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The number of working Americans aged 80 or over — such President Joe Biden — has risen from 1980. As seen in the above chart, 5.16% of Americans aged 80 and over had a job in 2022 as of October. Although the share of Americans age 80 and over with a job has tumbled some from it's high in 2018 per Insider's analysis, there are still plenty of older workers working past typical retirement age. And that's evidenced by poverty rates among older Americans standing higher than a decade ago as of 2021. However, not all older Americans want to keep working as they get older and will exit the labor force.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). My mother was a smart economizer — she knew her financial priorities and focused on them. Following her example, I have never deprived myself but also don't waste money on big-ticket items. My dad taught me how to invest for the long termMy dad, meanwhile, was not only a saver, but an investor. We figured out that no one has a "market on the market," so to speak.

☆ China supports central SOEs to issue tech innovation bonds
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, Nov 11 (Reuters) - China's securities regulator on Friday it will support bond issuance by central state-owned enterprises (SOEs) to fund tech innovation. The China Securities Regulatory Commission said in a notice that banks, social security fund and other long-term investors are encouraged to invest in tech innovation bonds issued by SOEs controlled by the central government. The statement was jointly issued with China's state assets regulator. Reporting by Shanghai and Beijing newsroom Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Biden says he wants to work with Republicans, but won't compromise on abortion, Social Security and climate change
▼ + stars: | 2022-11-09 | by ( Emma Kinery | ) www.cnbc.com time to read: +2 min

As Biden spoke at a news conference Wednesday afternoon, it was not clear which party would ultimately hold a majority in either chamber of Congress. There's too much of that going on, and there's too much we have to do," Biden said at the White House. President Joe Biden said Wednesday he is eager to work with congressional Republicans after the midterm elections , but stressed he would not compromise on issues like abortion rights and Social Security. He said that after he returns from the G-20 summit in Indonesia, he will invite the leaders from both parties to the White House to outline economic and national security priorities for 2023. "And I'm not going to walk away from the historic commitments we just made to take on the climate crisis.

Rep. Annie Kuster faces off against Republican Bob Burns in New Hampshire's 2nd Congressional District. The 2nd District is located in the largely rural western half of the state. Democratic Rep. Annie Kuster faces off against Republican Bob Burns in New Hampshire's 2nd Congressional District. 2022 General EmbedsNew Hampshire's 2nd Congressional District candidatesKuster, running for her 6th term in the US House, serves on the House Energy and Commerce Committee. Voting history for New Hampshire's 2nd Congressional DistrictNew Hampshire's 2nd Congressional District covers the western half of the state and then some, running from the Massachusetts state line in the south to the Canadian border in the north.

This standoff will shift the terrain only by inches, even if it does help change which party has technical control of Congress. As for resolving the larger argument, that’s still a decision that the country makes during presidential elections, not midterms. For Republicans, a populist questionNeither party is currently prepared for the coming 2024 fight because both have unresolved internal issues that the midterm results may put into sharper focus. But the fact of the matter is, they are losing on the crime issue — not by a little, but a lot. But just because the fight is public and ugly, doesn’t mean it isn’t necessary and eventually helpful ahead of 2024.

☆ As Election Day approaches, Democrats warn that Social Security and Medicare are at stake
▼ + stars: | 2022-11-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

He also pointed to impending risks to Social Security based on plans floated by certain Republican lawmakers, namely Sens. What's more, it would mean letting two of the most important laws that established Social Security and Medicare expire, he said. It is unclear what his opponent Kean's stance is on Social Security and Medicare. While that's in keeping with years past, the difference this year is Social Security has been more of a front-burner issue. "Usually, it's a lot of lip service to Social Security and how they think it's a great program."

Your business has the control to pay when you wantGet an itemized report of your spending to simplify budgeting and tax timeThe best average credit credit card reviewsIf you're looking for a basic credit card you can use to build your credit score up, consider the Capital One Platinum Credit Card. Pros: No annual fee, free employee cards, no foreign transaction fees, decent perksCons: No welcome bonus offer, similar cards earn more rewards on purchasesHow we chose the best credit cards for average or fair credit We evaluated credit cards for those with a fair or average credit score by looking at several factors: Annual fee — Some credit cards geared to folks with lower credit scores tack on an annual fee. Some credit cards for average credit, including the Capital One Platinum Credit Card, give you access to your credit score and credit-building tools just for being a cardholder. Credit card interest is charged on your balance if you do not pay your credit card bill in full each month. Currently, American Express doesn't offer a credit card for fair or average credit as most Amex credit cards require you to have at least a good credit score (some as high as excellent credit) to qualify.

☆ Ecuador's slimmer budget blueprint for next year shrinks deficit
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

QUITO, Oct 31 (Reuters) - Ecuador's government predicts its budget deficit will narrow to$2.63 billion next year as it benefits from more economic growth and oil production, according to a draft spending blueprint announced by the economy ministry on Monday. The South American country should see a narrower 2023 deficit of $2.63 billion, down from $3.78 billion projected in the initial 2022 spending plan, the ministry said, citing a draft budget that would land 7% below levels approved for this year. President Guillermo Lasso, a conservative former banker, drafted a 2023 budget of $31.50 billion, down from the $33.90 billion approved for 2022. The draft budget must still be approved by Congress, made up of majority opposition lawmakers, who have 30 days to vote on it. Social investments under the plan total $15.28 billion, it added, including more spending on health, education, social security payments and university allocations.

About 11,000 customers were affected after the vendor, a collections recovery group, accidentally shared the info, a U.S. Bank spokesperson told NBC News. Customers with closed U.S. Bank credit card accounts were affected, the letter states. An employee immediately noticed the error, and the bank ultimately received a certificate of destruction of the information, the spokesperson said. Still, the bank is offering affected customers two years of free access to an online credit monitoring service. The bank also recommends affected customers remain vigilant and place fraud alerts on their credit files.

Today's savings account ratesBelow, you'll find our picks for the best savings accounts right now. Pros Check mark icon A check mark. Earn up to 15% cash back at local retailers if you use a SoFi debit card Check mark icon A check mark. Eligible for new accounts after your child turns 13 Check mark icon A check mark. Just like a savings account opened through a brick-and-mortar bank, most online savings accounts are FDIC insured up to $250,000.

☆ Rep. Alexandria Ocasio-Cortez says the stakes of the midterms are 'incredibly high,' with abortion access, Social Security, and Medicare on the line
▼ + stars: | 2022-10-26 | by ( Isabella Zavarise | ) www.businessinsider.com time to read: +2 min

AOC said the stakes of the midterms are "incredibly high" if Republicans take the House. The party will roll back access to abortion and cut funding for Medicare and Social Security, she said. "It's very serious," she said on the "Pod Save America" podcast on Tuesday. "The stakes of this midterm are so incredibly high," Ocasio-Cortez told the podcast's hosts and former Barack Obama staffers Jon Favreau, Jon Lovett, and Tommy Vietor. In September, House Minority Leader Kevin McCarthy unveiled the GOP's 2023 "Commitment to America" platform, which would create stricter rules around abortion and potentially cut spending on Social Security and Medicare.

☆ Retirees hit hard by inflation say they have cut down on meals, entertainment
▼ + stars: | 2022-10-25 | by ( Gabe Cohen | ) edition.cnn.com time to read: +3 min

CNNSeniors on a fixed income have been hit particularly hard by inflation, with September prices up 8.2% from a year ago. The price hikes are even steeper in areas like Tampa, Florida, where the housing market has exploded. It’s hard,” Johnson said. The family would like to buy a home, but the draining price hikes and red-hot housing market are making that more difficult. As she weathers price hikes on food, gas, and personal items, she’s stopped buying puzzles, her favorite hobby.

Rep. Mayra Flores speaks at the University Draft House in McAllen, Texas, on Oct. 10. “I still believe at the end of the day this is still a solid, moderate Democratic region,” González said. A fighting chanceOf the three Latina Republicans running, Mónica De La Cruz, endorsed by former President Donald Trump and running in an adjacent congressional district, Texas' 15th, is considered the party's best chance to win. Soon after being sworn in to Congress, Flores voted against the landmark gun safety bill pushed through Congress by Sen. John Cornyn, the Texas Republican. Francisco Medrano Jr., of Harlingen, says he’s likely to support Republican Mayra Flores.

☆ Democratic Rep. Annie Kuster faces off against Republican Bob Burns in New Hampshire's 2nd Congressional District election
▼ + stars: | 2022-10-21 | by ( Hanna Kang | ) www.businessinsider.com time to read: +4 min

Rep. Annie Kuster is running against Republican Bob Burns in New Hampshire's 2nd Congressional District. The 2nd District is located in the largely rural western half of the state. New Hampshire's 2nd Congressional District candidatesKuster, running for her 6th term in the US House, serves on the House Energy and Commerce Committee. Shortly after the Republican primary, Kuster told a local station that perhaps the biggest issue this fall will be abortion. Voting history for New Hampshire's 2nd Congressional DistrictNew Hampshire's 2nd Congressional District covers the western half of the state and then some, running from the Massachusetts state line in the south to the Canadian border in the north.

☆ What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits
▼ + stars: | 2022-10-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Halfpoint | Istock | Getty ImagesRetirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. How Social Security benefits are taxedSocial Security benefits are taxed based on a formula known as "combined" or "provisional" income. That is calculated by taking your adjusted gross income and adding non-taxable interest and half of your Social Security benefits. Taxes on Social Security benefits apply to single taxpayers starting with $25,000 in combined income, and married taxpayers starting with $32,000 in combined income. watch nowFor individuals with more than $34,000 in combined income and couples with over $44,000, up to 85% of their Social Security benefits may be taxed.

The student-loan forgiveness application is live on the federal student aid website. Over 8 million Americans applied for student-loan forgiveness using the beta version of the application, released on Friday, October 14. Can I still get student-loan forgiveness if I haven't filed my tax return? To receive a non-filing letter from the IRS, fill out Form 4506-T.Will the amount of student-loan forgiveness I receive get taxed? Parents whose children are also applying for student-loan forgiveness must file a separate application for debt relief for their Parent PLUS loans using the same application.

☆ Biden administration officially opens application for student debt cancelation
▼ + stars: | 2022-10-17 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Lauren-Egan-Circle-Byline-Template.Jpg | Lauren Egan | ) www.nbcnews.com time to read: +2 min

WASHINGTON — President Joe Biden announced Monday that the online application to receive student debt cancelation is now available. In a speech at the White House, Biden said that it takes less than five minutes to fill out the form. President Joe Biden speaks about the student debt relief portal beta test in Washington on Oct. 17, 2022. Brendan Smialowski / AFP - Getty ImagesAfter promising for months to take action on student debt, Biden announced in August that he would cancel up to $10,000 for many borrowers who earned less than $125,000 in the 2020 or 2021 tax years. The Biden administration is also facing several legal challenges to its student debt relief plan, which threaten to delay or derail its efforts.

☆ Education Department launches beta website for student loan forgiveness applications
▼ + stars: | 2022-10-15 | by ( Zoë Richards | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | ) www.nbcnews.com time to read: +3 min

The Department of Education launched a beta test of its website Friday allowing federal student loan borrowers to begin submitting applications for some debt relief. Applications won't be processed until the site officially launches later this month, but borrowers who submit an application during the beta testing period will not need to reapply, an Education Department spokesperson said. Biden announced his student debt relief plan in August. NBC News has reached out to the Education Department for comment. The Education Department previously said that applications would available in early October.

The federal student-loan forgiveness application is now open in beta-testing mode. Access the student-loan forgiveness application here. Here's what you'll need to have on hand to fill out the application and apply for student-loan forgiveness. Here's what the application looks like from a cell phone:The student-loan forgiveness application does not include income verification documents. If you received a Pell Grant, you are eligible for $20,000 in student-loan forgiveness.

☆ Social Security cost-of-living adjustment will be 8.7% in 2023, highest increase in 40 years
▼ + stars: | 2022-10-13 | by ( Lorie Konish | ) www.cnbc.com time to read: 1 min

Amid record high inflation, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023, the highest increase in 40 years. The Social Security Administration announced the change on Thursday, which will result in a benefit increase of more than $140 more per month on average starting in January. The 8.7% bump to benefits tops the 5.9% increase beneficiaries saw in 2022, which at the time was the highest in four decades. The last time a higher cost-of-living adjustment was announced was in 1981, when the increase was 11.2%. Please check back for updates.

☆ Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years
▼ + stars: | 2022-10-13 | by ( Tami Luhby | ) edition.cnn.com time to read: 1 min

New York CNN Business —Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday. The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023. The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year. It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group. “It depends on what inflation is going to do from October onwards.”This story is breaking and will be updated.

The annual adjustment is forecast to be the largest one-time increase since 1981, and the largest experienced by beneficiaries alive today. The nonprofit Senior Citizens League predicts an adjustment coming in at 8.7%, implying that Social Security recipients could see an increase of about $144 starting Jan. 1, 2023. The Federal Reserve has acknowledged the pain inflation inflicts upon on individuals who receive Social Security benefits. Thanks to an unusual quirk, Social Security beneficiaries can expect to realize the full COLA increase. "The lifeboat is leaking and taking on water, leaving older Americans at risk of financial drowning," Johnson wrote.

☆ The student-loan forgiveness application will cost the US government nearly $100 million per year to process, Biden's Education Department estimates
▼ + stars: | 2022-10-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

The Education Department estimates the student-loan forgiveness application will cost nearly $100 million per year. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyCreating the student-loan forgiveness application isn't cheap, new documents show. On Tuesday, President Joe Biden's Education Department released the first preview of what the application for up to $20,000 in student-debt cancellation will look like. But the application cost could support points some Democratic lawmakers made prior to the debt relief announcement, in which they suggested the relief be made available to all borrowers without any means testing. With regards to the full cost of debt relief, the Congressional Budget Office estimated it would cost $400 billion over 30 years.

I know I'll need passive income to support myself if I want to retire early. I asked financial planners who work with millionaires which passive income streams are most lucrative. That's why financial planner Darren Colananni says it's one of the most common passive income streams among millionaires. "You can get a tax deduction on the rental income by depreciating the property," which means deducting the cost of buying or improving a rental property, says Colananni. Social Security, collected strategicallyA passive income stream that most American workers get when they retire, Social Security, is one that millionaires also bank on, according to financial planner Scott Sturgeon.

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