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☆ The No. 1 mistake most people make with investing accounts—you can fix it in 5 minutes
▼ + stars: | 2024-07-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Here's why, if you haven't updated your beneficiaries since you opened your accounts, it's worth checking in ASAP. When it comes to investing accounts, such as 401(k)s and IRAs, financial pros will generally tell you, the less you look at them, the better. In the event of your death, your brokerage or plan administrator distributes your assets to whomever you have designated as your beneficiary. This process generally only takes a couple of minutes, and you likely breezed through it when you opened your accounts. In the case of Fidelity, for instance, "beneficiaries must contact Fidelity themselves to receive their assets," company policy reads.

Persons: Ed Slott, Jeffrey Rolison, Margret Losinger, Sjostedt, Slott, Rolison Organizations: Social, Procter, Gamble, Fidelity, CNBC

☆ Beryl Live Updates: Over a Million in Texas Under a Hurricane Warning
▼ + stars: | 2024-07-07 | by ( Kate Selig | ) www.nytimes.com time to read: +9 min

On June 19, Tropical Storm Alberto, which formed in the Gulf of Mexico, became the first named storm of the 2024 Atlantic hurricane season. If you live in a coastal area, it’s important to be familiar with community evacuation plans, evacuation zones and evacuation routes. “When it comes to hurricane and storm preparation, now is always the right time.”Protect your documents and valuables. Most homeowners’ policies do not cover flood damage, and flood insurance policies generally take 30 days to become effective. Move pantry items and a supply of bottled water to high, secure shelves, so they will be safer from floodwaters.

Persons: Alberto, Deanna Frazier, Hurricane Harvey, ”, Alberto Moscoso, Kit, Mr, Acree, Dorian, Ramon Espinosa, Johnny Diaz Organizations: Tropical, Atmospheric Administration, New York Times, Federal Emergency Management Agency, Florida Division, Emergency Management, Social, Drug Administration, Disease Control Locations: Gulf of Mexico, Pacific, Wirecutter, Texas, Boquerón

On June 19, Tropical Storm Alberto, which formed in the Gulf of Mexico, became the first named storm of the 2024 Atlantic hurricane season. “When it comes to hurricane and storm preparation, now is always the right time.”Protect your documents and valuables. Most homeowners’ policies do not cover flood damage, and flood insurance policies generally take 30 days to become effective. Move pantry items and a supply of bottled water to high, secure shelves, so they will be safer from floodwaters. Board up your windows to prevent leaks and broken glass, and, where necessary, secure doors with storm shutters.

☆ Your 401(k) is up, and a new report shows increased savings. But Americans need to do more
▼ + stars: | 2024-06-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

The bad news: account balances for the median 401(k) of a person approaching retirement (65+) remains very low. Higher returns, participation rates, savings ratesWhy do we care so much about 401(k) plans? Thanks to a change in the law several years ago, a record-high 59% of plans offered automatic enrollment in 401(k) plans. By switching to automatic enrollment, participants were automatically enrolled and had to "opt-out" if they did not want to participate. Plans with automatic enrollment had a 94% participation rate, compared with 67% for voluntary enrollment plans.

Persons: John James Organizations: Vanguard, Fidelity, Social Security, Institutional Investor Group, Social, Security, Pension Rights Center

☆ Why inflation is still upending retirement plans even as price growth slows
▼ + stars: | 2024-06-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Lower Social Security COLA forecast for 2025Unlike most other sources of retirement income, Social Security benefits are automatically adjusted for inflation each year. As current retirees continue to feel the pinch of higher costs, slowing inflation points to a lower Social Security cost-of-living adjustment next year. The Social Security cost-of-living adjustment may be 3% in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. In contrast, beneficiaries saw a 3.2% Social Security cost-of-living adjustment this year — resulting in an average retirement benefit increase of just over $50 per month. That followed record high Social Security cost-of-living adjustments of 8.7% in 2023 and 5.9% in 2022.

Persons: Caroline Feeney, Feeney, they're, Mary Johnson, Johnson Organizations: Istock, Getty, Prudential's, Prudential, Social Security, Security, Urban, Clerical Workers, CPI

☆ Older voters want candidates who will protect Social Security, poll finds. Yet parties are tied for their support
▼ + stars: | 2024-06-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Joe Biden and Donald Trump Getty ImagesVoters, ages 50 and up, will have a strong influence on the November election. Meanwhile, for older voters, ages 50 and older, Social Security is a top economic concern, the results found. "Democrats only have a three-point advantage on Social Security right now, so the parties are basically tied," said Jeff Liszt, partner at Impact Research. Many voters said they would be more likely to vote for a candidate who will protect Social Security, he noted. Democrats in Congress have proposed plans to make Social Security benefits more generous, which would be paid for by taking the wealthy.

Persons: Joe Biden, Donald Trump, Fabrizio Ward, Bob Ward, Jeff Liszt, — Organizations: Donald Trump Getty Images, Social, AARP, Social Security, Republicans, Impact, CNBC, Congress

☆ As Social Security faces looming fund depletion, there's fierce debate over whether a commission can help
▼ + stars: | 2024-06-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +9 min

"A vote for a commission is a vote to cut Social Security," the man shouted before he was escorted off the floor. How the last major reforms, in 1983, came togetherPresident Ronald Reagan signs the Social Security Act Amendment into law on April 20, 1983. The changes involved taxes on Social Security benefits, increases to payroll tax rates, a future increase to the retirement age and a near-term postponement of cost-of-living adjustments. Social Security Commission Chairman Alan Greenspan, left, shakes hands with Sen. Charles Grassley, R-Iowa, prior to a Social Security hearing on Feb. 15, 1983. Lawmakers divided on best path forwardToday, lawmakers are divided on the best path forward to address Social Security.

Persons: —, Scott Peters, Peters, Bill Huizenga, Joe Manchin, Mitt Romney, — Rep, John Larson, Connecticut —, It's, " Larson, Larson, Nancy Altman, Ronald Reagan, Alan Greenspan, Greenspan, Jim Baker, Reagan, Tip O'Neill, Robert M, Ball, O'Neill, Sen, Charles Grassley, Bob Dole, John Danforth, Altman, Bruce D, Schobel, Elizabeth Warren, Bernie Sanders, California —, they're, Hakeem Jeffries, Conn, Brian Higgins, Jimmy Gomez, Jeffries, Dan Kildee, Richard Neal, Tom Williams Organizations: iStock, Social, Social Security, AARP, CNBC, Rep, Democratic, Corbis, National Commission, Social Security Reform, Greenspan, Federal Reserve, House, White, Finance, Economic Policy Institute, Republican, Greenspan Commission, Senate Finance, Bettmann, Getty, Congress, Democratic House, White House, Democrats, Security, Capitol Visitor Center, CQ, Inc Locations: Sens, R, Utah, Connecticut, Massachusetts, Iowa, California, D

☆ A shortage of young men in the workforce could weigh on housing, Social Security, and growth for years to come
▼ + stars: | 2024-06-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewAmerica's job market is mysteriously short of young men. Zack Mabel, a research professor at Georgetown University, theorizes that falling labor force participation among young men could impact the economy for at least several decades. AdvertisementStraining the economyThe economy appears to already be feeling the decline in male workforce participation. Besides the years following the pandemic, US workforce participation rate hasn't been that low since the 70s, World Bank data shows. There's no clear answer for how to get young men back into the workforce.

Persons: —, Carol Graham, That's, Graham, They're, Zack Mabel, Mabel, Meredith Whitney, Whitney, they're Organizations: Service, Brookings Institute, Bureau of Labor Statistics, Business, Georgetown University, World Bank, Bank, Wall, Brookings, Government, Social Locations: Brookings

☆ A baby boomer who saved over $2 million for retirement explains what he thinks he did right to make the system work for him
▼ + stars: | 2024-06-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

One in five older Americans have no retirement savings, Social Security doesn't feel like much of a guarantee, and the pension era is over. While the widespread shift over the last five decades to 401(k)s for retirement savings has meant some Americans can't afford the burden of being primarily responsible for their retirement finances, others have been able to work the system to their advantage. Throughout his nearly 40-year-long career in geology, he was able to sock away over $2 million for his retirement, even after putting multiple kids through college. He thinks some just didn't know much about 401(k)s during the switch from a pension or didn't understand them. Advertisement"If I had to tell people what to do, there's save big and save early — or save early, and it doesn't have to be big, but save early and you get all that compounding," Mark said.

Persons: Mark —, —, Mark, he's, it's, Roth Organizations: Service, Social Security, Bureau of Labor Statistics Locations: —

☆ How a peak boomer lives 'perfectly comfortably' on less than $30,000 a year after moving from Texas to tiny homes in New York and Florida
▼ + stars: | 2024-06-03 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Read previewSam Mitchell, 64, has a yearly income of below $30,000 a year from Social Security. It's a very different way of life from the corporate real estate job he had 15 years ago in Austin making six figures and owning five homes. "I am making a fourth of the money I was making in 2008, but nobody is going to do it." AdvertisementMoving to New York and FloridaTo start life anew, he bought a farm in Peru and built a small house. AdvertisementOnce Social Security payments kicked in, he relied on the $900 a month to get by.

Persons: —, Sam Mitchell, they're, Mitchell, It's, Keller Williams, Austin, Sancho Panza, he's Organizations: Service, Social Security, Business, Social, University of Florida, South, Southwest, Austin City, Austin Locations: New York, Florida, Austin, Ithaca , New York, Atlanta, Santa Cruz , California, Costa Rica, South Austin, Peru, Ecuador, California , Oregon, Washington, BestBuy

☆ The Social Security Fix Nobody Wants to Talk About
▼ + stars: | 2024-05-31 | by ( Jeff Sommer | ) www.nytimes.com time to read: 1 min

Millions of Americans worry about Social Security — whether they will get the full retirement paychecks promised to them in years to come. And many younger people believe — incorrectly, in my view — that by the time they are ready to retire, Social Security will no longer be there for them. The latest annual Social Security Trust Funds report in May said that unless action was taken, benefit cuts of roughly 20 percent would have to start in 2033. Yet when you stop and really look at the problem, it turns out that what’s required for fixing Social Security is no big deal. It’s based on hard numbers calculated by Alicia Munnell, a Boston College economics professor who is among the nation’s premier experts on Social Security.

Persons: paychecks, Alicia Munnell Organizations: Social, Social Security Trust, Boston College, Social Security Locations: Washington

☆ Fixing Social Security Is an Election Issue Nobody Talks About
▼ + stars: | 2024-05-31 | by ( Jeff Sommer | ) www.nytimes.com time to read: 1 min

Persons: paychecks, Alicia Munnell Organizations: Social, Social Security Trust, Boston College, Social Security Locations: Washington

☆ Social Security's 'biggest myth' leads people to claim early, expert says. Even a slight delay can boost retirement income
▼ + stars: | 2024-05-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Nevertheless, 75% of adults ages 50 and up believe Social Security will run out in their lifetime, a 2023 Nationwide Retirement Institute survey found. When people claim Social SecurityMoreover, data shows retirees often don't wait until they are able to receive 100% of the benefits they've earned. The full retirement age is generally between 66 and 67, depending on an individual's birth date. For every year beneficiaries wait past their full retirement age up to age 70, they stand to get an 8% benefit increase. Every month increases your benefitsNevertheless, experts say it's still generally best to delay claiming retirement benefits.

Persons: Emerson Sprick, they've, —, Warren Buffett's, Suzanne Shu, John Payne, Teresa Ghilarducci, Sprick Organizations: Security, Center, Social, Institute, Social Security Administration, Finance, Cornell University SC Johnson College of Business, Duke University Fuqua School of Business . Workers, The New School for Social Research, CNBC Locations: New

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

☆ 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

☆ 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

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

☆ Big Chinese cities are making it easier to buy homes to boost depressed property market
▼ + stars: | 2024-05-09 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Last October it removed curbs in most districts, and in March loosened restrictions on purchases of second homes. Other cities have also taken major steps to make the process of buying property easier. Changsha, the capital city of Hunan province, has also lifted home purchase curbs since last month. “The April Politburo meeting set a more supportive tone for the property sector, prioritizing the reduction of existing home inventory,” they said. “This may suggest that more local governments may be allowed to purchase homes directly from the market for social housing purposes.”

Organizations: Hong Kong CNN, Geely, Hangzhou Housing Security, Real, Administration, Getty Images, homebuyers, Communist Party, UBS Locations: China, Hong Kong, Hangzhou, Chengdu, China's, Sichuan, Getty Images Chengdu, Changsha, Hunan province, Evergrande, Beijing

☆ 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

☆ Americans will lose full Social Security benefits in 11 years, according to the program's trustees — a year later than expected
▼ + stars: | 2024-05-06 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Full Social Security benefits are expected to run out in 2035, per the program's trustees. AdvertisementAs more Americans fear being unprepared for retirement — and rely solely on Social Security — those full benefits might not be long-lived. Meanwhile, among the income that typical retirees do receive, just under 80% see income from Social Security. The latest estimates on Social Security also come as the US economy braces for a "peak boomer" wave of new retirees. That's the biggest group of boomers retiring yet, and, per that analysis, many will end up having to rely on Social Security benefits to stay afloat.

Persons: That's, —, William Arnone, Martin O'Malley, Kevin Hern Organizations: Security, Social Security, Service, National Academy of Social Insurance, Insurance Trust, Disability Insurance Fund, Social, Survey, Alliance, Lifetime, GOP, Republican

☆ A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'
▼ + stars: | 2024-05-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kirsch is hoping to start collecting Social Security checks in a couple of years, just before his 67th birthday. Related storiesFor many, Social Security won't be enough to fill the gaps. As of March 2024, the Social Security Administration said that its average monthly check sent to recipients is $1,774.83. And, if lawmakers don't intervene, the US Social Security fund is set to dry out by the late 2030s. "Start saving and do it as aggressively as you can," he said.

Persons: —, David Kirsch, Kirsch, Hill , New Hampshire —, he's, Kirsch isn't, didn't Organizations: Service, He's, Business, Walmart, Survey, Income, Social, Social Security Administration, US Social Security Locations: Caribbean, South America, Hill , New Hampshire

☆ A hacker got 6 years in prison for stealing therapy notes and blackmailing patients
▼ + stars: | 2024-05-01 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

Hacker Aleksanteri 'Julius' Kivimäki was sentenced to over six years in prison. He was found guilty of hacking a therapy company to steal notes and blackmail thousands of patients. AdvertisementA Finnish hacker has been sentenced to six years and three months in prison after he was found guilty of stealing confidential therapy notes to blackmail thousands of patients. According to BBC News, Kivimäki demanded a ransom of more than 400,000 euros, or $426,818, from the therapy company in 2020. A trove of confidential information then surfaced on the dark web, including patients' personal details, Social Security numbers, and sensitive therapist and doctor notes from sessions.

Persons: Hacker Aleksanteri, Julius, Kivimäki, —, Aleksanteri Organizations: Service, Western Uusimaa, BBC News, Associated Press, AP, BBC, National Bureau of Investigation, Health Technology, Informatics, US Department of Health, Human Services Locations: Nordic, France, Finland, bitcoin, Brunswick

☆ Fresh customer-fraud allegations against Globe Life
▼ + stars: | 2024-04-30 | by ( Susan Antilla | ) www.businessinsider.com time to read: +9 min

Read previewThe embattled insurer Globe Life and its subsidiary American Income Life face new allegations of fraud, kickbacks, and misclassifying its army of sales agents. Neither Globe, AIL, or any affiliated agencies have requested a correction on BI's series, which has been cited in all three short-seller reports. Spokespeople for Globe, AIL, and Arias did not respond to inquiries about the Viceroy report. Viceroy today published excerpts from a civil complaint alleging that Globe Life required recruits to purchase the course from Xcel for $149, $119 of which was kicked back to Globe Life, AIL, and agency executives, an allegation Globe has denied. "As you might expect, these sales tactics do not engender long-term retention of policies," the Viceroy report states.

Persons: —, AIL, Fraser Perring, Nate Koppikar, Panda, Arias, Erica Robertson, Robertson, Amy Williamson, Renee Zinsky, Fuzzy Panda, Jamie Winters, Winters, Viceroy, AIL's, Antonio – Organizations: Service, Viceroy Research, Globe, Business, Research, Orso Partners, Insurance Department, Pennsylvania, Arias Organization, Social, Organization, AIL, BI, Department, Xcel, Liberty National Life, Ohio Department of Insurance Locations: Texas, London, Globe, Maryland, Pennsylvania, Arias's Wexford, California, Xcel, Ohio, Antonio

To submit a life insurance claim, however, you'll need to know which life insurance company holds the person's policy. NAIC's Life Insurance Policy Locator ServiceIf you don't know the insurance company your deceased loved one has a policy with, the NAIC's Life Insurance Policy Locator Service can help with your search. What to do once you find a life insurance policyFiling a claimOnce you've identified the insurance company and retrieved the deceased's policy information, follow these steps to claim a found life insurance policy:Contact the insurance company: The insurer will provide the claims form and instructions. The closest living relative (e.g., spouse or child)The policy's beneficiaryEstate executors and TrusteesFinding life insurance policy frequently asked questionsHow can I determine what type of life insurance policy I need? Only the beneficiaries named in the policy or their legal representatives have the right to file a claim on a life insurance policy.

Persons: you've, Policygenius Organizations: National Association of Insurance, Social, National Association, Insurance, Financial

☆ Don't think all Nvidians are now rich, says one engineer
▼ + stars: | 2024-04-21 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Read previewAn Nvidia engineer who makes $250,000 a year said the amount employees make at the chip giant was "not as rosy" as some might think. He told Business Insider that while some Nvidians may be lucky enough to be millionaires, "a million doesn't go too far." The software engineer didn't want to be identified as he's not authorized to speak to the media. AdvertisementThat means that a Nvidia employee earning $1 million a year may not be considered rich in a place like San Francisco. "I'm really happy with the price Nvidia stock is trading at."

Persons: —, didn't, he's, There's, Charles Schwab, I'm, I've, it's, Jensen Huang, HWA CHENG Organizations: Service, Business, Nvidia, Microsoft, Apple, Social Security, Charles Schwab Modern Wealth Survey, HWA, Getty, Bloomberg Locations: Coast, California, San Francisco, India, AFP

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