Free Republic

What happens when one of the major political parties suggests the most modest of reforms to the benefits future Social Security beneficiaries will receive?The other major political party goes ballistic.Such were the atmospherics when the Republican Study Committee (RSC) played against the prevailing type with the GOP so far and issued a plan that included tweaking the retirement age.According to the RSC plan, the changes are intended to “prevent Biden's cuts to Social Security.” Setting aside who would be responsible for any future benefits cuts – which are all but assured if no one does anything now to avert them...

Liberals are mounting a pressure campaign to force liberal Supreme Court Justice Sonia Sotomayor to retire from the bench so President Joe Biden, who faces a tough reelection fight in November, can appoint a younger liberal successor before the election.Democrats fear that the 6–3 conservative majority on the nation’s highest court could become a 7–2 conservative majority if President Donald Trump wins the election in November and she dies during his second term of office.They point out that President Trump was able to replace liberal Justice Ruth Bader Ginsburg, who died of pancreatic cancer complications on Sept. 18, 2020, at...

Twilight zone‍With markets rising, consumer confidence holding up, and a wave of companies enforcing return-to-office mandates, for many Americans, it seems like the perfect time to finally hang up their hats. Indeed, the US recorded 2.7 million more retirees in December than were predicted in models from economists at the St. Louis Federal Reserve, as reported by Bloomberg.The recent upswing mirrors the ‘Great Retirement’ wave of 2020, when the pandemic saw the actual share of retirements swell and the labor force participation rate fall by 3.2% in the space of 2 months, the largest drop on record. However, rather than...

The average American 65 years of age and up earns an annual pre-tax income of $55,335, and that same group spends $52,141 yearly, or $4,345 a month, according to the Bureau of Labor Statistics (BLS). That income doesn’t leave a lot of extra cash for unexpected expenses or emergencies. The average American aged 65-69 has about $200,000 in retirement savings, according to an analysis of Federal Reserve data, and might still need to work even when they reach retirement age. High expenses often play a role. These four categories of spending tend to eat into monthly expenses — here’s how...

Before anybody can claim that I am circulating a conspiracy theory, or citing an unreliable “news” source, I am going to quote President Biden’s State of the Union address and his own website (whitehouse.gov) as the sources of this information. I will then encourage readers to circulate this information as widely as possible via social media, letters to the editor, and talk radio to educate the public between now and Election Day. The State of the Union address says in part, “Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes. ... It’s time...

Here’s a look at average retirement incomes and how much people spend during their golden years. According to data from the Bureau of Labor Statistics, U.S. households led by someone age 65 or older spent an average of $57,818 in 2022. Key Takeaways: * Sources of retirement income include Social Security, retirement accounts, pensions, dividends and employment wages. * Retirees can expect to spend 70% to 80% of their pre-retirement income in retirement, according to one rule of thumb. * Older Americans spent an average of $57,818 in 2022, but about 40% of households led by someone age 65 or...

Although it sounds too far-fetched to be true, Americans don’t actually own the stocks, bonds, mutual funds, and other assets held in common retirement vehicles such as Roth IRA and 401(k) accounts. In reality, Americans own what are called “security entitlements.” Back in the old days, before digitalization fundamentally transformed the mechanics of financial transactions, this was not the case. But that was then. This is now. Most Americans have probably never heard of the Uniform Commercial Code (UCC), which is “a comprehensive set of laws governing all commercial transactions in the United States.” Even fewer Americans are familiar with...

The financial landscape for many Americans is far from secure, as recent studies shed light on the alarming state of savings at life’s end. According to a report from the National Bureau of Economic Research, a significant portion of Americans – 46% to be exact – exit life with a sobering financial snapshot: $10,000 or less in their savings accounts. This revelation strikes at the heart of the retirement crisis narrative, contrasting the security of pension plans and Social Security benefits with the harsh truth of inadequate personal savings. The study followed seniors from 1993 to 2008, revealing a complex...

In an episode of “The Sopranos”, a popular television series which started airing in the 1990s, a gangster tells Tony, from the titular family, that he wants to retire. “What are you, a hockey player?” Tony snaps back. Non-fictional non-criminals who are considering an end to their working lives need not worry about broken fingers or other bodily harm. But they must still contend with other potentially painful losses: of income, purpose or, most poignantly, relevance. Some simply won’t quit. Giorgio Armani refuses to relinquish his role as chief executive of his fashion house at the age of 89. Being...

Florida earned its reputation as the retirement capital of the US.. A fixed income in retirement can go a lot further in some states than others .. ... To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees, if you have the resources to. You should also consider factors like the quality of the state's healthcare system and the abundance of activities that you enjoy.' Colorado, which ranked second for the best state to retire in 2024, offers similarly taxpayer-friendly conditions, with no estate...

Move over, AARP. A conservative competitor that rejects the AARP’s liberal political agenda for seniors has 2.2 million members and growing.For decades now, AARP, which once stood for the American Association of Retired Persons and has been subsequently rebranded as just a set of initials that stand for nothing, has been one of the most influential lobby groups in Washington, D.C. Though AARP was supposed to represent a large and politically diverse cross-section of older Americans, its transformation into an overtly partisan Democrat organization is hard to deny. Recently, AARP lobbied heavily for the Biden administration’s disastrous and ironically named...

If you have read my articles for a while, you would know I am a big fan of studies that give a perspective of where the average American stands financially. Now, let me be clear: I wouldn’t use these as a basis for a financial plan by any stretch of the imagination. These studies don’t mean people are in a good or bad financial situation. Plus, they include a large contingent that lives below or at the poverty line.However, why I like these studies is twofold. First, finances are still taboo to talk about. Thus, most people have no sense...

By Javier Simon Sponsored by Credible - which is majority owned by Fox Corporation. Credible is solely responsible for the services it provides.Although the Great Recession impacted the savings of American workers across generations, it delivered a major hit to the retirement savings of the youngest Baby Boomers, according to a study by the Center for Retirement Research (CRR) at Boston College. Boomers born in the early 1960s at the end of that generational wave had saved an average of about $280,000 for retirement when they reached their 50s. That’s nearly $50,000 less than their older counterparts born in the...

While Social Security is set to increase by 3.2 percent in 2024, many seniors are worried about how the limited inflation adjustment will keep them afloat. In a new report from Atticus, a majority of seniors voiced dissatisfaction with the cost-of-living adjustment (COLA) for 2024. In total, 62 percent of the 400 Americans over the age of 62 in the survey said they were unhappy with the payment bump. "About that 3.2 percent COLA increase for 2024, well, it sounds good on paper, but, honestly, it's not quite cutting it for seniors," Christopher Hensley, financial adviser and the president of...

As you sit there mulling a retirement in the South, approximately 1,000 people are already on their way to Florida today with all their household belongings. Should you join them?Like many baby boomers approaching retirement age and hunting for a warmer climate to call home in their golden years, my wife and I scouted cities and towns in Florida for a possible landing pad — so I had some skin in the game (we decided on elsewhere).But Florida isn’t all about the beaches, Disney World and the massive retirement community known as The Villages. I interviewed experts and residents for...

The average American 65 years of age and up earns an annual pre-tax income of $60,359, and that same group spends $57,818 yearly, or $4,818 a month, according to the Bureau of Labor Statistics (BLS). That income doesn’t leave a lot of extra cash for unexpected expenses or emergencies. The average American aged 65-69 has about $200,000 in retirement savings, according to an analysis of Federal Reserve data, and might still need to work even when they reach retirement age. High expenses often play a role. Watch for these four categories of spending that eat into monthly expenses. 1. Housing...

Ask anyone in Massachusetts: the best place to live out your last few years on Earth is Worcester. Or Springfield. This week, U.S. News & World Report released its ranking of Best Places to Retire, and the only two to crack the top 100 in Massachusetts were Worcester and Springfield. Keep in mind this is a list that ranked Harrisburg, PA, No. 1, and put Flint, Mich., ahead of cities surrounded by natural beauty, culture and attractions like Boise and Las Vegas. This year’s list is based on the evaluation of the nation’s 150 most populated metropolitan areas based on...

U.S. News & World Report, the global authority in rankings and consumer advice, today unveiled the 2024 Best Places To Retire in the United States rankings. This year’s list evaluated the country’s 150 most populous metropolitan areas based on how well they meet Americans' expectations for retirement, with measures including affordability, health care, desirability, retiree taxes, job market and overall happiness. The results are three new places in the top five. Pennsylvania dominated the top five in this year’s list and secured seven placements in the overall top 10. Harrisburg rose one spot to take the No. 1 rank due...

So I recently retired from the air force and I'm just looking to keep busy and keep my brain learning. I created a mobile game that you can try on itcho.io. I'll soon be releasing it on the app stores (iphone and android). I'd love your feedback on what you think. Is the music for each mode appropriate? Is it fun? Are the modes distinct and interesting enough to try each one? You can try the game here: https://schlista.itch.io/kabocha

IBM is set to shake up its retirement benefits in 2024 much to the alarm of at least some staff. The IT giant on Wednesday informed its US workers that starting on January 1, 2024, the corporation will no longer match employee contributions to their 401(k) retirement plans. Instead, it will offer a new benefit called a Retirement Benefit Account (RBA).