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We all know life has gotten more expensive lately… but has anything provided more sticker shock than healthcare? Health insurance premiums rose 7% last year. Medical costs are expected to rise 7% this year after increasing 6% last year. And I’ve exclaimed “What?! That can’t be right!” after receiving a medical bill or checking out at the pharmacy more times than I can count. Yet my doctor friends claim they make less money and spend more time doing insurance paperwork than ever before. I felt bad that one of my physician friends recently had to spend time fighting with my...

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...

President Biden taunted former president Donald Trump Saturday for his evening high-dollar fundraiser — dissing the “bunch of hedge fund billionaires” who were gathering in Florida to support him. “This campaign is Scranton versus Palm Beach,” Biden said in a video posted to X. “Folks, you know Trump is down in Florida today raising money from a bunch of hedge fund billionaires who want him to cut Social Security and Medicare and their taxes,” he claimed in the 54-second clip.

The Social Security Administration (SSA) is capping clawbacks of benefit overpayments at 10% of benefits checks instead of 100% after being criticized for draconian repayment plans that left some beneficiaries destitute. Social Security Commissioner Martin O'Malley said in a statement that the agency would cease "the heavy-handed practice of intercepting 100% of an overpaid beneficiary's monthly Social Security benefit" if they failed to respond to a demand for repayment. Additionally, the Social Security Administration will extend repayment plans to 60 months, up from its limit of 36 months, giving recipients an additional two years to repay the money. The changes...

Sec. Yellen is asked about Biden's plan to raise taxes for Social Security. She doesn't have a clue, but is in charge of it.

In his annual letter to shareholders, Fink called the decreasing ability to retire in a financially sound way one of the biggest economic challenges of the mid-21st century. "Today in America, the retirement message that the government and companies tell their workers is effectively: 'You're on your own,'" Fink wrote. A federal law that will require employers with 401(k) plans to auto enroll new workers provides a bright spot, he said.

President Joe Biden campaigned on protecting Social Security and has slammed what he calls Republican efforts to gut the program through sunsetting, increasing the retirement age and reducing benefits. But the president has nearly a half-century of history dating to at least 1975 of voting or advocating for many of the same attacks on Social Security that he now warns could come from a Republican takeover — and both his historical record and current policies will affect today’s younger generations as they age into the program.

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...

Donald Trump called into a CNBC show on Monday morning, allowing host Joe Kernen to ask a question about government spending and, specifically, the large chunk of spending that is committed to social programs. “Have you changed your outlook on how to handle entitlement — Social Security, Medicare, Medicaid, Mr. President?” Kernen asked. “It seems like something has to be done.” At that point, two familiar patterns kicked in. Trump tends to like to align with the opinions offered by his interviewers, particularly on subjects that aren’t at the center of his political identity. He also tends to ramble when...

Social Security benefits are the major source of income for most people over age 65, according to the Social Security Administration. That means living standards in later life can depend heavily on how well retired workers and spouses understand the program. Unfortunately, misunderstandings are all too common. A recent survey from Nationwide Retirement Institute found that 44% of adults were unaware that, upon the death of a spouse, the surviving spouse would inherit the bigger Social Security benefit. Social Security old-age and survivor benefits is a broad term that includes two subcategories: retired-worker benefits, and benefits for spouses and other...

Social Security and Medicare are underfunded by $175 trillion. The nightmare arrives. In 2014 I published my first book while I was in Hong Kong. This book focused on the insane policies of the Obama/Biden regime and offered solutions that were working overseas. The biggest problem on the table was the massive amount of unfunded liabilities that were being created under the Biden regime. Below is what I wrote at that time (pp. 23-24). Even more alarming than the US’s annual deficits or federal debt burden is the amount of its unfunded liabilities. Unfunded liabilities are financial promises made with...

Medicare and Social Security are in crisis and face significant challenges according a report from the U.S. Treasury Department which indicates the programs are both underfunded to the tune of a $175 trillion. The report suggests that if the current trends continue the programs may not be around when the current generation of American children reach retirement age unless substantial changes are implemented. Projections suggest that Medicare and Social Security may struggle to meet full benefit obligations within the next decade, with factors like inflation and economic output adding strain due to insufficient funds coming in to support these programs....

America’s declining Social Security program will be a contentious topic of debate for presidential candidates this year. Former president Donald Trump advocates leaving the program alone and has criticized Nikki Haley’s proposal to save the program by raising the retirement age. Similarly, President Biden has vehemently opposed any solutions that involve tampering with the program’s current structure.Despite all this political posturing, Social Security is going broke fast as Americans are saving less for retirement than ever before. Half of all Baby Boomers in the U.S. have no personal retirement savings. Endless promises from both Republican and Democratic administrations over the...

Social Security has marched to a steady cadence of financial decline for the past 40 years. Every year, the size of the Social Security bomb gets bigger while the fuse becomes a little shorter. While that image might be a serious problem for you, it doesn’t seem to have captured the attention of anyone on Capitol Hill. At this point, the program has roughly $22.4 trillion in promises that it does not expect to keep to those who can vote today. Someone who turns 80 years old today expects, on average, to live long enough to feel the impact of...

In a contentious move, 155 Democrats voted against deporting undocumented individuals involved in Social Security fraud, sparking criticism. Critics argue that this decision, made by two-thirds of Democrats, potentially allows criminals to exploit the Social Security system. The debate intensifies as concerns about the misuse of social benefits and the prioritization of immigration policies over American citizens come to the forefront.

Yesterday I ran into somebody that I haven't seen in a while. I haven't seen this guy for months. He’s been here for about five months in the United States. Six months something like that. And he says uh hey I'm uh I’m looking for work. And I said well I can't hire you man I'm not I I got to hire like legitimate people or whatever. And he was like no no no I'm I'm legitimate now and he broken English kind of bits and pieces together and he pulls his ID and stuff out of his pocket. And...

WASHINGTON (Reuters) - Bipartisan legislation to create a commission charged with taming the $34 trillion U.S. national debt is set to advance this week in a House of Representatives panel, as lawmakers battle over federal spending. The House Budget Committee on Tuesday said it will hold a work session at 10 a.m. (1500 GMT) on Thursday to debate and potentially vote on the "Fiscal Commission Act of 2023," just weeks after Washington's total public debt breached the $34 trillion mark, putting it at more than 122% of GDP. Backers of the bill hope it could help make the national debt...

The Internal Revenue Service (IRS) plans to roll out a free way to file federal taxes, much to the chagrin of tax preparation firm TurboTax. The IRS is launching a pilot plan, known as Direct File, that will offer a free way to submit taxes for U.S. workers. In December, the agency published its plans for an in-house filing system that taxpayers can use to submit their federal tax returns at no cost. Residents of 12 states that meet certain income criteria will be able to try the new service. To qualify, filers need to opt for the standard deduction...

Native born Americans will only use 95% of the benefits they pay into social security, leaving a small but healthy surplus for the future of the program. While foreign born workers will collect 120% of the benefits they pay in (www.fairus.org/issue/publications-resources/mass-immigration-wont-save-social-security), representing a major deficit for the program.

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...