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Instead, they addressed terrorism and the Middle East conflict as well as domestic issues such as Social Security and abortion. On foreign policy, Haley offered an unapologetic and determined vision, saying America needs to stand by its ally Israel and support Ukraine. On Social Security, both Haley and Christie said the retirement age needed to be raised for younger workers, though neither would state a specific age. Christie also called for means-testing, saying rich people did not need Social Security as a safety net. "As governor of Florida, I know a few people on Social Security," DeSantis quipped.
Persons: Donald Trump, Nikki Haley, Ron DeSantis, Chris Christie, Sen, Tim Scott of, Mike Pence, Vivek Ramaswamy, Ramaswamy, Haley, winnowed, Israel, Putin, Scott, DeSantis, Joe Biden, Christie, Trump, Ronna McDaniel, Dick Cheney, we've Organizations: GOP, Social Security, Former South Carolina Gov, Florida Gov, Former New Jersey Gov, Trump, Miami, Ukraine, Capitol, Senate, Republican Locations: Israel, Ukraine, Former, Tim Scott of South Carolina, Ramaswamy, America, New Jersey, Virginia , Kentucky, Ohio, Florida
Arik Armstead of the San Francisco 49ers at the NFC Championship game against the Philadelphia Eagles on Jan. 29, 2023. While the pay stub showed gross earnings of more than $4 million year to date, experts say it holds lessons for everyday taxpayers. While it's possible to withhold less than you'll owe, you could risk underpayment penalties on top of a sizable income tax bill in April. Max out your 401(k) to save on taxesIn addition to significant tax withholdings, Armstead also maxed out his workplace retirement plan for 2023. But you can reduce your adjusted gross income with pre-tax 401(k) contributions, experts say.
Persons: Arik Armstead, Kevin Sabitus, Sam, Armstead's, Albert Campo, Armstead, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Armstead's withholdings, John Loyd, Max Organizations: San Francisco 49ers, NFC, Philadelphia Eagles, Getty, Finance, Social Security, AJC Accounting Services, CFP Locations: Manalapan , New Jersey, California, Orlando , Florida, Florida, Texas, Fort Worth , Texas
Here’s what’s not up for debate: Social Security and Medicare are in financial trouble, and the nation’s debt is on an unsustainable trajectory. Spending on Social Security and Medicare is projected to soar as the nation ages, putting more pressure on Congress to address the programs. Advocates’ concernsAdvocates, however, argue that lawmakers can hide behind the debt commission and avoid taking individual blame for agreeing to benefit cuts. “The new speaker has made it clear he’s not a friend to seniors, Social Security or Medicare,” said Max Richtman, CEO of the National Committee to Preserve Social Security and Medicare. “So if you want to keep Social Security solid, you have to do all that stuff and a lot more.”This story has been updated with additional information.
Persons: Mike Johnson, shivers, Johnson, Here’s what’s, , That’ll, it’s, Max Richtman, , Joe Biden, Biden, Charles Blahous, ” Blahous Organizations: CNN, Social Security, Republican, Medicare, Congressional, Office, American Enterprise Institute, National Committee, Preserve Social Security, George Mason University, Committee, RSC
One Social Security disability applicant finally had a hearing scheduled for this month but did not live until the scheduled date, according to David Camp, interim CEO at the National Organization of Social Security Claimants' Representatives. While the patient sought help with 825 days left to live, Social Security wasted more than 500 days with its delays. From 2010 to 2022, claims for Social Security disability benefits declined by 37%, while claims for Supplemental Security Income, or SSI, fell by 49%, according to Camp. Eliminating that phase of the process could free disability determination services staff to work on initial disability claims and reduce backlog, she said. Increase funding for Social Security AdministrationCongressional Republicans have proposed a 30% federal budget cut, which would be "completely devastating" to the Social Security Administration, said Kerr-Davis.
Persons: Richard Stephen, Istock, David Camp, Linda Kerr, Davis, Kerr, Jennifer Burdick, Aleksandr Zubkov, Burdick Organizations: Getty, National Organization of Social Security, Representatives, Social Security, Social Security Administration, Consortium, Citizens, Force, Republicans, Davis, SSA
Today, Social Security has two trust funds that have a total of $2.8 trillion in reserves and function like savings accounts for the program, according to Goss. When more money is needed to pay benefits beyond what is coming in through payroll taxes, the trusts funds are available. Retirement benefits taken at age 70 are 76% higher, adjusted for inflation, than retirement benefits taken at 62, Kotlikoff's research found. "The decision to wait is really buying longevity insurance from Social Security," Kotlikoff recently told CNBC.com. With that information, the Social Security Administration provides estimates of how much in benefits you may receive if you become disabled, retire or die, thus leaving benefits to eligible survivors.
Persons: Thomas Barwick, Goss, Laurence Kotlikoff, Kotlikoff, CNBC.com Organizations: Social Security, actuaries, Republicans, Democrats, Laurence Kotlikoff Boston University, Boston University
What is the Student Aid Report?
  + stars: | 2023-10-24 | by ( Aly J. Yale | Richard Richtmyer | ) www.businessinsider.com   time to read: +14 min
The Student Aid Report summarizes the information on your Free Application for Federal Student Aid (FAFSA). See Insider's picks for the best private student loans >>What is the Student Aid Report (SAR)? The Student Aid Report is a document that, through the 2023-2024 school year, was used to summarize the data submitted on a Free Application for Federal Student Aid (FAFSA). Federal student aid eligibilityYour summary will also include your Student Aid Index — formerly called the Expected Family Contribution. Schools and aid offersThe schools you apply to don't actually receive your FAFSA Submission Summary (formerly Student Aid Report).
Persons: , Shannon Vasconcelos, Robert Kersey, you'll, Kersey, Vasconcelos, Perkins, Pell Grant, Elaine Rubin, You'll Organizations: Federal Student Aid, Service, Bright Horizons, Grants, What's, College of Charleston, Education, Department, Department of Federal Student Aid, Internal Revenue Service, SAR Locations: FAFSA.gov
How Much Social Security Will I Get?
  + stars: | 2023-10-20 | by ( Aly J. Yale | ) www.wsj.com   time to read: +5 min
For these reasons, it is hard to know exactly what your Social Security checks will look like years in advance. Every year, the government adjusts Social Security payouts for inflation—these are called cost-of-living adjustments, or COLA—so averages change, too. However, you can start taking Social Security anytime between ages 62 and 70. Whether or not you’ll owe taxes on your Social Security check is complicated, but more than half of Social Security recipients currently pay taxes on theirs. You can use the Social Security Administration’s Quick Calculator to get a rough idea of your payouts, or if you sign up for a My Social Security account, you’ll get an official estimate straight from the source.
Persons: Aly J, you’ve, You’ll, , Krisstin Petersmarck, , James Sahagian, you’re, you’ll Organizations: Yale, Social Security, Bridgeriver Advisors, Social, Social Security Administration, Ramapo Wealth Advisors Locations: U.S, Bloomfield Hills, Mich, Ramapo, Ramsey , N.J
America’s Debt Crisis Burns While Congress Fiddles
  + stars: | 2023-10-20 | by ( Tim Smart | ) www.usnews.com   time to read: +9 min
Last month, the Penn Wharton Budget Model from the University of Pennsylvania came out with an analysis of the debt crisis entitled “When Does Federal Debt Reach Unsustainable Levels?”Their answer? The concern is that punting the problem into the future, continuing to raise debt even as interest rates rise further or hold at higher levels for longer, the debt will grow even faster in a “snowball” scenario. Similar proposals have been offered over the years but at the same time they seem to lack political support – indeed, Republicans have recently voiced the idea of cutting Social Security. The debt crisis is rapidly worsening at a time when the bond market is having its own set of problems. A recent government auction of debt, an occurrence that is becoming more common as the U.S. borrows more, saw weak demand.
Persons: Dick Cheney, Richard Neal, Democrats –, Blu Putnam, Alan Greenspan, Ben Bernanke, Jerome Powell, , Gene Steuerle, Richard B, Fisher, probity, Kevin McCarthy, Kent Smetters, Boettner, Smetters, Richard Robis, Donald Trump Organizations: Capitol, Democratic, Massachusetts, The New York Times, Federal Reserve, Partisans, Democrats, Fed, CME Group, Social Security, Medicare, Urban Institute, California Rep, Penn Wharton Budget, University of Pennsylvania, University of Pennsylvania's Wharton School, Wharton, Social, Republicans, Treasury, Hamas, BCA Research, White House Locations: U.S, United States, Washington, China, Japan, Israel
The IRS is rolling out its pilot of a free direct tax filing program. It's part of the IRS's continued efforts to make tax filing simpler and more cost-effective. AdvertisementAdvertisementThe IRS is rolling out its own free direct tax filing pilot program — and some taxpayers will be able to use it as soon as the 2024 tax filing season. The IRS's ambitious plans for using the billions it got from the Inflation Reduction Act funding include developing a free, direct filing tool for taxpayers . Now, a pilot program is about to become a reality for some across 13 states.
Persons: , Danny Werfel, filers, Rick Heineman, Werfel Organizations: IRS, Taxpayers, Service, Treasury Department, Child Tax, Social Security, CTC, Intuit TurboTax, Treasury Locations: Arizona California Massachusetts New York Alaska Florida New Hampshire Nevada South Dakota Tennessee Texas Washington Wyoming Arizona , California , Massachusetts, New York, Washington
The stagnation of investment does not stem only from the size of government. But the United States has effectively starved programs focused on the future at the expense of those focused on the present. For decades, incomes and wealth have grown more slowly than the economy for every group other than the very rich. Net worth for the typical family shrank during the first two decades of the 21st century, after adjusting for inflation. The trends in many noneconomic measures of well-being are even worse: In 1980, life expectancy in the United States was typical for an industrialized country.
Persons: Eugene Steuerle, , , Biden, Eisenhower Organizations: Republicans, Democrats, Social Security, Urban Institute, Democrat, Republican, Republican Party Locations: United States, Washington, Canada, Japan, South Korea, Australia, Britain, France, Germany, Italy, Slovenia, Greece, China
WASHINGTON (AP) — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices. About 71 million people — including retirees, disabled people and children — receive Social Security benefits. The maximum amount of earnings subject to Social Security payroll taxes will be $168,600 for 2024, up from $160,200 for 2023. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings. A March poll by The Associated Press-NORC Center for Public Affairs Research found that most U.S. adults are opposed to proposals that would cut into Medicare or Social Security benefits, and 79% of people polled said they oppose reducing the size of Social Security benefits.
Persons: , Kilolo Kijakazi, , Jo Ann Jenkins, , Nancy Altman, Kevin McCarthy, Alfred Mason, Mason Organizations: WASHINGTON, Social, Social Security Administration, AARP, Social Security, Security, The Associated Press, NORC, for Public Affairs Research, Bureau of Labor Statistics ’, CPI Locations: Louisiana
But she isn’t certain that it will be enough, even with her Social Security benefits. Charles Blahous, a former Social Security trustee, said the annual COLA announcement is a reminder about the program's stressed finances. Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, says her organization supports the Social Security Administration using whichever index is higher to best protect older people from inflation. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200, up from $147,000 in 2022. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings.
Persons: Karla Abbott, she’s, Charles Blahous, Mary Johnson, Kevin McCarthy, Abbott, Alfred Mason, Mason, Jo Ann Jenkins, ” Johnson, , Organizations: WASHINGTON, Social Security, Bureau of Labor Statistics, Senior Citizens League, Social Security Administration, Security, Social, AARP, Senior Citizens Locations: Sioux Falls , South Dakota, Washington, Louisiana
Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.
Persons: Marjorie Bloom, she'd, Bloom, Roth, Ester, Ester Bloom, Rebecca Keithley, , they'd, I'm, Kathy Stokes, Keithley, General Merrick Garland, she'll, Marjorie Bloom Bloom, trekked, Mount, Kriangkrai, I've, There's, Sergio Flores, scammers —, Carla Sanchez, Adams, Sanchez, Banks, Marve Ann Alaimo, Porter Wright Morris, Arthur, Alaimo, Cryptocurrency, Scammers, scammers, it's, Patrick Wyman, Wyman, Al Drago Organizations: PNC Bank, Finance, CNBC, Federal Bureau of Investigation, PNC, FBI, Social, Department of Justice's, Vanguard Group, Federal, Consumer Finances, AARP, Microsoft, Department of Energy, Guaranty Corporation, U.S, North Dakota ., Everest Base, Social Security, North Bethesda Camera, PNC Bank —, District of Columbia, Bloomberg, Getty, National Consumer Law, Signature Bank, Asset Unit Locations: Chevy Chase , Maryland, U.S, Vietnam, Mount Everest, North Dakota, liquidating, Nepal, Marjorie Bloom Maryland, District, , Maryland, PNC, New York, Cayman Islands, Washington ,
NEW YORK (AP) — The cybersecurity attack at MGM Resorts last month is expected to cost the casino giant more than $100 million, the Las Vegas-based company said in a Thursday regulatory filing. MGM wasn't the only casino giant to see a cybersecurity breach last month. The Reno-based company said that its casino and online operations were not disrupted. Beyond the casino world, Clorox also disclosed a cybersecurity attack recently — noting the company identified “unauthorized activity” on some of IT systems back in August. ________________AP Reporters Ken Ritter and Rio Yamat in Las Vegas contributed to this report.
Persons: Bill Hornbuckle, Hornbuckle, Hornbuckel, Clorox, Ken Ritter, Rio Organizations: MGM Resorts, Las, MGM, Social, Securities and Exchange Commission, Caesars Entertainment, Caesars, Wall Street, ________________ Locations: Las Vegas, Reno
The fundraising software company Blackbaud agreed Thursday to pay $49.5 million to settle claims brought by the attorneys general of 49 states and Washington, D.C., related to a 2020 data breach that exposed sensitive information from 13,000 nonprofits. Blackbaud said in a statement that it expected to pay the full settlement amounts in October. Indiana will receive almost $3.6 million under the terms of the settlement, the most of any state, Rokita's office said. The company agreed to pay a $3 million fine to the SEC but did not admit wrongdoing. ___This story has been corrected to show that the claims were brought by 49 states and Washington, D.C., not all 50 states.
Persons: Blackbaud, Todd Rokita Organizations: D.C, Social, Indiana, Security's, Exchange Commission, Social Security, SEC, Lilly Endowment Inc, AP Locations: Washington, Vermont, Indiana, U.S
A government shutdown happens when Congress doesn’t approve funding for the federal government by the time the new fiscal year starts on October 1. What it means for youBecause many federal workers are off the job during a government shutdown, many services are stopped or slowed, disturbing the day-to-day life for many Americans. What it means for government workersWhen a shutdown occurs, millions of federal employees and military service members do not get paid until it ends. During the last government shutdown in 2018-19, an estimated 420,000 federal employees worked without pay and another 380,000 were furloughed. Unlike federal workers, contractors have no guarantee of getting back pay once the government reopens.
Persons: wasn’t Organizations: CNN —, Social, Postal Service, Employees, NASA, Department of Homeland Security, Federal Aviation Administration, EY, of Labor Statistics, Federal Reserve, Small Business Administration, Securities and Exchange Commission, SEC
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). After a three-year pause on payments due to the pandemic, student loan payments are scheduled to resume October 1 . For many, adding student loan payments to a long list of expenses might be a struggle. Understand how student loans will fit into your financesDon't just guess whether you can afford the expense — student loan payments will require you to redo your budget. What to do about private student loansIf you owe private student loans , this might be a bit trickier.
Organizations: Consumer Financial, Social, SAVE, Federal
Meanwhile, a faction of hard-right GOP members moved to cut Defense Secretary Lloyd Austin's salary. AdvertisementAdvertisementAs Congress scrambles to drum up a plan to avert a government shutdown, hard-right lawmakers curiously proposed a move to cut the salary of Defense Secretary Lloyd Austin to $1. Georgia Rep. Marjorie Taylor Greene proposed an amendment to slash Austin's salary on the House floor on Wednesday, putting the proposal to a voice vote. AdvertisementAdvertisementAustin, a retired four-star Army general, is the first Black secretary of defense and was confirmed 93-2 by a Senate committee in 2021. On September 21, several hard-right Republicans continued to stifle progress on a spending agenda after rejecting a defense bill that typically receives bipartisan support.
Persons: Lloyd Austin's, Marjorie Taylor Greene, , scrambles, Lloyd Austin, Republicans —, Greene, Austin, Biden, Josh Hawley, Mike Lee, Kevin McCarthy Organizations: GOP, Service, Georgia, Republicans, Twitter, Defense, Pentagon, Army, Military Times, SNAP Locations: Afghanistan, Austin, United States
Gen X isn't financially prepared for retirement
  + stars: | 2023-09-27 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +8 min
New York CNN —Gen Xers are now in their 40s and 50s and account for about a fifth of the US population. And the median amount that Gen X households have in retirement savings — meaning half have less, half have more — is just $40,000. “Retirement savings for Generation X is highly concentrated among the highest earners,” the report notes. Nevertheless, the average Gen X retirement savings balance (nearly $130,000 for individuals and $243,000 for households) suggests that many higher earners may not be saving enough, if those savings are intended to be one’s main source of income in retirement. Also, changes to an existing Saver’s Credit may help lower income Gen Xers.
Persons: Xers, , Tyler Bond, Gen Xers, Stark, Rowe Price, , Organizations: New, New York CNN, Boomers, National Institute on Retirement Security, Social Security, Social, Fidelity, Vanguard Locations: New York
What closes in a U.S. government shutdown?
  + stars: | 2023-09-27 | by ( Reuters Editorial | ) www.reuters.com   time to read: 1 min
PoliticsWhat closes in a U.S. government shutdown? PostedU.S. government services would be disrupted and hundreds of thousands of federal workers would be furloughed without pay if Congress fails to provide funding for the fiscal year starting Oct. 1. What does it mean for agencies such as the military, national parks, Social Security, or Medicare? Matthew Larotonda reports.
Persons: Matthew Larotonda Organizations: Social Security Locations: U.S
Lawmakers on Capitol Hill remain in a virtual stalemate over a budget resolution that would keep the government funded for the remainder of the fiscal year. If that comes to pass, all "nonessential" government business will come to a halt, with some 4 million federal employees forgoing pay until the shutdown ends. "Sure, sure, but let's get to the important stuff," investors among you may be saying. "Is a shutdown likely to have a negative impact on my portfolio?" "The headline answer is no," says Ross Mayfield, an investment strategy analyst at Baird.
Persons: let's, Ross Mayfield, Baird Organizations: Capitol, Social Security, Veterans Affairs Locations: U.S
Republican Sen. Bill Cassidy of Louisiana speaks to the press on Capitol Hill on Feb. 10, 2021. Meanwhile, Larson has put forward a bill, Social Security 2100, in four sessions of Congress to make benefits more generous. Cassidy wants to create a new Social Security fund by raising $1.5 trillion that would be invested in the stock market. Any changes to Social Security would require 60 votes in the Senate, and therefore would have to have agreement on from both parties. Rep. John Larson, D-Conn., speaks during an event to introduce legislation called the Social Security 2100 Act.
Persons: Republican Sen, Bill Cassidy of, John Larson, Connecticut —, Biden, Cassidy, Bill Cassidy, Nicholas Kamm, Florida Republican Sen, Rick Scott, Larson, Conn, Mark Wilson Organizations: Istock, Getty, Social Security, Republican, Democratic Rep, Capitol, AFP, Florida Republican, Social, House Democrats, Security, Senate Locations: Bill Cassidy of Louisiana, Louisiana, Florida, Jan
So I called Kathryn Anne Edwards, an economist and economic policy consultant, to see if there’s an argument that might change people’s minds about the utter necessity of more robust government child care funding — or if I should lose all hope in the possibility of a shift in the way that child care is thought about, discussed and sustained in the United States. labor force participation is midway through a historic decline. In Edwards’s phrasing, it “has been frozen in time for 25 years.” When you see headlines about how we’re at all-time highs for women’s labor force participation, Edwards suggests, that’s misleading. When you look at the actual level of increase since the 1990s, labor force participation among women has barely budged, and without a policy shift, we shouldn’t expect it to go up much in the coming years. The second thing that could force Congress to act on child care is that the birthrate is on the decline in the United States, Edwards said.
Persons: Kathryn Anne Edwards, Edwards, , ” Edwards, , Peter G Organizations: Social, Peterson Foundation, Social Security Locations: United States
Student-loan borrowers who miss payments risk having their Social Security benefits garnished. "It's past time Congress protects seniors and the Social Security benefits they have earned with every paycheck." Those Social Security recipients are at risk of seeing around $2,300 in benefits garnished every year if they go into default. On October 1, millions of federal student-loan borrowers will once again be footing an extra monthly bill. "For many, Social Security benefits are the only source of income they can depend on and it's time we restore that certainty for seniors."
Persons: that's, Raúl Grijalva, John Larson, Ron Wyden, Wyden, they're, she's, Grijalva Organizations: Social, Service, Social Security, Center for Retirement Research, Retirement Research, Education Department, eBay, Seniors Locations: Wall, Silicon
Niger: French official held by Niger security forces freed
  + stars: | 2023-09-14 | by ( ) edition.cnn.com   time to read: +1 min
Reuters —France’s Foreign ministry on Thursday announced the release of Stephane Jullien, a French official who had been held by security forces in Niger. The man, an adviser to French nationals in Niger, had been arrested by Niger security forces on September 8, according to the foreign ministry in Paris. Jullien is an elected official who represents French expatriates and works closely with the country’s embassies and consulates. According to the foreign ministry website, there are 442 such advisers worldwide. Their role is to help French expats with issues relating to work, schools, social security and other issues.
Persons: Reuters —, Stephane Jullien, Paris, Mohamed Bazoum Organizations: Reuters, French Locations: Niger, Paris, France, Niamey, French
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