Free Republic

Recessions and stock market crashes are inevitable in a market-based economy, but few Americans realize that their investments face risks far greater than falling stock prices. Because of largely unknown legal changes, millions of Americans could temporarily or even permanently lose their retirement and other investment savings in the next major financial crash, all while too-big-to-fail Wall Street firms and banks are protected. That might sound like a wild conspiracy theory, but the danger is real and well documented. How Wall Street centralized ownership of your investments Beginning in the 1970s, at the request of powerful Wall Street and banking...

America’s largest retirement safety net is facing renewed financial pressure, and the timeline is tightening. A new projection suggests Social Security’s core retirement fund could run out of full funding sooner than previously expected, raising fresh questions about benefit cuts, tax changes, and what this means for millions of Americans planning their financial future. According to the latest analysis from the Congressional Budget Office, the Old Age and Survivors Insurance trust fund is now projected to be depleted in 2032. That is one year earlier than previous estimates and highlights the growing urgency for policymakers to address the program’s long...

New data from the National Institute of Retirement Security shows that the average American worker has less than $1,000 saved for retirement. This stark figure highlights the financial strain that millions of Americans could face as they approach their later years. The figure of less than $1,000 saved includes workers with retirement savings accounts such as 401(k) plans, as well as approximately 56 million U.S. workers who currently lack access to any employer-sponsored retirement plan. Americans say they need roughly $1.5 million to retire comfortably, and the average savings for all employed adults aged 21 to 64 is just $955....

By the time you reach your mid-70s, your financial life often looks very different from what it did a decade earlier. Work is usually behind you, priorities have shifted, and your money is no longer just about growing. It's about sustaining the life you want to live, especially if you're trying to maximize your senior benefits and get the most value out of every dollar you've earned. If you're 74 (or getting close), this is a natural moment to check up on your retirement readiness and see how your own situation compares to other Americans in the same age range....

Isabella and Lorenzo are siblings who have faced financial difficulties throughout adulthood. Both are in their 30s — Isabella’s a divorced mom of three, Lorenzo’s a married father of two — and they’re barely making ends meet. Let’s say they have only a few thousand dollars in savings between them. She inherited a home and a substantial amount of money when her own mother died, making her a multi-millionaire, and she was also the beneficiary of a life insurance policy when her husband (Isabella and Lorenzo’s father) passed away five years ago. After her husband died, the mother sold the...

Former Chicago Mayor Rahm Emanuel, a potential White House hopeful for 2028, said on Wednesday that he wants a mandatory retirement age of 75 for the president and people holding office in other branches of government. “You’re 75 years old: done,” Emanuel, a Democrat, said at a Center for American Progress event. “And that would be in the legislative branch, it’d be in the executive branch — including the Cabinet — and it’d also be in the Supreme Court, and all the federal courts.” Emanuel, 66, acknowledged that he would be affected by this proposal if he happens to be...

The analysis is based on the average living costs for retirees 65 or older in each state, drawn from the latest data published by the U.S. Bureau of Labor Statistics. From there, GOBankingRates subtracted average Social Security payments and estimated the savings needed to cover the remaining expenses, using an annual 4% withdrawal rate.

It has been a week since the Kansas City Chiefs played their final game of the NFL season, and we still do not know if legendary tight end Travis Kelce is calling it quits after 13 seasons. Following the game, Kelce opened up with raw honesty when asked if he was going to continue playing, saying it was different than last year's Super Bowl loss, where he knew immediately that he would be back. Instead, he answered that he didn't know what his future held, as Kelce mentioned that the decision could come quickly to him or take some time...

The second Georgia state House member accused of fabricating claims to collect federal unemployment benefits during the pandemic has announced her retirement. Karen Bennett of Stone Mountain, located roughly 20 miles from Atlanta, is facing one count of making false statements to collect $13,940 as of Monday. During an initial court appearance, Bennett opted to waive indictment and was released on $10,000 bail after pleading not guilty to the charge. In federal court, the decision to waive indictment often precedes a guilty plea. On Thursday, Bennett, a Democrat, resigned from the position she has held since 2012 representing portions of...

Pope Leo XIV is expected to name Bishop Ronald Hicks of Joliet, Illinois, to succeed retiring 75 year old Timothy Cardinal Dolan as archbishop of New York, sources briefed on the transition say. About Bishop Hicks Pope Leo is from Illinois, and he has tapped a fellow Illinois native to lead the archdiocese of New York. Hicks, 58, and Pope Leo have much in common. They were both born and raised in suburban Chicago, with Hicks being born in Harvey and raised in South Holland. Both men also speak fluent Spanish after spending years ministering to the poor in South...

Drag star John Force announces retirement. Official statement posted by his team page.

Warren Buffett bid farewell to Berkshire Hathaway shareholders, announcing his retirement and reflecting on a lifetime of success, luck, and partnership with Charlie Munger. At 95, he praised Omaha’s influence, shared lessons on humility and perseverance, and expressed full confidence in Greg Abel to carry forward Berkshire’s enduring legacy.In a heartfelt farewell note to Berkshire Hathaway shareholders dated November 10, Warren Buffett, the Oracle of Omaha, announced that he will no longer pen his iconic annual letters or address the company’s annual meetings. The legendary investor, now 95, took a reflective look back at his journey, from his early days...

Almost all Americans say they are planning to ignore a key piece of Social Security advice, which means they will miss out on higher monthly payments. Only 10 percent of those still working plan to wait until they are 70 before they start claiming benefits, according to findings from investment firm Schroders. Americans can begin claiming Social Security as early as 62, but doing so permanently reduces their monthly payments. To receive a full retirement benefit, workers must wait until their full retirement age, which stands at 67. However every year after full retirement age that Americans delay claiming Social...

FORT WORTH, Texas — Six-time national sprint car champion Brad Sweet has retired from full-time racing. Sweet made the announcement during Sunday’s High Limit Racing banquet. The California native, who co-owns High Limit with Kyle Larson, won five consecutive World of Outlaws championships before winning the 2024 High Limit title. Sweet finished second to Rico Abreu in this year’s High Limit chase and struggled at times throughout the season, including missing some time with a concussion suffered at Eldora Speedway. It was an emotional Sweet, who addressed the gathering. “As many of you know, this is going to be harder...

As a small child in the 1980s, I tuned in weekly to see the hilarious antics of the Golden Girls. I loved seeing the friendship and support between the three 50-something housemates of Blanche (Rue McClanahan), Rose (Betty White), and Dorothy (Bea Arthur), while the affectionate bickering between Dorothy and her unfiltered 80-something mother Sophia (Estelle Getty) always struck me as mother-daughter relationship goals. While the show was ahead of its time in myriad ways, one important legacy it has given Generation X is a blueprint for adult communal living. Our generation understands what a “Golden Girls retirement” means, and...

The Elizabeth Warrens of the world have long complained about how the rules in Washington and on Wall Street are rigged in favor of the rich. Well, there is one federal policy that absolutely does benefit those with higher incomes over working-class Americans. The wealthy have long had access to many of the most lucrative investment funds, including private equity, private credit, crypto assets and real estate investment trusts. These assets have been legally closed off to the middle-class and lower-income retirement accounts. This has enabled higher-income Americans and "accredited investors" to earn higher returns on their money. Donald Trump...

Boomer parents moving back in with their adult children isn’t a new thing. Money has been the primary reason, for the most part, especially since many elders failed to save for their retirement. The story you’re about to read has a slightly different premise. A couple decided to sell their home and travel full-time, but their sudden change of plans led them to move in The woman initially welcomed the idea as a show of love for her parents. However, things got heated when she refused a longer-term arrangement. After an episode of emotional blackmail from her mother, the author...

A cybersecurity expert warns that a scam that has been used to drain entire life savings or retirement accounts has become "devastating" for seniors. FBI Los Angeles on July 15 posted a reminder on X about the Phantom Hacker Scam, which has cost Americans over $1 billion since at least 2024, according to the agency. The FBI said the scam targets senior citizens and warns that victims could lose their "life savings." The scam operates in three phases: a "tech support impostor," "financial institution impostor" and a "US government impostor." In the first phase, a tech support impostor will contact...

The director of the CIA’s National Clandestine Service, the storied home of the agency’s most secretive intelligence operations, has announced that he plans to retire, The Daily Beast has learned. CIA spokesman Dean Boyd confirmed that the director announced his retirement “after a long and distinguished career at CIA. We thank him for this profound and lasting contributions to both CIA and to our nation’s security.” As a practice, the CIA doesn’t identify the head of the clandestine service by name. But Frank Archibald was outed in a Twitter post in 2013, and details of his biography were known to...

Americans’ nest eggs are increasingly tied to the fate of the stock market. Workers across nearly all age groups are investing record portions of their 401(k) accounts in equities. After years of relentless market gains, they are either allocating more to stocks or having it done for them by money managers. Workers in their late 30s had 88% of their 401(k)s in stocks last year, versus 82% a decade earlier, according to Vanguard Group, which examined the average stock allocations of the millions of people in the plans it administers. 401(k) investors in their early 60s had allocations to stocks...