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Read previewFormer President Donald Trump said that if he's elected, he'd cut taxes on Social Security benefits for older Americans — but the policy risks shrinking those funds sooner than expected. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly." Trump had previously pitched his plan to eliminate taxes on Social Security, writing on his social-media platform Truth Social on July 31: "SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" Trump has vowed not to cut Social SecurityTrump has previously taken a strong position on Social Security — one at odds with many members of his own party who have faced criticism from Democrats for calling for Social Security cuts. For example, Trump said in January 2023 that "under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security."
Persons: , Donald Trump, Trump, Garrett Watson, Trump's, we'll, Social Security Trump, Biden, Kamala Harris Organizations: Service, Social Security, Fox &, Republican, Business, Social, The Tax, Security, Republican National Committee, Democratic, Medicare, Affordable Locations: Illinois
Eleven years ago, Mark LeGeros made a big change: The now-65-year-old moved from Minneapolis to Puerto Vallarta, Mexico. There are still adjustments moving abroad, and hopeful movers need to know that. Living abroad brings its own challenges, along with rewards. "But just always have a support group that are dealing with living abroad because you need that adjustment group to help you put things into perspective." "But if you want the adventure of living abroad and learning a new culture, being curious, that kind of thing, that's when you probably should really consider living abroad."
Persons: Mark LeGeros, it's, that's, I'm, LeGeros, He's Organizations: Service Locations: Minneapolis, Puerto Vallarta , Mexico, Mexico, United States
What it means to have a ‘Black job’ in America
  + stars: | 2024-08-04 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +5 min
Still, the discussion comes as Black workers have made significantly positive — and, in many cases, historic — employment advancements. “So, to suggest that immigration is lowering the black employment rate is just not bearing out, based on this superficial look at the facts,” Algernon said. The pandemic recovery and economic expansion since has resulted in wage gains for many workers, and that has included Black workers, she noted. “We talk a lot about the 2-to-1 ratio between Black and White unemployment (the Black unemployment rate typically is twice the White unemployment rate), so, the progress has been marginal in terms of that disparity.”In July, the unemployment rate for White workers was 3.8% (versus 6.3% for Black workers). “For example, according to BLS data, Black workers are just 12.8% of all employed Americans, but 48.4% of postal service workers, 38.1% of nurse assistants, and 36.1% of security guards,” Pollak said.
Persons: Donald Trump, Trump, , Algernon Austin, ” Algernon, there’s, that’s, It’s, Valerie Wilson, ” Wilson, , Julia Pollak, ZipRecruiter, ” Pollak Organizations: CNN, National Association of Black Journalists, Black, Center for Economic, Research, of Labor Statistics, Baby Boomers, BLS
My parents want me to work hard and succeed in whatever career path I choose as long as I'm happy. I also value this work ethic and career mentality, which might come from being raised by baby boomers. There is nothing wrong with wanting different things in life, and I'm happy for those who've chosen that path. Related storiesPart of it has to do with my age — I'm only 23 — but part of it also has to do with my parents' own life experiences. It is reassuring that my parents want the best for me and will support me in taking my life at my own pace.
Persons: I've, I'm, It's, boomers, they've, isn't Organizations: Service
Among those same renters who can’t afford to buy a home right now, 54% think it’s unlikely they’ll ever be able to, the poll found. The CNN poll found that 90% of renters younger than 45 say they’d like to buy but can’t afford it, compared with 79% of those age 45 and above. Most adults (53%) younger than 45 who want to buy but can’t afford it believe it’s at least somewhat likely they’ll eventually be able to buy a home. Among renters who want to buy but can’t afford it, 40% say the biggest barrier is saving for a down payment, according to the CNN poll. Seventy percent of Americans call owning a home essential to achieving the American dream, the CNN poll found.
Persons: SSRS, Brent Bjornsen, ” Bjornsen, Hurricane Harvey, We’re, , Baby, ’ Jeremy Andersson, Millennials, ” Andersson, , Andersson, I’m, “ I’m, Zillow, they’ll, they’d, “ I’ve, “ It’s Organizations: New, New York CNN, CNN, Baby Boomers, Federal Reserve, National Association of Realtors, Covid Locations: New York, United States, America, Phoenix , Arizona, Houston, Atlanta , Georgia
Ken, a semi-retired health services executive, helped his daughter and her husband pay for college and for their home. AdvertisementKen said his daughter graduated from college without any debt, thanks to an academic scholarship and a 529 savings plan he contributed to. By the time his daughter got to college, the plan had about $75,000 in it. Ken wants to start gifting them money but wants to make sure they're savingHowever, Ken said they started spending heavily while trying to furnish and improve their home. Ken said he would like to start gifting them the annual amount that's allowed tax-free.
Persons: Ken, they've, Ken's, didn't, I've, that's boomer, hasn't, he's, it's Organizations: Service, Business
"I always tried to put a little bit aside, like change and dollar bills and whatnot. That's a problem that's going to stick around, as female "peak boomers" — Americans turning 65 between 2024 and 2030 — have, on median, $185,086 in retirement assets. Men in that group, comparatively, have $268,745, according to the Alliance for Lifetime Income and the Retirement Income Institute. "It looks like something that I could afford to live a little bit more, a little bit better; my income would stretch a little bit more," she said. However, after connecting with a friend who's made the move and found community, Dee is ready to move forward once again.
Persons: , she's, I've, Dee —, Dee, would've, That's, She's, who's, it's, I'm Organizations: Service, Business, Social Security, Alliance for Lifetime, Income, Central America Locations: Georgia, chemo
Where inflation is the highest and lowest in America
  + stars: | 2024-07-28 | by ( Bryan Mena | ) edition.cnn.com   time to read: +8 min
The Honolulu metro area in Hawaii, meanwhile, saw the nation’s highest annual inflation rate in May, at 5.2%. Housing costs have therefore eased over the past year, tugging inflation overall much lower. Tight housing-market conditions are also plaguing New York, which at one point boasted the lowest inflation rate in the country. Housing costs make up about a third of the Labor Department’s CPI, a closely watched inflation gauge. Inflation is down substantially from the 40-year highs of two years ago, but housing costs have remained stubbornly elevated.
Persons: , Barbara Denham, Brian Adcock, Willy Nunn, homebuilding, Adcock, , Jane Castor, it’s, homebuilders, Carl Bonham, Mengshin Lin, Roseann Freitas, ” Freitas, Freitas, Josh Green Organizations: Washington CNN, Consumer, Nationwide, Aloha State, Oxford, Labor Department’s CPI, Federal, Boomers, Tampa Bay Chamber, Miami, Tampa, Homes, CNN, ” Tampa, Urban, University of Hawaii, Washington Post, Building Industry Association of Hawaii Locations: The Tampa, St, Petersburg, Clearwater, Florida, Honolulu, Hawaii, Tampa Bay, homebuilding, Houston , Minneapolis, Denver, Central Florida, New York, Tampa The Tampa, Tampa, Hillsborough County, Pasco County, Miami, , Urban Hawaii, Lahaina , Hawaii, Lahaina
There are ways to attend a wedding and stick to a tight budget. Wedding events, like a bridal shower or dress shopping can start far before the nuptials. "Consider which wedding events are must-attend and which ones you could skip to save on costs," she says. Consider which wedding events are must-attend and which ones you could skip to save on costs. "This is a nice option whether or not you're on a tight budget," she says.
Persons: X, Allison Cullman, Zola, they'd, Hannah Nowack Organizations: of America, CNBC, Zola
In fact, Gen Zers — people born between 1997 and 2012 — are more worried about saving than any other generation, a BI survey showed. Nearly half of Gen Zers and millennials have it, according to a recent Credit Karma survey. Money dysmorphia goes beyond wanting to pay off some credit card debt or to contribute more to a 401(k). It's "pervasive worry, vigilance — like an internalized feeling of unsafety with money," Clayman said, even when there aren't pressing financial problems to solve. AdvertisementClayman explained why younger generations are more likely to experience warped views around their finances — and might be more financially stable than they give themselves credit for.
Persons: , Gen Zers —, Amanda Clayman, Zers, dysmorphia, Clayman, Gen Xers Organizations: Service, Business
So, how do you know if you're in a position to be able to start passing down your wealth? But even average baby boomers, who have a net worth of around $1 million, are getting in on early wealth transfers. Griffith said the first thing someone should do before transferring wealth is to look at their retirement resources and do something she calls a "stress test." That includes considering what the portfolio might look like when the markets are most volatile and declining. Griffith said a wealth advisor can help complete a stress test using specific software that looks at various simulations of what could happen to a person's finances.
Persons: boomers, Michelle Griffith, Griffith, it's Organizations: Service, Business, Financial, Citi, Wealth Management
What's more, her $23 in SNAP doesn't go very far at the grocery store — maybe it covers a few packages of frozen vegetables, a carton of milk, and some chicken. AdvertisementShe relies on her Social Security for income — an amount that comes out to $1,680 a month, according to documents viewed by BI. AdvertisementOn her limited income, Rita said she can feel lonely. Are you living paycheck to paycheck on Social Security? Have you chosen to take Social Security early or delay benefits?
Persons: , Rita hasn't, Rita, She's, it's, wouldn't, hadn't, she's Organizations: Service, SNAP, Business, Social, BI, Income, Northwestern Mutual, Social Security, Security Locations: Pekin , Illinois, Chicago, Pekin
Harris is 59 and was born October 20, 1964 — putting her just weeks outside the Gen X range which is generally thought to span 1965 to the early 1980s. His successor has not been confirmed, but one name being floated is his Gen X lieutenant Stephanie Pope. Could the House of Mouse soon have its first Gen X leader? The picture is not completely clear on how Gen X bosses differ from their predecessors on issues such as remote work and the role of AI in the workplace. AdvertisementIt won't be long, though, until Gen X has a majority grip over power.
Persons: , Gen, Joe Biden's, Kamala Harris, Harris, Xer —, XCX, Joe Biden, Justin Sullivan, boomer Barack Obama, Donald Trump, Sen, JD Vance, Bush, Clinton, Biden, Obama, John McCain, Mitt Romney, HSBC's, Noel Quinn, Georges Elhedery, Xer, David Calhoun, Stephanie Pope, Dave Calhoun, Aaron Schwartz, Gen X, Ron Vachris, Craig Jelinek, Macy's, Tony Spring, Xers, Jamie Dimon, David Solomon, Goldman Sachs, Bob Iger, boomer Bob Chapek, Iger, Brendan McDermid, Tim Cook, Steve Jobs, Jensen Huang, Dimon, Jenn Piepszak, Troy Rohrbaugh, X'ers, JPMorgan Chase, Alex Brandon, Mouse, We'll Organizations: Service, Democratic Party, Business, Democratic, Trump, Boeing, Gen, Gen X Costco, Microsoft, Google, Walmart, Tesla, ExxonMobil, JPMorgan, Blackstone, septuagenarians, Disney, Apple Locations: BlackRock, Silicon Valley, America
Read previewImmigration isn't taking jobs away from Americans — and it's actually great for the US economy, according to Nobel laureate Paul Krugman. The unemployment rate among native-born workers remains near a historical low US Bureau of Labor Statistics/Federal ReserveThe labor force participation rate among native-born workers has been on the decline, but among prime-age native-born workers, the labor force participation rate has actually been rising, Fed data shows. Advertisement"So the near stagnation of native-born employment isn't a demand-side issue, in which people aren't working because they can't find jobs. If we didn't have the immigrants, we wouldn't have the jobs," Krugman wrote. AdvertisementOther economists and strategists on Wall Street have said immigration could end up being a big boost to the economy.
Persons: , it's, Paul Krugman, Trump, Krugman, they've, We've, There's, aren't Organizations: Service, The New York Times, Business, Federal Reserve, Bureau of Labor Statistics, US, of Labor Statistics, Fed, Congressional, Office Locations: America, Foreign
Read previewAfter a decade of working abroad, George said he'll return to the US to retire. While he said the healthcare system is great on average, it's becoming more difficult to manage the bureaucracy of insurance filings as an American abroad. "You can pretty much get anywhere by train or bus within Germany," George said. Before he retires to the US, he said he'll try to appreciate all the perks of living abroad. Are you an American living or working abroad and considering retiring in the US?
Persons: , George, he'll, George hasn't, he's, Munich George Organizations: Service, Alliance, Lifetime, Income, Social Security, Business Locations: American, Munich, Seattle, Medicare, Germany, Philippines, America, Europe, Saudi Arabia, Italy, Ukraine, New York, Chicago, Mallorca, Sicily, Dubai
U.S. President Joe Biden and U.S. Vice President Kamala Harris walk to the East room to welcome the 2023 WNBA champion Las Vegas Aces during a celebration at the White House in Washington, U.S., May 9, 2024. Craig Hudson | ReutersLast Wednesday, a group of "Boomers for Biden-Harris" threw a virtual party that was attended by about 400 participants across the U.S. This week, the names on the Democratic presidential ticket are poised to change now that President Joe Biden announced he has dropped out of his reelection campaign and endorsed Vice President Kamala Harris for president. "Seniors loved President Biden," said Laurie Plotnick, 76, a retiree and president of the Florida Democratic Senior Caucus who attended last week's event. "We were very supportive of him staying in the race, if that is what he wanted to do," Plotnick said.
Persons: Joe Biden, Kamala Harris, Craig Hudson, Harris, Biden, Laurie Plotnick, Plotnick Organizations: U.S, Las Vegas Aces, White, Reuters, Boomers, Biden, Democratic, Seniors, Florida Democratic Senior Caucus Locations: Washington , U.S
Read previewAfter weeks of calls to replace President Joe Biden as the 2024 Democratic nominee, Biden officially dropped out of the race on Sunday. Despite his desire to seek reelection, Biden stepped down after reports of memory struggles and some Democratic leaders withdrawing their support. While Biden's career trajectory may not be relatable, the pain that can come with retiring is. "Biden spent his entire career and most of his life engaged in this work," Trujillo said. To help her clients figure out their next steps after big life events like retirement, Trujillo said she emphasizes looking at gains and losses.
Persons: , Joe Biden, Biden, Van Jones, " Jones, Natasha P, Trujillo, they're, Angela Williams, LCSW, Bettmann, Williams Organizations: Service, Democratic, Business, CNN
Read previewCreating content online is more alluring than a traditional job for many people, new data by influencer marketing and technology platform IZEA found. AdvertisementThe industry can be financially unstable though, and some full-time influencers BI spoke with recently have pivoted back to the corporate world. "The idea of full-time content creation is often more glamorous than reality," creator Mitchie Nguyen previously told BI. A few months ago, the New York-based influencer left her full-time position at Johnson & Johnson to scale her social-media business. Consumers who spend more than five hours per day on social media are 4.4 times more likely to be compensated.
Persons: , IZEA, Gen Zers, Ted Murphy, influencers, Emarketer, Mitchie Nguyen, Ariana Nathani, influencer, Johnson, Murphy Organizations: Service, Business, Johnson, BI, Consumers Locations: New York, today's
Namely, millennials invest in exchange-traded funds more than any generation before them, according to State Street Global Advisors' 2024 ETF Impact Survey. AdvertisementOverall, State Street, which manages $4.3 trillion in assets, found that boomers are doomers when it comes to the overall economic outlook. State Street Global AdvisorsMillennials across the world are also more likely than any other generation to hold ETFs in their portfolios. AdvertisementETFs also offer easy liquidity, especially when compared to the mutual funds that are popular with older demographics. Investors can't trade mutual funds intraday because trades are executed once a day after the 4 p.m. market close.
Persons: , aren't, Scott Chronert, Chronert, millennials, Michael Arone, Vanguard Russell, Russell, That's Organizations: Service, Street Global Advisors, Business, State Street Global Advisors, Mutual, Citigroup, Bank of America, State, Trust, Vanguard, Nasdaq, Boomers, Bond, Bond Market, State Street, Galaxy Asset Management, Street Locations: Australia, Singapore, Japan
"Everyone is thinking they deserve a tip," Pam — who asked to go by her first name for privacy, but whose identity has been verified with Business Insider — said. Advertisement"I just don't think tipping is a good thing to do," Sandberg told BI. AdvertisementFor instance, Sandberg doesn't see tipping as necessary if he's buying something himself because "there's no extra service." "If I have to stand up to order my food or to buy my product, you're not getting a tip," Sandberg said. AdvertisementMeanwhile, there are services Pam doesn't tip for and ones she does.
Persons: , Pam, Pam —, It's, Ted Rossman, Rossman, I'm, Xers, culture's, it's, Pam isn't, Michael Sandberg, shouldn't, Sandberg, Tipping, Uber Organizations: Service, Pew Research, Business, Pew Research Center Locations: gratuities
However, the average $1,907 Social Security check often isn't enough for many boomers to afford basic necessities. But, according to the Social Security Administration, their benefits will be lower than if they waited until their official retirement age — which varies by birth year. But, while some extra money would help supplement her paycheck, she's confident in her choice to wait for Social Security. "If I can fight it out until full retirement age at 67, I can fight it out until I'm 70. Are you an older adult waiting to collect Social Security?
Persons: , Diane Williams, I'm, Williams, doesn't, She's, I've Organizations: Service, Business, Social Security, Social, Social Security Administration, SNAP Locations: North Babylon, Long
For the last eight years, President Trump has given everything he has to fight for the people of our country. And then President Trump flew to Milwaukee and got back to work. A leader who rejects Joe Biden and Kamala Harris’s Green New Scam and fights to bring back our great American factories. President Trump represents America’s last best hope to restore what — if lost — may never be found again. And every single day for the next four years, when I walk into that White House to help President Trump, I will be doing it for you.
Persons: Vance, Trump, Donald Trump, Corey Comperatore, Don, Eric squirmed, I’ve, Joe Biden, Joe, , Donald J, Biden, Mamaw, , We’ve, who’s, Kamala Harris’s, , I’m, Usha, Ewan who’s, Vivek who’s, America’s, It’ll, Trump’s, Mamaw couldn’t, That’s, Kamala Harris, he’s, Joe Biden’s, ” We’re, “ Honey, it’s, that’s Organizations: Michigan, America, United States Senate, Republican Party of, NAFTA, China, United States Marines, Fi, The Ohio State University, I’m, Ohio State, Yale Law School, Trump, Mirabel, Social Security, Iraq, Washington, Workers, Chinese Communist Party, ISIS, United, Republican Party Locations: Milwaukee, Ohio, America, Pennsylvania, United States of America, Middletown , Ohio, Washington, Mexico, Iraq, Michigan, New York City, American, Afghanistan, Wisconsin, China, U.S.A, Eastern Kentucky, Appalachia, Ohio , Pennsylvania, that’s Kentucky, United States, Kentucky, Michigan , Wisconsin , Pennsylvania
For the last eight years, President Trump has given everything he has to fight for the people of our country. And then President Trump flew to Milwaukee and got back to work. A leader who rejects Joe Biden and Kamala Harris’s Green New Scam and fights to bring back our great American factories. President Trump represents America’s last best hope to restore what — if lost — may never be found again. And every single day for the next four years, when I walk into that White House to help President Trump, I will be doing it for you.
Persons: Vance, Trump, Donald Trump, Corey Comperatore, Don, Eric squirmed, I’ve, Joe Biden, Joe, , Donald J, Biden, Mamaw, , We’ve, who’s, Kamala Harris’s, , I’m, Usha, Ewan who’s, Vivek who’s, America’s, It’ll, Trump’s, Mamaw couldn’t, That’s, Kamala Harris, he’s, Joe Biden’s, ” We’re, “ Honey, it’s, that’s Organizations: Michigan, America, United States Senate, Republican Party of, NAFTA, China, United States Marines, Fi, The Ohio State University, I’m, Ohio State, Yale Law School, Trump, Mirabel, Social Security, Iraq, Washington, Workers, Chinese Communist Party, ISIS, United, Republican Party Locations: Milwaukee, Ohio, America, Pennsylvania, United States of America, Middletown , Ohio, Washington, Mexico, Iraq, Michigan, New York City, American, Afghanistan, Wisconsin, China, U.S.A, Eastern Kentucky, Appalachia, Ohio , Pennsylvania, that’s Kentucky, United States, Kentucky, Michigan , Wisconsin , Pennsylvania
The past few years have solidified single-family rental homes as genuine moneymaking enterprises, not just ho-hum nest eggs. Related storiesWhen everyone was scrambling for their piece of the suburbs during the pandemic, mom-and-pop landlords pounced, using these newfound tools to collect more cash. The company, which estimates only one-fourth of single-family-rental landlords use professional management services, now manages more than 28,000 rentals on behalf of small landlords. As the Wall Street ethos trickles down to small rental owners, it'll be harder and harder to tell them apart. But the gap is narrowing as small rental owners capitalize on the innovations that the institutional class has already embraced.
Persons: Daniel doesn't, Daniel, hasn't, he's, Bryan Smith, , Zers, John Burns, Rick Palacios Jr, Palacios, Jordan Kavana, Rich Ford, you've, Ford, Devin Redmond, doesn't, Philip Garboden, It's, Garboden, Roofstock Organizations: Atlanta, Corporate, Harvard Joint Center for Housing Studies, John Burns Research, Consulting, Ark Homes, Rent, Vesta Ventures, University of Chicago Locations: Zillow, Atlanta, Raleigh, Chattanooga , Tennessee, Grand Rapids , Michigan
CNN —The USA Basketball Men’s National Team survived a late Australia fightback in an underwhelming 98-92 victory in an Olympic warmup game on Monday. But when Australia missed chances to reduce the deficit further, back-to-back three-pointers from Tyrese Haliburton sealed the USA win. Not that it’s often mattered, though, with Team USA winning seven of the eight men’s basketball gold medals on offer since professionals were able to participate for the first time at Barcelona 1992. “We stopped playing mid third quarter and started turning the ball over,” Team USA coach Steve Kerr said, per the NBA. For Australia, the defending Olympic bronze medalist, Jock Landale scored a game high 20 points to go with seven rebounds and six assists in a standout performance.
Persons: Haliburton, Devin Booker, , Steve Kerr, Anthony Davis, Anthony Edwards, Jock Landale, ” Davis, we’ve, Organizations: CNN, Men’s, Boomers, Australia, USA, Phoenix Suns, Team USA, Barcelona, , Los Angeles Lakers Locations: Australia
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