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See Insider's picks for the best personal loans >>Compare Personal Loan RatesHow to get a $5,000 loanYou'll need to meet some lender qualification requirements before you can be approved for a $5,000 loan. How to qualify for a $5,000 loan with bad creditCredit scores are key in determining whether or not you'll be able to pay back your loan. Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to get a $5,000 loan FAQsHow much would a $5,000 loan cost per month? The monthly cost of a $5,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.
Persons: , You'll, they'll, Goldman Sachs, Avant, you've Organizations: Service, Social, National Credit Union Administration, PenFed Credit, Chevron Locations: Massachusetts , Ohio, New Mexico, Georgia
Credit score and history: Your credit score and history are key to getting your loan approved for a personal loan. How to qualify for a $10,000 loan with bad creditA good credit score is essential when getting approved for a $10,000 loan. $10,000 loan offersIf you're looking to take out a $10,000 loan, here are some lenders worth considering:LightStream is best for borrowers with excellent credit scores, but you can still qualify with a score as low as 660. How to get a $10,000 loan FAQsHow much would a $10,000 loan cost per month? The cost per month for a $10,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.
Persons: , you've, They're, LightStream, SoFi, Avant Organizations: Service, Social, National Credit Union Administration, SoFi, PenFed Credit, Avant, Chevron Locations: prequalification, Massachusetts , Ohio, New Mexico, Georgia
While Baby Boomers and even Traditionalists (born 1928-1945) are ramping up spending, Gen X, Gen Z and Millennials are cutting back as they grapple with high housing costs and looming student debt payments. If not for the aggressive spending by Boomers, Tinsley said, overall consumer spending would have been even more negative. Bank of America spending data shows a noticeable bump in spending by households that received the cost-of-living boost. The student debt freeze, in effect since March 2020 when the Covid pandemic erupted, is expected to conclude by the end of August. For millions of Gen Z and Millennials, the return of student debt payments will mean less money for spending on restaurants and vacations.
Persons: Gen X, Gen, ” David Tinsley, Tinsley, ” Tinsley, , Biden, Organizations: New York CNN, Younger, Bank of America, Boomers, Bank of America Institute, CNN, Baby Boomers, Social, New York Federal Reserve Locations: Tinsley
DeSantis has since reversed himself, assuring in recent months that Republicans are "not going to mess with Social Security." Tens of millions of U.S. seniors depend on Social Security and Medicare benefits, and that number is growing as the population ages. Strong majorities of U.S. adults across the political spectrum consistently say they oppose cutting Medicare and Social Security benefits. But many others, including party leaders, have bristled at accusations that the GOP wants to gut Social Security and Medicare. "Social Security, I would do the same thing," he added.
Persons: Mike Pence's, Ron DeSantis, Pence, Donald Trump, Trump, Joe Biden, DeSantis, Trump pollster, Donald Trump's, Steven Teles, Teles, Andrew Caballero, reynolds, We're, Nikki Haley, South Carolina Sen, Tim Scott, meanwhile, Biden, Sen, Rick Scott, Mitch McConnell, Scott's, Kevin McCarthy, Steve Scalise, Elise Stefanik, Jonathan Ernst, Andrew Bates, Paul Ryan, Ryan, Mitt Romney's, Barack Obama, Lady Casey DeSantis, Peter Zay Organizations: Social Security, Republican, Florida Gov, GOP, Great Society, White, Republican Party, Johns Hopkins University, Niskanen, Team Trump Volunteer Leadership, Grimes Community, AFP, Getty, Social, Medicare's, Insurance, Former South Carolina Gov, Republicans, Senate, U.S . Rep, U.S, Capitol, Reuters, Anadolu Agency Locations: Grimes , Iowa, South Carolina, Ky, Washington , U.S, Congress, Lexington, SC
Proposal for 'modern version' of Social SecurityThe Social Security plan Laffey would implement throws out the traditional approaches of tax increases or benefit cuts. Currently, workers and employers each pay 6.2% on up to $160,200 in wages toward Social Security. "It's a modern version of Social Security," Kotlikoff said. The idea of rethinking the way Social Security funds are invested has come up before. Andrew Biggs, who worked in the White House on Social Security reform at the time and who is now a senior fellow at the American Enterprise Institute, remembers the proposal did not come close to succeeding, even as Social Security still had surpluses and Republicans controlled both houses of Congress.
Persons: Alex Durante, Durante, Laurence Kotlikoff, Kotlikoff, Laffey, Morgan Keegan, Steve Laffey, Ed Jones, Cranston, George W, Bush, Andrew Biggs, Biggs, Biden Organizations: iStock, Social Security, Social Security's, Lawmakers, Washington, Tax, Foundation, Social, Boston University, U.S, Senate, Republican, Afp, Getty, Wall, today's Social Security, American Enterprise Institute, Democratic, Lake Research Partners, Trump, Alafaya Locations: Cranston , Rhode Island, Rhode Island, Colorado, America, Cranston, Orlando , Florida
Because of our decentralized election system, the responsibility to sort out this mess falls to the states. Federal and state laws require states to maintain accurate voter rolls, but the states have no established way to communicate and coordinate with one another. The existence of searchable voter data itself is relatively new: As recently as 2000, only seven states had computerized statewide voter databases. One early effort, like the Interstate Crosscheck program, failed miserably because of inadequate data analysis and poor security practices. That information — drawn from voter rolls, D.M.V.
Persons: ERIC, , , Danielle Lang, Ron DeSantis Organizations: Federal, District of Columbia Locations: Florida, , Ohio
The wrangling over the nation’s debt limit raises a lot of questions, including what it actually is and why the United States has one. What is the debt limit? Why does the United States have a debt limit? While the debt limit was created to make government run more smoothly, many policymakers believe that it has become more trouble than it’s worth. What happens if the debt limit is not raised or suspended?
Persons: Janet L, Yellen, Ms Organizations: Congress, United, Treasury Department, Treasury, Liberty Bond Act, Wall Street, Social Security Locations: United States
Which raises a lot of questions, including what the debt limit actually is and why the United States has one. Here’s everything you need to know about the debt limit. What is the debt limit? Why does the United States have a debt limit? While the debt limit was created to make government run more smoothly, many policymakers believe that it has become more trouble than it’s worth.
Persons: Biden, Kevin McCarthy, Janet L, Yellen, Ms Organizations: Congress, United, Treasury Department, Treasury, Liberty Bond Act, Wall Street, Social Security Locations: United States
How to Get a Credit Card
  + stars: | 2023-05-30 | by ( Alexis Rhiannon | Paul Kim | Read More | ) www.businessinsider.com   time to read: +10 min
How to Apply for a Credit CardYou can apply for your first credit card in person, by mail, on the phone, or online, and if your credit is good, you'll have your pick of various cards and credit card companies. Use your credit card responsiblyMoving from a debit card to a credit card is a crucial transition, as sudden access to all those borrowed funds can produce a temptation to overspend. How to Get a Credit Card Frequently Asked QuestionsWhat happens if my credit card application gets rejected? If your credit card application gets rejected, you'll receive an adverse action letter from the credit card company. And even those without extensive credit histories can apply for a starter credit card or a secured credit card to begin building up the necessary foundation.
Persons: there's, you’ve, Wells, We're, You'll, it's, you've, you'll Organizations: Card Wells, Social
[1/3] U.S. President Joe Biden hosts debt limit talks with U.S. House Speaker Kevin McCarthy (R-CA) in the Oval Office at the White House in Washington, U.S., May 22, 2023. Here's what we know so far:A CAP ON DISCRETIONARY SPENDINGThe deal would suspend the $31.4 trillion debt ceiling until January of 2025, allowing the U.S. government to pay its bills. Republicans have told their members that non-defense discretionary spending would be cut to 2022 levels, apart from veterans' healthcare, which would remain fully funded. The U.S. government will spend $936 billion on non-defense discretionary spending in 2023. However, other sources say the deal codifies relief from student loan payments while Biden's executive action providing up to $20,000 of debt relief per borrower is under review by the Supreme Court.
North Korea offers freedom of religion to its citizens on paper but not in practice. A recently released Department of State report notes that while North Korea constitutionally allows for religious freedom, there is no such thing in practice. One NGO, Open Doors USA, has reported that for Christians in North Korea, life is a "constant cauldron of pressure" and "capture or death is only a mistake away." The North Korea flag flutters next to barbed wire at the North Korean embassy in Kuala Lumpur, Malaysia. That report found that North Korea "denied the rights to freedom of thought, conscience, and religion" and engaged in "crimes against humanity."
Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare
The US could default on its debt in as soon as ten days if Congress doesn't raise the debt ceiling. The Bipartisan Policy Center estimated which federal programs would be at risk in the days following a default. Social Security and Medicare payments, veterans benefits, and SNAP could be among the first to go. In the first ten days of June, the government could be unable to afford the following programs:Bipartisan Policy Center analysis of federal programs impacted by potential debt default. "If the debt ceiling isn't raised, there will be some hard choices to make about what bills go unpaid," Yellen said.
WalletHub ranked the best states to retire based on quality of life and Massachussets ranked the highest. 1 state to retire for high quality of life: MassachusettsMassachusetts is the best state for retirees based on the quality of life. 2 best state to retire in 2023 based on quality of life, according to WalletHub. Cavan Images | Cavan | Getty ImagesTop 10 best states to retire based on quality of lifeMassachusetts Minnesota Pennsylvania Florida New Hampshire Maine Vermont Ohio Wyoming New York Minnesota ranked second on the list. Pennsylvania ranks as one of the best states to retire based on several factors including, affordability and quality of life.
Which raises a lot of questions, including what is the debt limit and why does the United States have one? Here’s everything you need to know about the debt limit. What is the debt limit? Why does the United States have a debt limit? While the debt limit was created to make government run more smoothly, many policymakers believe that it has become more trouble than it’s worth.
Budget Cuts in the G.O.P. If every agency is cut If defense, veterans’ health and border security are spared Defense Defense –18% 0% No change Veterans' medical Veterans' medical –18% 0% No change Health and Human Services Health and Human Services –18% –51% Education Education –18% –51% Housing and Urban Development Housing and Urban Development –18% –51% Homeland Security Homeland Security –18% 0% No change Justice Justice –18% –51% State State –18% –51% Transportation Transportation –18% –51% Agriculture Agriculture –18% –51% International aid International aid –18% –51% NASA NASA –18% –51% Veterans (other) Veterans (other) –18% –51% Energy Energy –18% –51% Interior Interior –18% –51% Treasury Treasury –18% –51% Labor Labor –18% –51% Social Security Administration Social Security Administration –18% –51% Commerce Commerce –18% –51% Environmental Protection Agency Environmental Protection Agency –18% –51% Corps of Engineers Corps of Engineers –18% –51% Other Other –18% –51% Source: Analysis of Congressional Budget Office data by Bobby Kogan, Center for American Progress Note: Figure shows base discretionary budget authority totals for 2024-2033. The New York TimesThe charts above show how exempting big categories of spending would make the budget caps more draconian. The budget caps aren’t the only changes in the current House bill that would reduce federal spending. tax enforcement Budget cuts would reduce tax collections, reducing the savings in the rest of the bill –$120 billion Sources: Committee for a Responsible Federal Budget ; Congressional Budget Office Note: TANF refers to the Temporary Assistance for Needy Families program.
Damien Meyer | Afp | Getty ImagesAn increase in pension retirement age to 64 from 62 in France has sparked ongoing protests. The U.S. could be poised for a similar change with the Social Security retirement age. Today, that higher retirement age is still getting phased in. People born in 1960 and later now must wait until 67 to receive their full "retirement age" benefits. For example, if you are eligible for a $1,000 monthly benefit at full retirement age, you would get just $700 per month if you started at age 62.
But persistent inflation and last year’s sharp stock market decline have shaken the confidence of American workers and retirees about their retirement prospects in a way not seen since 2008. That is the key finding of the 2023 Retirement Confidence Survey - the longest-running survey of its kind measuring worker and retiree confidence. But inflation affects everyone, and it is a constant risk factor in retirement plans - even when it is not making headlines. For starters, most retirees depend on Social Security for a substantial portion of retirement income - and it comes with built-in inflation protection. This year, the COLA was a whopping 8.7%, the largest inflation adjustment in four decades.
New York CNN —Inside the Beltway, jockeying over raising the debt ceiling has become a partisan ritual to gain political points. But marching toward a debt ceiling default puts American living standards on the line. For most of that time, the debt ceiling was raised with little fuss, until 2011 brought the debt ceiling into a new dangerous realm of political brinksmanship. Deciding later not to pay the bills by not raising the debt ceiling is not sound fiscal policy. Roger Ferguson, economist and former vice chair of the Fed, said the debt ceiling is out of date.
Willie B. Thomas | DigitalVision | Getty ImagesFinancial stability is a concern for many older Americans, and challenges can be greater among marginalized groups such as elders in the LGBTQ+ community. But a free financial literacy app called SAGECents is looking to change that. What's worse, 1 in 5 older LGBTQ+ adults faced poverty during the Covid-19 pandemic, a 2023 study from the Williams Institute at UCLA's School of Law found. "They've faced a lifetime of discrimination and social stigma," said Christina DaCosta, chief experience officer at SAGE, a national organization dedicated to improving the lives of older LGBTQ+ people. Older LGBTQ+ Americans are more likely to be single and to live alone, making them less likely to benefit from a partner's health insurance or other "social welfare structures," he said.
Nicholas Kamm | AFP | Getty ImagesSocial Security's trust funds have a new projected depletion date that is about a decade away. The idea calls for creating an investment fund separate from Social Security and allowing the investment to earn returns over a period of 70 years, Cassidy said. It would target the Social Security trust funds' biggest weakness, which is that it has "the absolute worst investment strategy you could have right now," Cassidy said. 'Big idea' inspired by private pensionsThe idea for investing Social Security's funds in the market is inspired by private pension funds, which already buy securities outside of Treasurys. Possible changes to fix Social Security generally include tax increases, benefit cuts or a combination of both.
Closely watched for clues as to what shape Biden's 2024 presidential re-election campaign will take, the video released on Tuesday suggests he will warn Republicans are threatening "bedrock freedoms." "Freedom - personal freedom - is fundamental to who we are as Americans," Biden says in the three-minute video. Previewing their own likely campaign messaging, Republicans responded with a video that offered a dystopian vision of what a second Biden term would entail, and asks "What if the weakest president we ever had was reelected?" The Republican National Committee's "Beat Biden" video is presented as a fantasy newscast, one in which San Francisco is closed because of "escalating crime and fentanyl crisis." "The question we are facing is whether in the years ahead we have more freedom or less freedom, more rights or fewer,” Biden says.
New York CNN —It’s April 18, the official deadline to file your federal and state income tax returns for 2022. Whether you have already filed your tax return or still need to, the good news is this tax filing season has gone much more smoothly than the past three, which were hurt by the pandemic. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. If you’ve already filed your return, you’re probably glad to have it in the rear view mirror. But one thing is common for the vast majority of US tax filers: Audit rates are exceedingly low.
Last-minute tax-filing tips
  + stars: | 2023-04-13 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +7 min
New York CNN —So far this tax season, the IRS has received more than 90 million income tax returns for 2022. If yours is among them, here are some last-minute tax-filing tips to keep in mind as the Tuesday, April 18 deadline approaches. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. Proofread your return before submitting it: Do this whether you’re using tax software or working with a professional tax preparer. Note, however, that an extension to file is not an extension to pay.
New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA, for Social Security beneficiaries next year. Yet another measure used to calculate the Social Security COLA each year — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — rose 4.5% over the last 12 months and 0.3% for the month prior to seasonal adjustment. To be sure, that is a very early estimate, according to Mary Johnson, Social Security and Medicare analyst at The Senior Citizens League. Gauging how much the increase for 2024 will be, if there is one, will be clearer toward the second half of the year, she said. In 2023, Social Security beneficiaries saw an 8.7% bump to their Social Security benefits, a four-decade record prompted by high inflation.
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