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☆ 47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame
▼ + stars: | 2023-09-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

DusanManic | iStock | Getty ImagesAlmost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey from Natixis Investment Managers. The results come as research from the firm shows the U.S. has improved its overall score for retirement security compared to last year, with 71% versus 69% in 2022. The five top countries for retirement security include Norway at No.1, followed by Switzerland, Iceland, Ireland and Luxembourg. Most survey respondents, 84%, say recent economic activity shows inflation is a big threat to their retirement security. Moreover, 58% of retirement savers and retirees say their biggest worry is outliving their money, Cerulli Associates recently found.

Persons: Dave Goodsell, Goodsell, it's, Cerulli, Mary Johnson, Johnson Organizations: iStock, Natixis Investment, Natixis Center, Investor Insight, Northwestern Mutual, Social Security, Senior Citizens League, Getty Locations: U.S, Norway, Switzerland, Iceland, Ireland, Luxembourg

☆ 5 million kids fell into poverty last year after Congress cut off Biden's monthly checks to parents
▼ + stars: | 2023-09-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

That's after Congress ended monthly checks to parents as part of the expanded child tax credit. The poverty rate for all people also increased from where it stood in 2021. Refundable tax credits like payments from the expanded child tax credit helped keep millions of Americans out of poverty in 2021. The SPM child poverty rate of those under 18 soared from the record low, starting with data from 2009, of 5.2% in 2021 to 12.4% in 2022. "The child poverty rate in 2022 would have been about 8.4 percent rather than 12.4 percent."

Persons: That's, —, Melissa Boteach, Institute's Elise Gould, Ismael Cid, Martinez, Biden Organizations: Service, Census Bureau, Child Tax, CTC, National Women's Law, Social Security, SNAP, Economic Advisers, CEA, Budget Locations: That's, Wall, Silicon

☆ France calls for release of French official in Niger
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

PARIS, Sept 12 (Reuters) - France's foreign ministry on Tuesday called for the immediate release of a French official held by security forces in Niger. It said that an adviser to French nationals in Niger had been arrested by Niger security forces on September 8. The official is a "conseiller des Français de l’étranger" (adviser to French citizens abroad), who 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: Tassilo Hummel, William Maclean Organizations: French, GV, Thomson Locations: Niger, France, Paris, Niamey, French

☆ Ballooning US deficit will keep bond yields high, even as inflation cools, market veteran says
▼ + stars: | 2023-09-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Despite cooling inflation, a growing US deficit will force yields to stay elevated, Ed Yardeni wrote. The 10-year Treasury yield is likely to remain elevated at around 4.25%-4.5%. "That's the highest ever excluding during the Covid-19 pandemic, despite Biden's claim that his administration has implemented measures to slash the deficit," Yardeni wrote. So, even as inflation heads towards the Federal Reserve's 2% target rate, the 10-year Treasury bond is likely to remain elevated at around 4.25%-4.50%, the market veteran said. Increasing the yield may be necessary as net inflows into bond mutual funds and ETFS has dwindled, Yardeni wrote.

Persons: Ed Yardeni, That's, Yardeni Organizations: Service, Treasury Department, Federal, Social Security, Treasury, Fed Locations: Wall, Silicon

☆ The top 10 countries for a comfortable retirement
▼ + stars: | 2023-09-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +2 min

Switzerland ranked at the top of U.S. News & World Report's Best Countries ranking both overall and for a comfortable retirement. Switzerland also topped last year's Best Countries ranking, which analyzes 87 countries on attributes including entrepreneurship and quality of life. The United States ranked 30th on the comfortable retirement list, while seven of the top 10 are in Europe. The US ranked higher on the best countries to start a career, coming in third behind Germany and Canada. Here are the top 10 countries in the world for a comfortable retirement, according to the U.S. News & World Report ranking:

Persons: Devon Haynie Organizations: U.S . News, Service, New Zealand, United States, US Locations: Switzerland, U.S, Portugal, Australia, New Zealand, Wall, Silicon, headquartering, Europe, Finland, New, Germany, Canada, India, Thailand, China, Mexico

☆ Biden's asking Congress for a budget Band-Aid. It'll make student loan repayment easier, secure Social Security and food benefits — and avoid a government shutdown.
▼ + stars: | 2023-08-31 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Without the cash infusion, the admin says, Social Security could get bogged down. Without that temporary budget fix, Social Security could get bogged down, low-income babies and seniors might not receive their benefits, and student loan repayment could get even thornier. The agency noted that the Education Department requires $2.3 billion to ensure it can effectively disburse student aid. It would also allocate $1.8 billion for student aid administration, which is $265 million below its current level. Are you worried about losing WIC or other food assistance, or struggling to repay student loans?

Persons: Biden, Joe Biden, Chuck Schumer, Kevin McCarthy, Schumer Organizations: Biden, Social Security, Service, Security, Management, OMB, SNAP, Social Security Administration, Women, Federal Student Aid, Education Department, Federal, Aid, Labor, Republicans, MSNBC, Republican, jkaplan Locations: Wall, Silicon, Washington

☆ 75% of people age 50 and up worry Social Security will run out of money in their lifetimes, survey finds
▼ + stars: | 2023-08-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The subject of Social Security was largely left untouched in the first Republican presidential debate. But worries about the future of the program loom large in Americans' minds, a recent survey from the Nationwide Retirement Institute shows. To that point, 75% of individuals age 50 and up worry Social Security will run out of funding in their lifetimes, according to the survey of 1,806 individuals taken between May and June. The program's combined funds are due to run out in 2034, at which point 80% of benefits will be payable, Social Security's trustees have said. "You've got people on this stage that won't even talk about Social Security and Medicare," former Vice President Mike Pence said during Wednesday's Republican primary debate.

Persons: servicer, —, You've, Mike Pence, Pence Organizations: Social Security, Nationwide Retirement Institute, Social, Finance, Republican, CNBC

☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
▼ + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.

Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security

☆ Social Security cost-of-living adjustment for 2024 may be 3%, estimate finds. How hurricane season may change that
▼ + stars: | 2023-08-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

"The COLA estimate might go down if gas and oil prices drop." Hurricanes, in particular, may prompt higher oil and gas prices, she said. "Certainly, hurricane season bears close monitoring, and we are entering the heart of it now," said AAA spokesman Andrew Gross. "A major storm impacting the Gulf Coast and nearby refineries will likely lead to a spike in gas prices for a few weeks," he said. However, the pressure may be off pump prices at the moment, he said, due to a combination of lower oil prices and flat demand.

Persons: Mary Johnson, Johnson, Andrew Gross Organizations: Istock, CPI, Social Security, Senior Citizens League, Hurricanes, National Oceanic, Atmospheric Administration, AAA, Seniors Locations: Coast

Consumers Credit Union Frequently Asked QuestionsHow long does Consumers Credit Union take to approve a loan? Consumers Credit Union TrustworthinessConsumers Credit Union is a Better Business Bureau-accredited business that has an A+ grade. Consumers Credit Union CompetitorsHow Consumers Credit Union compares Consumers Credit Union Auto LoanPenFed Auto LoanNavy Federal Auto Loans Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Borrowers who pay a one-time $5 membership fee to the Consumers Cooperative Association qualify for membership with Consumers Credit Union. Navy Federal's minimum rates are more competitive than Consumers Credit Union, but you'll need an excellent credit score to qualify for them.

Persons: You'll, hasn't, Ryan Wangman Organizations: Consumers Credit Union Auto Loan, Consumers Credit, Credit Union, Consumers Credit Union, Consumers Credit Union Auto, Consumers Cooperative Association, Consumers Cooperative Association ., Auto Loan, Auto, Social, Chevron, Consumers, Union, Auto Loan Navy Federal Auto Loans, . Navy, Navy, Department of Defense, Finance, Northwestern University, Boston Globe Locations: Chicago

☆ The White House blasts Republicans' budget plans, saying they want to slash Social Security and Medicare and 'force seniors to pay even higher drug costs so Big Pharma can fill more swimming pools wit
▼ + stars: | 2023-08-15 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

They said the GOP wants to slash earned benefits and hand out tax cuts for the wealthy. For instance, the Republican Study Committee released a report on spending priorities and reforms that would, among other measures, adjust the Social Security retirement age. "We will not now or ever support cutting or delaying retirement benefits for any senior in or near retirement," it said. "While the GOP tries to cut its funding, Democrats are committed to protecting Social Security for all Americans." "It's Medicare, Social Security, interest on the debt."

Persons: Biden, Andrew Bates, Bates, reconvenes, that's, California Sen, Alex Padilla, Kevin McCarthy, McCarthy, Sen, Ron Wyden Organizations: House, Republicans, GOP, Service, Privacy, White, Republican, Security, Labor, Health, Human Services, Education, Social Security, Big, Democratic, Social, Fox News, Senate Finance, AP News Locations: Wall, Silicon, California

[1/2] A sign indicates the direction to the offices of Progress Software in Burlington, Massachusetts, U.S., July 26, 2023. But more than two months after the breach was first disclosed by Massachusetts-based Progress Software, the parade of victims has scarcely slowed. The tallies show that nearly 40 million people have been affected so far by the hack of Progress' MOVEit Transfer file management program. Now the digital extortionists involved, a group named "cl0p", have become increasingly aggressive about thrusting their data into the public domain. MOVEit is used by organizations to ship large amounts of often sensitive data: pension information, social security numbers, medical records, billing data and the like.

Persons: Brian Snyder, Marc Bleicher, cl0p, Huntress Security's John Hammond, Christopher Budd, Sophos, Eric Goldstein, Nathan Little, Emsisoft, Bert Kondruss, Rowe Price, Maximus, Alexander Urbelis, Crowell, Goldstein, didn't, Surefire's, Raphael Satter, Zeba Siddiqui, Chris Sanders, Grant McCool Organizations: Progress Software, REUTERS, FRANCISCO, Reuters, Software, Insurance, of America, Cybersecurity, Infrastructure Security Agency, Tetra Defense, WHO, Pension, California Public Employees, Moring, U.S ., Thomson Locations: Burlington , Massachusetts, U.S, WASHINGTON, American, Massachusetts, York, New York, Louisiana, California, New York City, Oregon

Here are four important steps to take to determine just how much money you'll need to save:1. Calculate how much you'll need to save during retirementUnderstanding what you expect retirement to look like will help determine how much you'll need in order to fund that lifestyle. In retirement, your savings will cover many of the same expenses that you had prior to retirement. This rule states that retirees can withdraw up to 4% of their retirement savings in year one of retirement. So, if you have $2,000,000 in retirement savings, you would withdraw $80,000 that first year.

Persons: you'll, it'll, Jim Ludwick, They're, Roth, Ludwick, Tolen Teigen, Everyone's, Charles Schwab Organizations: Service, Gallup, Utilities Insurance, Inc, Fidelity, Social Security, IRA, Roth IRA, Consulting, Security Locations: Wall, Silicon, Chevron

☆ Are U.S. seniors among the developed world's poorest? It depends on your point of view
▼ + stars: | 2023-08-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Peopleimages | E+ | Getty ImagesIs old-age income poverty too high? Consider this thought exercise: What is a tolerable poverty rate among American seniors? This ranks the U.S. behind 30 other countries in the 38-member bloc, which collectively has an average poverty rate of 13.1%. That old-age income poverty rate has declined by over two-thirds in the past five decades, according to the Congressional Research Service. Researchers seem to agree that a looming Social Security funding shortfall is perhaps the most pressing issue facing U.S. seniors.

Persons: Andrew Reilly, Reilly, Mitchell, David Blanchett, —, Zhe Li, Joseph Dalaker, hurtling, Olivia Mitchell, Blanchett Organizations: Organization for Economic Co, U.S, Employment, Labour, Social Affairs, Social Security, OECD, Security, Census, Congressional Research Service, CRS, Prudential Financial, Social, Insurance Trust Fund, Olivia Mitchell University of Pennsylvania, Pension Research, Social Security Administration Locations: U.S, Mexico, that's, PGIM, American

☆ Ron DeSantis is eyeing cutting Social Security for people 'in their 30s and 40s' — but 'totally not' for seniors
▼ + stars: | 2023-07-24 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Ron DeSantis told Fox News he would consider cutting Social Security for younger Americans. Lawmakers on both sides of the aisle have sparred over changes to Social Security. DeSantis' campaign did not immediately respond to Insider's request for comment on how the candidate would reshape Social Security. "Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security," Trump said in a January video. Save Social Security, don't destroy it."

Persons: Ron DeSantis, DeSantis, Kevin McCarthy, Donald Trump, Trump, Julie Tippens Organizations: Fox News, Social Security, Service, GOP, Republicans, Social, Medicare, Security, Social Security Administration, American Federation of Government Employees, SSA Locations: Wall, Silicon, Florida

☆ Fact-Checking Mike Pence on the Campaign Trail
▼ + stars: | 2023-07-22 | by ( Linda Qiu | More About Linda Qiu | ) www.nytimes.com time to read: +1 min

A spokesman for Mr. Pence cited nine such states as exceptionally nonrestrictive. Fiscal policyWhat Mr. Pence Said“Well, first off, look, Joe Biden’s policy on our national debt is insolvency. Asked about his calls to overhaul Social Security and Medicare, Mr. Pence criticized Mr. Trump’s and Mr. Biden’s approaches to the social programs as irresponsible. While both have said they would not cut benefits, only Mr. Biden has proposed tax increases to shore up both programs. Currently, Social Security and Medicare both face financial shortfalls.

Persons: ”, Pence, Pence Said, Joe Biden’s, Trump’s, Biden Organizations: World Health Organization, Fox News, Social Security Locations: United States

☆ Walmart Cuts Price of Walmart+ Subscription for SNAP, Social Security Recipients
▼ + stars: | 2023-07-20 | by ( Ngai Yeung | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/walmart-cuts-price-of-walmart-subscription-for-snap-social-security-recipients-7854bce1

Persons: Dow Jones, 7854bce1 Organizations: walmart

☆ Social Security recipients could face 'a rapid increase of wait times' to receive benefits if Congress fails to increase funding for the program, according to the union representing its workers
▼ + stars: | 2023-07-20 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

House Republicans are proposing funding cuts for the Social Security Administration. The union said Social Security recipients could face longer wait times to receive benefits. The union warned that the already underfunded agency could see its standing issues, like long wait times for accessing benefits and long lines at its offices, only worsen. "If you read our Commitment to America, all we talk about is strengthening Medicare and Social Security." Aside from Social Security, lawmakers could be facing a budget showdown this fall over a number of contentious issues.

Persons: —, Julie Tippens, AFGE, Kevin McCarthy, Bernie Sanders, Elizabeth Warren, Sanders Organizations: Republicans, Social Security Administration, The American Federation of Government Employees, Social, Service, American Federation of Government Employees, Labor, Health, Human Services, Education, Security, GAO, SSA, Management, Social Security, Medicare, Federal, Aid, Democratic Locations: Wall, Silicon, America

☆ Medicare Part B premiums may increase in 2024, prompted by a new Alzheimer's treatment
▼ + stars: | 2023-07-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

If Part B premiums go up next year prompted by the new Alzheimer's drug, it will not be the first time. However, Part B premiums dropped by 3% for 2023 in response to Medicare's decision to limit Aduhelm coverage. How Part B premiums affect Social Security checksThe Senior Citizens League is currently predicting a 3% Social Security cost-of-living adjustment for 2024, based on the latest government inflation data. Medicare Part B premium payments are typically deducted directly from monthly Social Security checks. Medicare patients may pay more than $5,000 annually for the treatment, according to KFF.

Persons: Juliette Cubanski, Mary Johnson, Johnson, KFF, Cubanski, Jasmin Merdan Organizations: Senior Citizens League, Social Security, Medicare, Security

☆ As the Social Security reform debate heats up on Capitol Hill, leaders weigh if raising taxes is the answer
▼ + stars: | 2023-07-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

When it comes to Social Security benefits, a key deadline is looming: Benefits may be reduced in the next decade if no action is taken sooner. The latest projections from the Social Security trustees show the program's combined funds may run out in 2034, at which point 80% of benefits will be payable. The fund used to pay retirement benefits may run out even sooner — in 10 years in 2033 — at which point 77% of those benefits would be payable. Social Security is a "pay as you go" program, Social Security Administration Chief Actuary Stephen Goss said at Wednesday's Senate hearing. More from Personal Finance:Social Security beneficiaries may see a lower cost-of-living adjustment in 2024Here's the inflation breakdown for June, in one chartSocial Security phone disruptions have led to longer wait timesIn 2023, up to $160,200 in earnings are subject to Social Security payroll taxes.

Persons: Actuary Stephen Goss, Goss, " Goss Organizations: Social Security, Capitol, Senate, Finance, Social

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☆ As inflation cools, Social Security beneficiaries may see a much lower cost-of-living adjustment in 2024
▼ + stars: | 2023-07-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

As the rate of inflation continues to fall, Social Security beneficiaries may expect to see a much lower cost-of-living adjustment for 2024. The Social Security COLA may be 3%, according to a new estimate from The Senior Citizens League, a nonpartisan senior group, based on new consumer price index data for June released on Wednesday. A lower 2.6% rise would happen if there is no net inflation for the rest of the year, according to the forecast. The projected increases to benefits for next year would fall short of the 8.7% rise beneficiaries saw in 2023 — the highest boost in four decades. In 2022, beneficiaries saw a 5.9% increase, which was also a record increase at the time.

Persons: Mary Johnson Organizations: Social, Social Security, Senior Citizens League, Finance, Federal Budget

☆ 401(k) plans have never been hotter. That’s changing the stock market
▼ + stars: | 2023-06-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The bill, signed into law late last year, requires employers to automatically enroll all eligible workers into their retirement plans at a savings rate of 3% of salary. Americans had pension plans, Social Security benefits, and their own savings through plans like the 401(k). Those funds tend to be controlled by large asset managers. But through a process called proxy voting, large asset managers are able to vote on shareholder resolutions on behalf of their clients. Asset managers have “significant influence over company practices,” wrote shareholder advocacy group ShareAction in a recent report.

Persons: New York CNN —, That’s, ”, Dave Stinnett, What’s, ShareAction, Tesla, Torsten Slok Organizations: CNN Business, Bell, New York CNN, BlackRock, Vanguard Group, Fidelity Investments, Street Global Advisors, Vanguard, Social Security, Social, Social Security Agency, Security, Lawmakers, Blackrock, Fidelity, Boston University School of Law, Harvard Law School, Vanda Research, EV, Apollo Global Management Locations: New York, United States

☆ How to prequalify for a personal loan
▼ + stars: | 2023-06-21 | by ( Jamie Johnson | Richard Richtmyer | Jamie Johnson Is A Kansas City-Based Personal Finance Writer Whose Work Has Been Featured On Several Of The Top Finance | ) www.businessinsider.com time to read: +10 min

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). What does it mean to prequalify for a personal loan? 4 steps to prequalify for a personal loanHere are the steps you'll take to get prequalified for a personal loan. See Insider's picks for the best personal loans for bad credit >>Prequalifying for a personal loan FAQSWhat is the difference between prequalification and preapproval for a personal loan? How long does it take to prequalify for a personal loan?

Persons: Prequalification, —, Andrew Latham, you'll, Latham, It's, They'll, Fiona, you've, You'll, Nathan Hoskin, it'll, it's Organizations: Service, Hoskin, Chevron

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHere's how you can get approved for a $20,000 loan from a credit union, bank, or online lender. $20,000 loan offersThere are plenty of personal loan options out there for folks shopping around for a good deal on a $20,000 loan. You can take out a loan as low as $5,000 and as high as $100,000, so a $20,000 loan is more than doable with SoFi. How to get a $20,000 loan FAQsHow much would a $20,000 loan cost per month? The monthly cost of a $20,000 loan can vary greatly based on the annual percentage rate (APR) and the terms of your loan.

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