of Health, Human Services, Centers, Medicare, Services, Forbes Locations: Federal
Many older Americans say monthly Social Security checks aren't enough to pay their bills. Pamela Shields is one of many older Americans who "unretired" because she couldn't live solely off her Social Security checks. Shields lives in Fort Worth, Texas, on her $1,470 monthly Social Security payments. Business Insider talked with more than 50 baby boomers who primarily rely on their monthly Social Security checks to get by, and many said that wasn't enough to cover essentials. AdvertisementShe unretired when she realized her monthly Social Security payments wouldn't be enough to support herself or her family.
Persons: Pamela Shields, Shields, she'd, she's, you'd, She's, she'll, I'm Organizations: Security, LinkedIn, Social, Business, Social Security, AARP, University of Chicago's Locations: Fort Worth , Texas
Trump said he plans to change the Affordable Care Act, which provides healthcare for 45 million Americans. AdvertisementDonald Trump's return to the Oval Office could mean changes to Americans' healthcare coverage, based on his previous comments and actions while president. AdvertisementAs president, he will also have the power to influence America's healthcare landscape, including insurance coverage, drug price negotiations, government health and safety regulations, and reproductive healthcare access. Any changes to Medicaid and Medicare under Trump could also cause those with ACA insurance see a reduction in their care options. This could mean some Americans on ACA plans could face higher out-of-pocket costs and fewer in-network care options.
Persons: Trump, Donald Trump's, Barack Obama, Ji, Joe Biden's, Robert F, Kennedy Jr, Kennedy, Karoline Leavitt, Vance Organizations: Affordable, ACA, of Health, Human Services, Congressional, Office, Business, Trump, Georgetown University, DC, Insurance, Department of Health, Congress, Republican, House
Money from programs like Social Security accounted for 18% of total personal income in 2022. A growing share of income in most US counties is coming from social safety net programs like SNAP, Social Security, and Medicaid, per a report published in September by the research firm Economic Innovation Group. One in six people in 2022 were over the age of 65 — compared to one in 10 in 1970 — and just over half of the national transfer income flows from Medicare and Social Security. The report's findings come as Business Insider has spoken with many retirees — who are living solely on Social Security income because they don't have savings or retirement investments — who say they are struggling to afford basic necessities. "I don't want to be rich, I just need to be comfortable," a baby boomer living on $1,104 monthly in Social Security previously told BI.
Persons: That's, , ALICE, EIG Organizations: Social, Service, , SNAP, Social Security, Economic Innovation Group, Government, United Way's United, allisonkelly Locations: , Louisiana
The president-elect promised on the campaign trail to cut taxes on Social Security benefits in his second term. For some baby boomers, lower Social Security taxes could mean larger monthly checks in the short-term. But experts predict that the Social Security tax cuts, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. More than 72 million Americans receive Social Security and the estimated average monthly check is $1,907 a month, per the Social Security Administration. Social Security tax cuts would hurt low-income retirees, younger generationsUS Social Security will be depleted in the next decade without Congressional action.
Persons: Trump, , Donald Trump, Taylor Lee, Lee Organizations: Social Security, Service, Social, White, Fox, Belmont Capital Advisors, Trump's Social, Social Security Administration, Security, Federal Budget, Congressional, Congress, Republican, Trump Locations: Belmont
Oregon's universal basic income measure failed, with 78.8% of voters opposing the policy. Basic income programs have been tried across the US as an approach to poverty reduction. AdvertisementOregon's effort to institute a statewide universal basic income failed on November 5. Alaska also has a program that resembles basic income, but it's structured differently than Oregon's proposal. The Alaska Permanent Fund, which began in the 1970s, is a model similar to universal basic income.
Persons: , hasn't, Andrew Yang Organizations: Service, Associated Press, Universal, Democratic, Alaska Permanent Fund Locations: Oregon, Alaska, Oregon's, California, New Mexico
Detailed below is how a Trump presidency is expected to impact American wallets. Trump's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans. Trump has proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.
Persons: Donald Trump, , Trump, bitcoin, Vance Organizations: Trump, Service, Biden, White Locations: Americas
Detailed below is how a second Trump presidency is expected to impact American wallets. Trump's plan to cut the corporate tax rate is generally viewed as bullish for earnings, particularly for the consumer-discretionary, communication-services, and financial sectors. Further, if Trump's presidency is inflationary and leads to interest-rate hikes, that would hit housing affordability in the form of higher mortgage rates, which track the Federal Reserve's benchmark. AdvertisementThe former president has also said he plans to extend his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut." Trump's plan for universal tariffs is seen as offsetting a positive tax impact and would be especially costly for lower-earning Americans.
Persons: Donald Trump, , Trump's, Trump, bitcoin, Vance Organizations: Trump, Service, Biden, White
Cities and counties are voting on property and sales tax hikes to fund childcare. Other localities already have similar laws in place, with Alaska taxing marijuana sales to fund early childhood programs. We want to hear your thoughts on paying higher taxes to help fund childcare in your community. Three localities are voting to increase taxes to boost childcare funding for low-income and middle-class families. AdvertisementA similar measure in St. Paul, Minnesota, would also hike property taxes to fund citywide childcare initiatives for low-income families.
Persons: , Austin —, Rebecca Noecker, Noecker, Paul Organizations: Service, Voters, New, New Orleans voters, Paul Locations: Alaska, Sonoma County , California, Travis County , Texas, Austin, St, Paul , Minnesota, New Orleans, Whatcom County, Washington, Sonoma, Anchorage, Colorado
For many Americans, the most important focus heading into a presidential election is how the winner will impact their wallet. Related storiesFor drug prices, Harris has promised to expand two provisions in the Inflation Reduction Act, allowing Medicare to negotiate the prices of some drugs. HarrisHarris' planned policy includes the construction of 3 million new housing units, as well as an expansion to the Low-Income Housing Tax Credit. TrumpTrump has also proposed expanding the child tax credit, which currently provides up to $2,000 per child. In August, the vice presidential candidate JD Vance floated a child tax credit proposal that would include $5,000 per child for families of all income levels.
Persons: Harris, Trump, Trump's, Joe Biden's, Biden, Trump Trump, — Trump, Harris Harris, , Vance, hasn't Organizations: Trump, Federal Reserve, White, Trump Trump Locations: Americas
Many Americans face retirement woes, lacking adequate savings and relying on Social Security. McCoy said she began receiving monthly Social Security Disability checks about 10 years ago, which are currently $1,620. Despite their best savings efforts, McCoy said medical bills and a high cost of living depleted her household finances. "But to live on Social Security — which is coming very quickly for both of us — is scary." A fifth of US adults over 50 reported having no retirement savings, and Social Security often isn't enough to cover the full cost of essentials.
Persons: Elizabeth McCoy, , McCoy, She's, Elizabeth McCoy McCoy, Gen Zers, she's, you've Organizations: Social Security, Service, Social Locations: Indiana
Former President Donald Trump and Vice President Kamala Harris have both talked about the importance of making childcare more affordable. Below are three elements of the childcare equation and what the Harris and the Trump camps have either proposed or already done. Child tax creditsTrump and Harris have both proposed expanding the child tax credit, which currently provides up to $2,000 per child. Harris' child tax credit policy would restore the enhanced pandemic-era credit, giving parents up to $3,600 annually per child, with the amount dependent on a child's age and family income. The US's pandemic-era child tax credit expired at the end of 2021 because Republicans in Congress opposed it.
Persons: Harris, Trump, , Donald Trump, Kamala Harris, Joe Biden's, Grant —, Anne Hedgepeth, Cindy Lehnhoff, Vance, hasn't Organizations: Service, Business, Child Care, Child Care Association, Budget
Detailed below is what Harris and Trump have proposed in order to address these worries. Vice President Kamala Harris and former President Donald Trump have both pledged to address high prices by boosting the supply of homes. Related storiesThe Democratic candidate also said she plans to expand the existing low-income housing tax credit, which incentivizes the rehabilitation or building of housing targeted at lower-income households. As president, Trump proposed major cuts to the federal Department of Housing and Urban Development's budget, including slashing housing assistance and community development aid. AdvertisementWhile in office in 2017, Trump proposed a budget for the 2018 fiscal year that would have significantly cut rural housing subsidies.
Persons: Harris, Trump, , Kamala Harris, Donald Trump, Daryl Fairweather, Redfin, Fairweather, Jessica Lautz, multifamily Organizations: Service, Business, Democratic, Peterson Institute for International Economics, Builders, of Housing, Urban, National Association of Realtors, Democratic Party Locations: America
Ahead of Election Day, Business Insider spoke with voters about how family and reproductive healthcare access will influence their decision. Along the spectrum of support for abortion access, one common thread stood out: The cost of raising a family. In terms of abortion access, Trump has bragged about his role in overturning Roe v. Wade — a decision that led to 41 states with bans. In her first time voting for president, Sark said she plans to vote third party, likely for Green Party candidate Jill Stein. "I don't think that there's really anything that we can do about abortion in this election," Sark said.
Persons: Roe, Wade, , Donald Trump, Kamala Harris, Kristan Hawkins, Harris, Trump Erica Choinka, Trump, Choinka, Trump's, Wade —, Harris Stephanie Gomez, Gomez, haven't, Avie Sark, Sark, Jill Stein Organizations: Business, Service, Trump, Republican, Life, Democratic, Green Party Locations: Missouri, Jefferson City , Missouri, Roe, Texas, Houston, Austin, Indiana, Sark
Companies like Aetna or AARP/UnitedHealthcare are merging their coverage plans, while previous insurers like Mutual of Omaha are leaving the market. AdvertisementWhile beneficiaries with Part A and B Medicare could see premium adjustments, most major changes will occur for people with supplemental Part D and Medicare Advantage plans. Healthpilot found that 10% of Medicare Advantage plans will be at the maximum deductible — up from 5% last year. Most Medicare Advantage beneficiaries will still have prescription drug coverage in the new year, but they may face higher out-of-pocket costs. Baby boomers are already struggling with healthcare costsThese changing Medicare costs come as many low-income baby boomers are struggling to keep up with medical bills.
Persons: , Elizabeth Ayoola, Ayoola, Healthpilot, boomers, Lisa Callejas, Callejas, Betty, Betty —, Betty isn't Organizations: Medicare, Social Security, Service, Insurance, Companies, Aetna, AARP, BI, Healthpilot, Business, Security, Social Locations: Omaha, Mexico, Illinois
Tarli, 36, said cash payments helped him afford equipment for his hip hop career. Additionally, the cash payments helped him reach "flexibility and freedom" beyond affording basics. When Tarli received his first $500 check from the Springboard for the Arts guaranteed income pilot, he felt immediate relief. Springboard for the Arts' program gave 75 artists like Tarli monthly cash payments of $500 for 18 months, and was initially set to end in summer 2024. Cash payments helped him move toward that goal, he said.
Persons: Tarli, , Tarli —, Paul, Paul —, J, Cole, Kendrick Lamar, he's, Cash Organizations: Arts, Service, Business, McKnight Foundation, Bureau of Labor Statistics Locations: Twin Cities, St, Otter, Minnesota
Hurricane Milton threatens Florida's Central Gulf Coast with Category 4 winds and storm surge. An employee tapes up a gas pump ahead of Hurricane Milton. The Milton evacuation comes just days after after she and her boyfriend had to buy supplies and rent a hotel room to avoid Hurricane Helene. AdvertisementMakayla Pelletier, 23, evacuated Tampa as Hurricane Milton barrelled toward her city. As Hurricane Milton draws closer, residents of disaster-prone areas are evaluating how weather events could impact their livelihoods.
Persons: Milton, Hurricane Helene, Makayla Pelletier, , fiddled, Hurricane Milton, Pelletier, " Pelletier, Jane Castor, Joe Raedle, Pelletier doesn't, Tampa Pelletier, Orlando —, she's, Milton doesn't, Helene, we're Organizations: Service, Gulf Coast, CNN, Tampa, Tampa that's, Hurricane Locations: Gulf Coast, Hurricane, Tampa, Orlando, Gulf, St, Petersburg, Milton, Punta Gorda
Monthly Social Security checks aren't enough for most baby boomers to get by, further fueling a retirement crisis. A prenuptial agreement can be helpful, but it typically doesn't protect wealth built after the couple ties the knot, like retirement savings. Men's monthly retirement incomes are nearly $600 more than women's — $2,610 to $2,042 — and they're more likely to have a balance in a retirement account. Overall, divorced women like Clark see lower monthly retirement incomes than their male counterparts — and peers who have remarried. One of Mintzer's greatest divorce regrets is that she didn't safeguard her retirement savings.
Persons: , Libby Mintzer, Mintzer, she's, Melody Evans, Evans, Roth, couldn't, didn't, Kathryn Clark, Clark, Clark didn't, Clark's, it's Organizations: Service, Social Security, Social, Gerontology, , Roth IRA, SNAP, allisonkelly Locations: Florida, Tampa, California's Bay
But natural disasters like Helene may influence if Gen Zers stay in western North Carolina. The 24-year-old and her partner moved to Asheville, North Carolina from Philadelphia a few weeks ago and signed a lease on their new apartment. AdvertisementGen Zers moved to Asheville for work opportunities and communityOver the past decade, Gen Z has been flocking to the Asheville area. Scott Pridemore of Pridemore Properties at Compass, a real-estate brokerage in North Carolina, told BI that many people go to nearby universities like Appalachian State University or University of North Carolina Asheville and never leave. "Post Covid, we definitely saw a lot of people opting for life in the North Carolina Mountains," Pridemore said.
Persons: Z, Helene, Gen Zers, , Sierra Isley, Isley, Mario Tama, Zers, Gen Z, Hector Hernandez, Arroyo Hector Hernandez, Arroyo, He's, Hernandez, he's, Iliana, Villatoro, Scott Pridemore, Pridemore, Marilyn Wright, Wright, we're, She's, she's, Rink, Helene devastates Organizations: Service, River Arts, Asheville, Census, Appalachian State University, University of North, University of North Carolina Asheville Locations: Asheville, North Carolina, Asheville , North Carolina, Philadelphia, River, Gulf, Buncombe, Atlanta, Durham, Greensboro, Villatoro, University of North Carolina, California, Northeast , Texas, Florida, Raleigh, Lexington , Kentucky, Asheville —
AdvertisementBrian Fetting and Dan Juhnke welded every chair and table for their business, New Origin Brewing in Asheville, North Carolina. Last week, Hurricane Helene stripped away nearly everything. New Origin Brewing is in one of the hardest hit cities by Hurricane Helene, despite its mountain location, 300 miles inland. Some of New Origin's brewing equipment, destroyed by Hurricane Helene. For most of the small breweries dotting the French Broad River and the Blue Ridge Mountains, the devastation from Hurricane Helene can't just be measured in dollars lost.
Persons: Helene, , Brian Fetting, Dan Juhnke, Fetting, Hurricane Helene, he's, He's, Dan, Mike Semenec, Semenec, DSSOLVR, Harrison Fahrer —, Asheville —, Fahrer, Tim Kent, They're, Kent, Juhnke, Bryna Frosaker, Adam Charnack, Frosaker, Charnack Organizations: Service, Business, Brewery, Asheville Metro Area Breweries, North Carolina Beer & Wine, Juhnke Brewery Locations: North Carolina, Asheville , North Carolina, Hurricane, Gulf Coast and Georgia, Buncombe County, Asheville, Minnesota, North, Tampa, Durham, North Carolina's, Charnack
The basic income myth: cash discourages work
  + stars: | 2024-09-28 | by ( Allie Kelly | ) www.businessinsider.com   time to read: +10 min
Critics of guaranteed basic income often suggest that cash payments discourage work. Guaranteed basic income programs are gaining momentum across the US as an approach to poverty reduction. Related storiesBasic income critics say cash discourages workBillionaires, politicians, and financial leaders have criticized basic income programs, saying that cash payments could encourage laziness among participants. AdvertisementStill, guaranteed basic income programs reflect short-term results. Harper began teaching shortly after enrolling in a Georgia-based guaranteed basic income program, In Her Hands.
Persons: , Taniquewa Brewster, Brewster, America's, John Gillette, Sam Altman, Samra, aren't, Cepia Harper, Harper, I've, Asya Howlette, Howlette, Brewster — Organizations: Service, Texans, Business, Austin, Rep, Mayors, Orleans Mayor's, Youth Locations: Arizona, Illinois, Texas, Stockton and Baltimore, Denver, Georgia, Orleans
BI broke down the pros, cons, and frequently asked questions about basic income. Universal basic income and guaranteed basic income could fill gaps in the existing US social safety net, experts said. A benefit of basic income is the element of choice, according to Shafeka Hashash, associate director of guaranteed income at the Economic Security Project. Private donors often fully or partially fund basic income programs, lessening the cost burden on local governments. US states with active basic income programs include California, Illinois, Colorado, New York, Georgia, Louisiana, and more.
Persons: , Melvin Carter, Paul, Shafeka Hashash, Hashash, It's, John Gillette, Oscar Wong, UBI, Andrew Yang, Howlette, hasn't, Michael Tubbs, Allan Baxter, What's, Sam Altman, Elon Musk Organizations: Service, Business, St, SDI, SNAP, Economic Security, Arizona, Rep, American, Orleans Mayor's, Youth, University of British Columbia, Alaska Permanent Fund, Tech Locations: Valley, America, Los Angeles and Illinois, Texas, Missouri, Arizona , Iowa, South Dakota, Orleans, Denver, Atlanta, Alaska, California , Illinois, Colorado , New York , Georgia, Louisiana, Canada, Brazil, China, Germany, India, Iran, Ireland, California, New Mexico, Oregon
Read previewTexas Attorney General Ken Paxton is calling guaranteed basic income "unlawful." This new lawsuit comes after Paxton sued the county in April over another guaranteed basic income pilot called Uplift Harris. Some Texas lawmakers have called guaranteed basic income socialist, or a means to "hand out money like popcorn." Related storiesPaxton's lawsuit could impact the livelihoods of GBI participantsFor many participants, guaranteed basic income is a financial safety net. Have you participated in a guaranteed basic income program?
Persons: , Ken Paxton, Paxton, Harris, St . Louis, Harris County Attorney Christian D, Menefee, Delwin Sutton, Sutton, Rodney Ellis, Ellis Organizations: Service, Prosperity, Texas Supreme, Business, Attorney's, General's, Texas, Republican, Harris County Attorney, Community Prosperity Locations: Texas, Harris County, Harris, Houston, America, Arizona , South Dakota, Iowa, St .
Read previewTo Jeremy Teitelbaum, the weather in Pereira, Colombia, feels like "eternal spring." According to documents reviewed by Business Insider, he lives on his $3,423 monthly teaching pension. According to the Social Security Administration, over 700,000 US workers retired abroad in 2022, the latest available data. This trend comes as millions of baby boomers are living on fixed Social Security or pension incomes with limited savings. Once he begins collecting Social Security, Teitelbaum said his teaching pension will be reduced.
Persons: , Jeremy Teitelbaum, Teitelbaum, Teitelbaum hasn't, Pereira — Organizations: Service, Business, International, Social Security Administration, Security Locations: Pereira, Colombia, San Luis Obispo , California, America, Texas, Panama , California, Italy, Minnesota, Mexico, California, Machu Picchu, Buenos Aires, Los Angeles
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