Here’s who benefits from the Fed cutting interest rates

3 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Sallie Krawcheck, Co-founder and CEO of Ellevest says the rate cuts can be good for some but bad for others.


3 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again. Sallie Krawcheck, Co-founder and CEO of Ellevest says the rate cuts can be good for some but bad for others.
Here’s who benefits from the Fed cutting interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10
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Here's who benefits from the Fed cutting interest rates

3 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

Sallie Krawcheck, Co-founder and CEO of Ellevest says the rate cuts can be good for some but bad for others.


Company: cnbc, Activity: cnbc, Date: 2019-07-10
Keywords: news, cnbc, companies, site, browser, benefits, plugin, cutting, heres, rates, flash, interest, try, rate, enabled, need, player, fed, view


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Spending 2 hours in nature each week can make you happier and healthier, new study says

According to a 2017 study, exposure to outdoor green spaces can reduce depression, anxiety and health risks such as high blood pressure, obesity and diabetes. A new study published in Scientific Reports, a peer-review journal from Nature Research, found that in order to reap the health benefits of nature, the optimal amount of time to spend in green spaces (i.e., urban parks, the woods or beaches) is two hours per week. Researchers looked at a government survey that asked 20,000 U.K.-based parti


According to a 2017 study, exposure to outdoor green spaces can reduce depression, anxiety and health risks such as high blood pressure, obesity and diabetes. A new study published in Scientific Reports, a peer-review journal from Nature Research, found that in order to reap the health benefits of nature, the optimal amount of time to spend in green spaces (i.e., urban parks, the woods or beaches) is two hours per week. Researchers looked at a government survey that asked 20,000 U.K.-based parti
Spending 2 hours in nature each week can make you happier and healthier, new study says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: elizabeth gravier
Keywords: news, cnbc, companies, healthier, exposure, spaces, happier, health, spending, benefits, hours, nature, woods, study, week, green


Spending 2 hours in nature each week can make you happier and healthier, new study says

There has been a widespread trend of millennials having “leafy love affairs with houseplants,” which studies have found can enhance your mood and increase overall happiness. But stepping out into nature has many benefits, too.

According to a 2017 study, exposure to outdoor green spaces can reduce depression, anxiety and health risks such as high blood pressure, obesity and diabetes. In fact, doctors have even prescribed park visits to overweight children and depressed teenagers.

A new study published in Scientific Reports, a peer-review journal from Nature Research, found that in order to reap the health benefits of nature, the optimal amount of time to spend in green spaces (i.e., urban parks, the woods or beaches) is two hours per week.

Researchers looked at a government survey that asked 20,000 U.K.-based participants to track their activities for a week. Those who spent at least two hours in nature reported better health and well-being compared to those who didn’t.

The data also showed that after about 200 to 300 minutes of exposure to nature, the positive health benefits peaked, but spending more than five hours per week in nature had no further benefits.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: elizabeth gravier
Keywords: news, cnbc, companies, healthier, exposure, spaces, happier, health, spending, benefits, hours, nature, woods, study, week, green


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‘The algorithm is our boss’: Uber drivers face long hours, no benefits and sometimes danger

I’m working 70 hours a week, year in and year out, and I have to face the fact that I can’t take a vacation for one week. Rick Mendell Uber driverIn a typical week, he drives people around for 30 hours and said he makes $500. (Indeed, more than half of Uber’s drivers work less than 10 hours a week, according to the company.) Sonam Lama Uber driverLAMA’S LIFE CHANGED for the worse after Uber changed its pay structure in 2016. Of late, he said he works 40 hours a week and makes around $800.


I’m working 70 hours a week, year in and year out, and I have to face the fact that I can’t take a vacation for one week. Rick Mendell Uber driverIn a typical week, he drives people around for 30 hours and said he makes $500. (Indeed, more than half of Uber’s drivers work less than 10 hours a week, according to the company.) Sonam Lama Uber driverLAMA’S LIFE CHANGED for the worse after Uber changed its pay structure in 2016. Of late, he said he works 40 hours a week and makes around $800.
‘The algorithm is our boss’: Uber drivers face long hours, no benefits and sometimes danger Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-01  Authors: annie nova
Keywords: news, cnbc, companies, face, boss, work, company, algorithm, mendell, benefits, york, danger, long, drivers, lama, car, uber, hours, week


'The algorithm is our boss': Uber drivers face long hours, no benefits and sometimes danger

Uber driver Sonam Lama. Annie Nova | CNBC

AT 3 A.M., SONAM LAMA’S ALARM goes off. In his house in Queens, New York, while his wife and baby son sleep, he pulls on his clothes and makes coffee. Then he turns on his Uber app and waits. On this morning, a warm but windy Tuesday in May, an hour passes without a passenger request. “You’re just thinking, ‘When is the ride going to come? When is the ride going to come?'” the 35-year-old Lama said. A little after 5 a.m., one does. In a collared, white button-down shirt and khakis, he’s dressed more formally than usual. Later in the day, he’s taking a test for a job with the New York Police Department. He doesn’t want to drive for Uber anymore. “I’m not making a living,” Lama said. “Almost all drivers are looking for work elsewhere.”

REDONDO BEACH, CA – MARCH 25: Driver and strike organizer Nicole Moore speaks during a one-day strike against Uber and Lyft on Monday, Mar 25, 2019. MediaNews Group/Torrance Daily Breeze via Getty Images | MediaNews Group | Getty Images

UBER SAYS ITS MISSION IS “to ignite opportunity by setting the world in motion.” Yet as the company’s initial public offering unfolded in May, drivers across the country went on strike to denounce its low wages and lack of benefits. The ride-hailing company went public at $45 a share and has since dropped to around $40. On Thursday, in its first earnings report since the IPO, Uber showed revenue of $3.1 billion and a loss of $1.01 billion. The company labels its 3.9 million drivers as independent contractors instead of employees, a distinction that means it isn’t required to provide a minimum wage or paid time off, compensation for overtime or health insurance. And drivers are almost entirely on their own when it comes to the constant expenses of their cars, including insurance, repairs and gas. Uber says it offers people a way to work on their own schedule. And while it insists its drivers are not employees, it says it’s committed to proving a support system to them. The company points out that it recently introduced a rewards program, which gets drivers cash back on gas and discounts on car maintenance. Drivers can also sign up for an injury protection plan, in which they’d receive a monthly check should they become injured while working. Perks include tuition assistance at Arizona State University. CNBC spoke with the company’s drivers about how their financial lives are faring.

Protestors display a banner outside the New York Stock Exchange as Uber Technologies holds it’s IPO in New York, May 10, 2019. Andrew Kelly | Reuters

FOR FIVE YEARS NOW, Ismail has worked for Uber in Minnesota. He likes the flexibility and has always enjoyed being on the road. He has a full-time job — as a claim support specialist at CVS — but he makes only $40,000 a year at the pharmacy. (He asked to use his first name only since he was speaking about his employer.) “The income isn’t enough,” said Ismail, who is 38, married and has three young children.

I’m working 70 hours a week, year in and year out, and I have to face the fact that I can’t take a vacation for one week. Rick Mendell Uber driver

In a typical week, he drives people around for 30 hours and said he makes $500. Many people drive for companies such as Uber and Lyft because “they don’t get enough from their full-time job,” said Lawrence Mishel, an economist for the left-leaning Economic Policy Institute. (Indeed, more than half of Uber’s drivers work less than 10 hours a week, according to the company.) Ismail’s only day off is Sunday. “You basically don’t have any life,” he said. Recently, Ismail was driving a passenger to the airport when one of his tires ruptured. He lost control of the car, and it smashed into a highway wall. He and the passenger were uninjured, but the damage to his car was significant. It will cost him more than $3,000 to fix; however, he has no savings to draw from. In the meantime, he uses his wife’s car when it’s available.

RICK MENDELL’S ONLY JOB is driving for Uber. He’s 65 and works around 70 hours a week for the company, earning around $1,200. “That’s what it takes to pay the bills,” Mendell said. He didn’t expect to be doing this kind of work in his 60s. He was general manager of a towing and auto-body company for two decades, and then owned a wine bar in Corte Madera, California, which he eventually had to sell when the financial crisis hit. “When people are unemployed, they don’t go out buying $400 bottles of wine,” Mendell said. He depleted his savings trying to save the business. In 2016, he and his wife moved to a rental house in Nevada, where the cost of living is lower.

Uber Driver Rick Mendell Source: Rick Mendell

At first, he interviewed for a position as a wine and spirits specialist at the Safeway supermarket chain, but the job paid just $9 an hour. He attended career fairs but said he felt discriminated against because of his age. That’s when he turned to the Uber app. A recent analysis by the Retirement Equity Lab at the New School for Social Research found that workers over age 55 are three times more likely than those under 35 to work in the gig economy.

Mendell said he loves driving for Uber. The company recently notified him that he’s given rides to passengers from 71 different countries. “I have met some amazing people,” he said. One time, hip-hop star Nicki Minaj got into his car. And Mendell said he likes taking care of his passengers; he stocks his backseat area with tissues, cold water bottles and “seven phone chargers.” Yet he can’t keep up with the costs of his car. After a part on his 2015 Chrysler recently became unusable, he had to trade the vehicle in for another, racking up more auto debt in the process. “Three weeks ago, I replaced the rear brakes for $300,” he said. “You have to do the preventive maintenance, no matter how painful it is.” All told, his car typically costs him around $1,500 a month. He feels trapped without any paid time off. “I’m working 70 hours a week, year in and year out,” he said, “and I have to face the fact that I can’t take a vacation for one week.” With little retirement savings, he tries not to think about what would happen if he couldn’t drive for Uber anymore.

The algorithm is our boss. Sonam Lama Uber driver

LAMA’S LIFE CHANGED for the worse after Uber changed its pay structure in 2016. Of late, he said he works 40 hours a week and makes around $800. At one point, he earned over $2,000 a week, though he was putting in more hours then. “It’s stressful,” Lama said. “You have to make adjustments.” It was important to his wife to feed their child, named after his father, Sonam, organic food but she’s had to turn to cheaper items. The three of them used to escape the city on weekends, often to upstate New York, but they do so less these days.


Company: cnbc, Activity: cnbc, Date: 2019-06-01  Authors: annie nova
Keywords: news, cnbc, companies, face, boss, work, company, algorithm, mendell, benefits, york, danger, long, drivers, lama, car, uber, hours, week


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This bill could extend Social Security’s solvency for the rest of this century. Here’s what stands in its way

which would increase increase benefits and strengthen the fund, during a news conference on Capitol Hill January 30, 2019 in Washington, DC. The Social Security Board of Trustees said in April that its reserves will be depleted in 2035. Proposed changesThe Social Security 2100 Act would extend the program’s solvency into the next century. The plan has the support of Social Security reform advocates including the National Committee to Preserve Social Security and Medicare. Sen. Bernie Sanders (I-


which would increase increase benefits and strengthen the fund, during a news conference on Capitol Hill January 30, 2019 in Washington, DC. The Social Security Board of Trustees said in April that its reserves will be depleted in 2035. Proposed changesThe Social Security 2100 Act would extend the program’s solvency into the next century. The plan has the support of Social Security reform advocates including the National Committee to Preserve Social Security and Medicare. Sen. Bernie Sanders (I-
This bill could extend Social Security’s solvency for the rest of this century. Here’s what stands in its way Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: lorie konish
Keywords: news, cnbc, companies, security, rest, retirement, century, necessary, social, extend, securitys, benefits, solvency, hopkins, bill, larson, way, increase, stands, act, heres


This bill could extend Social Security's solvency for the rest of this century. Here's what stands in its way

WASHINGTON, DC – Rep. John Larson (D-Conn.) speaks during an event to introduce legislation called the Social Security 2100 Act. which would increase increase benefits and strengthen the fund, during a news conference on Capitol Hill January 30, 2019 in Washington, DC. (Photo by Mark Wilson/Getty Images) Mark Wilson | Getty Images News | Getty Images

Most Americans rely on Social Security benefits for income in retirement. And one big question that plagues them is: Will those benefits be there for me when I need them? The Social Security Board of Trustees said in April that its reserves will be depleted in 2035. That means, if nothing is done up to that time, the system will only be able to pay 80% of expected benefits for retirees. “The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them,” Nancy A. Berryhill, acting commissioner of Social Security, said in a statement. There are proposals to shore up the system, including the Social Security 2100 Act led by U.S. Rep. John Larson (D-Conn.). “We’re going to do everything we can to continue to move this forward,” Larson said in an interview. But some question whether Congress currently has the appetite to make the necessary changes.

It would really be kind of devastating to the economy, the country, if Social Security were to just vanish, go away Jamie Hopkins director of retirement research at Carson Group

That comes even as legislators could be poised to pass the most significant retirement reform legislation since 2006. That new law, known as the Secure Act, would change IRA distribution rules and make 401(k) plans more accessible for some American workers.

Proposed changes

The Social Security 2100 Act would extend the program’s solvency into the next century. Right now, the bill has more than 200 co-sponsors. It is one of several proposals that have come up to address Social Security and Medicare in the past five years, according to Jamie Hopkins, director of retirement research at Carson Group. “The Social Security 2100 Act is probably the only one that has garnered real attention and support,” Hopkins said. The proposal would give those who are or will be receiving benefits a raise that is the equivalent of 2% of the average benefit. It would change the formula upon which annual cost-of-living adjustments are calculated, using instead the Consumer Price Index for the Elderly as a gauge for retirees’ expenses. It would also set the new minimum benefit at 25% above the poverty line.

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The plan also would raise the limit for non-Social Security income before benefits begin to be taxed. The new limits would go to $50,000 for individuals and $100,000 for couples, up from the current $25,000 and $32,000 thresholds. In order to pay for those changes, the bill calls for raising payroll taxes on wages over $400,000. Wages up to $132,900 are currently taxed. It also calls for increased payroll contributions from workers and employers. That rate would increase to 7.4% from 6.2% and would be gradually phased in from 2020 to 2043. For the average worker, this would cost an estimated 50 cents more per week every year. The plan has the support of Social Security reform advocates including the National Committee to Preserve Social Security and Medicare. “We’ve really been supporters of many of the ideas that are incorporated in the bill for quite a long time,” said Max Richtman, the organization’s president and CEO.

Barriers to progress

The House Ways and Means Committee has held four hearings on Social Security so far. Once a full committee vote happens, it could move forward in the House. “We’re hoping to have the full floor vote by the time we adjourn for the summer recess, which will allow people to be able to go back to their districts and talk about the Social Security plan,” Larson said. From there, the issue would hopefully get picked up by the Senate. Senators Richard Blumenthal (D-Conn.) and Chris Van Hollen (D-Md.) are supporters. Sen. Bernie Sanders (I-Vt.) and Rep. Peter DeFazio (D-Ore.) also put forward their own separate Social Security bill earlier this year. “The questions remains will the president engage? I believe if he does there is a clear path forward to the passage of the bill,” Larson said. “If he doesn’t, I think this will be a major campaign issue.” Hopkins said he sees a tough challenge for legislators who are trying to push these changes through. That is because there are not enough cuts to the system across the board, he said, such as benefit caps or tax reductions that would be necessary for Republican support. More from Personal Finance:

Bipartisan retirement bill clears House, moves closer to becoming law

Expected Social Security shortfall won’t stand in way of expansion, advocates say

Are you afraid of running out of money in retirement? This score can help assess your risk “It could get passed through the House this year,” Hopkins said. “But it would, at least in the current make up, die in the Senate without some features being added to it.” The other challenge is getting Congress to make the sweeping changes necessary, according to C. Eugene Steuerle, institute fellow and Richard B. Fisher chair at the Urban Institute. For example, the Secure Act’s largest cost item is raising the age for required minimum distributions, which would eventually total roughly $1 billion per year, Steuerle said. Social Security costs, meanwhile, are poised to increase by about $500 billion, from $1 trillion in 2019 to $1.5 trillion in 2029. “Right now, there’s this refusal to address the issue as a whole,” Steuerle said. “It’s going to take a crisis. And even in a crisis, it’s going to take some leadership.”

‘Too big to fail’


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: lorie konish
Keywords: news, cnbc, companies, security, rest, retirement, century, necessary, social, extend, securitys, benefits, solvency, hopkins, bill, larson, way, increase, stands, act, heres


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These programs help guide military families through complex financial matters

Being a military service member or veteran comes with a unique set of challenges. The following programs are positioned to give a vet some financial guidance:Blended Retirement System (for active duty and reservists): In January 2018, the traditional military pension system was converted to the Blended Retirement System. The BRS combines elements of the legacy retirement system with benefits similar to those offered in many civilian 401(k) plans. The program was designed to help the Department o


Being a military service member or veteran comes with a unique set of challenges. The following programs are positioned to give a vet some financial guidance:Blended Retirement System (for active duty and reservists): In January 2018, the traditional military pension system was converted to the Blended Retirement System. The BRS combines elements of the legacy retirement system with benefits similar to those offered in many civilian 401(k) plans. The program was designed to help the Department o
These programs help guide military families through complex financial matters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-27  Authors: bill simonet, managing partner at simonet financial group
Keywords: news, cnbc, companies, system, benefits, complex, service, guide, financial, help, veterans, retirement, pension, matters, 20, members, military, programs, families


These programs help guide military families through complex financial matters

Being a military service member or veteran comes with a unique set of challenges.

From time away from home and family to dealing with health care and benefits after service, it can be challenging for veterans. The good news is that there are programs available to veterans that can help with saving, investing and building wealth over time.

The following programs are positioned to give a vet some financial guidance:

Blended Retirement System (for active duty and reservists): In January 2018, the traditional military pension system was converted to the Blended Retirement System. The BRS combines elements of the legacy retirement system with benefits similar to those offered in many civilian 401(k) plans.

The program was designed to help the Department of Defense save money by reducing the costs of the existing pension system. Under the old system, a service member would have to stay in for a full 20 years to qualify for the military pension.

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Fewer than 20% of service members who enlist actually choose to make the military their career and retire out. The rest would separate from service with no retirement benefits. The BRS changes that.

Here are some pros:

Provides a benefit to service members even if they choose not to spend 20 years in the military.

Includes a government match of 1% on the Thrift Savings Plan, and vesting happens after just two years.

Receive a “continuation pay” bonus after 12 years of service that is paid to you as cash.

The pension option is still there for you if you serve for 20 years. There is also a “lump sum” payout that is available to you at retirement.

Here are some cons:


Company: cnbc, Activity: cnbc, Date: 2019-05-27  Authors: bill simonet, managing partner at simonet financial group
Keywords: news, cnbc, companies, system, benefits, complex, service, guide, financial, help, veterans, retirement, pension, matters, 20, members, military, programs, families


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My wife and I have been married 50 years, and we’ve never had a single fight about money—here’s our secret

My wife and I got married in 1968, and in the 50-plus years we’ve been together, we’ve never had a single fight about money. But the way I see it, differences over money should never come as a surprise when you’re married. As anyone who’s been married for several decades can tell you, financial compatibility is an essential element to any successful marriage. I’m 75 and my wife is 79, and we’ve maintained a peaceful marriage — thanks in large part to our shared views on saving and spending. If t


My wife and I got married in 1968, and in the 50-plus years we’ve been together, we’ve never had a single fight about money. But the way I see it, differences over money should never come as a surprise when you’re married. As anyone who’s been married for several decades can tell you, financial compatibility is an essential element to any successful marriage. I’m 75 and my wife is 79, and we’ve maintained a peaceful marriage — thanks in large part to our shared views on saving and spending. If t
My wife and I have been married 50 years, and we’ve never had a single fight about money—here’s our secret Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-25  Authors: dick quinn
Keywords: news, cnbc, companies, secret, wife, benefits, married, fight, money, financial, 50, marriage, weve, way, relationship, pay, moneyheres, single


My wife and I have been married 50 years, and we've never had a single fight about money—here's our secret

My wife and I got married in 1968, and in the 50-plus years we’ve been together, we’ve never had a single fight about money. There were deliberations, but never any fights. I get asked all the time: “How do you do it?” The secret, I tell them, can be summed up in three words: It’s our money.

I realize this isn’t the case for most couples. But having spent my entire career in employee benefits, finance and retirement counseling, I’ve witnessed a handful of misguided ideas about marriage and money.

In the early 60s, less than 25% of married women were employed, which led men to believe that any overtime pay they earned belonged solely to them. It was rare for couples to discuss their conflicting attitudes toward money — and if they did, they often found themselves caught in an antagonistic gridlock.

That sort of attitude led to a lot of tension in marriages — and it’s still prevalent today. In fact, arguments about money are still one of the top predictors for divorce. But the way I see it, differences over money should never come as a surprise when you’re married.

As anyone who’s been married for several decades can tell you, financial compatibility is an essential element to any successful marriage. One miser and one spendthrift will have a tough time agreeing. That doesn’t necessarily mean the relationship is doomed, it just means a serious conversation about financial goals and values must take place immediately. Having financial peace in a relationship is a matter of mutual respect and responsibility. The objective is to work on having a similar money mindset moving forward.

I’m 75 and my wife is 79, and we’ve maintained a peaceful marriage — thanks in large part to our shared views on saving and spending. She knows as well as I do where we stand financially. Any money that comes in is considered as our money, regardless of who brought it in, and we manage it together.

I retired in 2010 as vice president of compensation and benefits for a Fortune 500 company. My wife (also retired) and I live off my pension and our Social Security benefits, but our money philosophy has remained the same. We have several joint checking and savings accounts. Once money goes into an account, it’s apportioned among many others. For example, we have an account designated for travel, and another for fixed monthly bills, which includes utilities, taxes and HOA fees. Our checking accounts are mainly used to pay credit card bills.

This compartmentalized approach is our way of budgeting. But here’s the thing, we also know that neither of us is going to spend more we can afford. If there’s something significant that we need or want, we’ll wait until we’ve saved enough to pay in cash.

Many financial experts will advise against joint accounts. Call me old-fashioned, but I wholeheartedly disagree. In my opinion, insisting on a strict division between the money that each party earns is a sign of not being fully committed to the union.

If both parties are constantly questioning each other’s financial decisions, it’s unlikely that the relationship will last. I can understand a working person wanting a sense of ownership to some degree, but a marriage should be built on complete trust. Insisting on “your money” and “my money” violates that commitment. (Besides, there will be plenty of time for divisions in the divorce process.)

My wife and I don’t consider ourselves wealthy. We’re financially secure because we made sure our goals and values aligned before entering the dominion of marital bliss. That said, it does take a lot of hard work. We have four children who all went to private colleges. They worked campus and summer jobs to pay off their loans. My wife and I remortgaged our house (twice) and even started a part-time business to cover the remaining costs. That meant working 16 hours a day between two jobs.

My point is, if you sort out your differences early on and agree to say “it’s our money,” you’ll live happily ever after or hold hands in bankruptcy court. Either way, you’ll be in it together. But if your money differences are extreme, proceed at your own peril. Based on what I’ve seen, major changes by either party are unlikely.

Keep in mind that this advice is coming from someone who’s been married for more than 50 years, so unless your relationship is intended to be permanent, the “mine is mine” approach may be better.

Dick Quinn is a financial blogger and MarketWatch contributor. Before retiring in 2010, Dick was a compensation and benefits executive at an S&P 500 Company. His previous blogs include Healthy Change, Saving Ourselves and Required Irritation. Follow him on Twitter .

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Company: cnbc, Activity: cnbc, Date: 2019-05-25  Authors: dick quinn
Keywords: news, cnbc, companies, secret, wife, benefits, married, fight, money, financial, 50, marriage, weve, way, relationship, pay, moneyheres, single


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Social Security, a lifeline for millions, needs its own life preserver

National Social Security month just ended, and it concluded with a sober reminder. When depleted, the current “plan” for Social Security is to cut benefits across-the-board by 23 percent for every retired woman, man or couple. Social Security’s retirement program (technically Old-Age and Survivors Insurance, OASI) is critical for the more than 50 million beneficiaries who rely upon it and the millions more who will join the ranks in future generations. But unless something is done, Social Securi


National Social Security month just ended, and it concluded with a sober reminder. When depleted, the current “plan” for Social Security is to cut benefits across-the-board by 23 percent for every retired woman, man or couple. Social Security’s retirement program (technically Old-Age and Survivors Insurance, OASI) is critical for the more than 50 million beneficiaries who rely upon it and the millions more who will join the ranks in future generations. But unless something is done, Social Securi
Social Security, a lifeline for millions, needs its own life preserver Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: douglas holtz-eakin, president of the american action forum, alicia h munnell, director of the center for retirement research at, mark stoeckle, ceo of adams funds
Keywords: news, cnbc, companies, benefits, life, retirement, rely, trustees, current, oldage, needs, preserver, social, millions, security, lifeline, program, workers


Social Security, a lifeline for millions, needs its own life preserver

National Social Security month just ended, and it concluded with a sober reminder.

The program’s trustees came out last week with their latest projections, reaffirming that the primary trust fund is on track to run dry in just 15 years. When depleted, the current “plan” for Social Security is to cut benefits across-the-board by 23 percent for every retired woman, man or couple. That is a reckoning we should all agree must be avoided.

Social Security’s retirement program (technically Old-Age and Survivors Insurance, OASI) is critical for the more than 50 million beneficiaries who rely upon it and the millions more who will join the ranks in future generations.

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It has historically been a powerful force against old-age poverty and the foundation of financial security for all those in retirement. But unless something is done, Social Security will morph into a major source of stress and insecurity, as people worry about how much they can rely on promised benefits.

While Social Security plays a crucial role, the checks are not large. For new retirees who claim benefits at 66, the current full retirement age, monthly benefits range from about $840 for low-paid workers to $2,950 for those who consistently earned the maximum taxable amount. In fact, many workers claim early, which reduces the amount they get by up to 25%.

For the most desperate beneficiaries, tacking on a 23% automatic reduction would be ruinous. Yet this is what the trustees project in 2034 will happen by law when the program no longer has any reserves and is forced to restrain its benefits to annual income.


Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: douglas holtz-eakin, president of the american action forum, alicia h munnell, director of the center for retirement research at, mark stoeckle, ceo of adams funds
Keywords: news, cnbc, companies, benefits, life, retirement, rely, trustees, current, oldage, needs, preserver, social, millions, security, lifeline, program, workers


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Why working into old age may not salvage your retirement

For each year you delay Social Security, up until age 70, you get an 8% increase in your benefit check. People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process. Another 12% of the people surveyed reported such a condition by age 63, and another 10% said they experienced this by age 67. Here’s the catch with Social Security disability coverage: Qualifying for it is very difficult. Insurance companies also offer supplem


For each year you delay Social Security, up until age 70, you get an 8% increase in your benefit check. People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process. Another 12% of the people surveyed reported such a condition by age 63, and another 10% said they experienced this by age 67. Here’s the catch with Social Security disability coverage: Qualifying for it is very difficult. Insurance companies also offer supplem
Why working into old age may not salvage your retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: darla mercado
Keywords: news, cnbc, companies, disability, workers, age, benefits, social, work, financial, condition, security, old, salvage, insurance, working, retirement


Why working into old age may not salvage your retirement

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When it comes to shoring up your retirement savings, “work longer” isn’t always the right answer. There’s no denying that staying at work has its perks. For instance, employees who are 50 and older can defer the maximum $19,000 into a 401(k), plus the catch-up contribution of $6,000 this year. In addition, pre-retirees can boost their retirement income by opting to remain in the workforce a little longer. For each year you delay Social Security, up until age 70, you get an 8% increase in your benefit check. But not everyone can continue to punch in — and those who curtail their careers due to health conditions take a hit to their retirement security.

People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process. Niv Persaud certified financial planner at Transition Planning & Guidance

Indeed, 3 out of 4 Americans aged 65 and over have multiple chronic conditions, which can include diabetes, high blood pressure and arthritis, according to the Centers for Disease Control and Prevention. These ailments threaten older people’s finances when they are forced to cut their hours or stop working altogether. A recent study from Mathematica’s Center for Studying Disability Policy found that newly disabled workers in their 50s and early 60s see their earnings decline by an average of 50% two years after they develop their condition. “People don’t think about disability being a possibility; they think about short-term medical bills,” said Josh Nelson, a certified financial planner and founder of Keystone Financial Services in Loveland, Colorado.

A crimp on earnings

The Mathematica study examined 3,105 individuals who were born between 1931 and 1947, following them over the course of about 20 years. About 14% of the participants experienced a work-limiting health condition by age 59. Another 12% of the people surveyed reported such a condition by age 63, and another 10% said they experienced this by age 67. The study found that individuals who experienced these health problems were more likely to exit the workplace early. For instance, at age 59, participants with conditions that affected their work were about 2.5 times more likely to stop working, compared to healthier peers. Though federal disability and retirement benefits help affected workers to make up for some of their lost earnings, it doesn’t fully replace what those workers were making, the study found.

Disability coverage

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Social Security’s disability insurance provides infirm workers with a financial backstop in the event they’re no longer able to earn a living. In order to qualify, you must have been working for at least 10 years. However, younger workers may qualify for benefits with less time. Here’s the catch with Social Security disability coverage: Qualifying for it is very difficult. More from Personal Finance:

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Here’s how motherhood affects your income There’s a five-question process the agency uses to vet applicants, including determining whether the condition is so severe that it keeps an individual from performing any work. Even if you do qualify for Social Security disability, you won’t receive benefits until the sixth full month after the date your condition began. “People may not be aware that Social Security offers disability insurance, but going through it to get those payments is a long process,” said Niv Persaud, a certified financial planner at Transition Planning & Guidance in Atlanta.

Bolstering income

courtneyk | iStock | Getty Images

Nobody ever anticipates becoming disabled, but there are steps you can take prior to a health emergency to protect your income. That starts with purchasing disability insurance, either individually if you run your own business or at work through your employee benefits package.

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Standard disability coverage generally replaces up to 60% of your earnings for specified period of time. The benefits generally run for three to six months for short-term disability plans, or they can last for as long as five years or up to age 65 for long-term disability coverage. Insurance companies also offer supplemental disability insurance to help cover additional income needs that might otherwise not be covered by your standard disability policy. An emergency fund can also help fill in the gaps. How your proceeds are taxed will vary based on who’s paying the premiums. If your employer pays, any benefits you receive will be taxable. Employees who pay for coverage using after-tax dollars will get their benefits tax-free. However, if they pay the premiums with pretax money, then their benefits are taxable.

Dig into the details

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Company: cnbc, Activity: cnbc, Date: 2019-05-03  Authors: darla mercado
Keywords: news, cnbc, companies, disability, workers, age, benefits, social, work, financial, condition, security, old, salvage, insurance, working, retirement


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Advisors help clients tackle the complexities of Social Security

Eva would be best off waiting until 70 to collect her Social Security, because her benefit would be much larger. Eva and Jim Dion Source: Eva and Jim Dion”Every six months Jim said, ‘I really think Eva should be claiming Social Security,'” McClanahan said. More than 40 percent of people say they worry about the Social Security system a “great deal,” according to a recent poll by Gallup. Less than a third of Americans expect Social Security to be a major source of their retirement income. Advisor


Eva would be best off waiting until 70 to collect her Social Security, because her benefit would be much larger. Eva and Jim Dion Source: Eva and Jim Dion”Every six months Jim said, ‘I really think Eva should be claiming Social Security,'” McClanahan said. More than 40 percent of people say they worry about the Social Security system a “great deal,” according to a recent poll by Gallup. Less than a third of Americans expect Social Security to be a major source of their retirement income. Advisor
Advisors help clients tackle the complexities of Social Security Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: annie nova, deborah nason, paul smith, president ceo of cfa institute
Keywords: news, cnbc, companies, advisors, claim, tackle, mcclanahan, financial, jim, complexities, eva, help, security, clients, benefits, social, software


Advisors help clients tackle the complexities of Social Security

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Eva Dion’s 62nd birthday meant one thing to her husband, Jim. It was time for her to collect Social Security. “I’m from the old school,” Jim, 74, said. “Grab the money while you can.” Yet before Eva made her decision, she mulled it over with her financial advisor, Carolyn McClanahan, the founder of Life Planning Partners in Jacksonville, Florida. McClanahan, a certified financial planner, plugged all of Eva’s details into a software program called SSanalyzer, which runs thousands of claiming strategies and spits out the best options. The findings didn’t match up with Jim. Eva would be best off waiting until 70 to collect her Social Security, because her benefit would be much larger. Her health was good, and many years were likely ahead of her. Ultimately, Eva held back, though McClanahan had to often remind her and Jim that their patience would pay off.

Eva and Jim Dion Source: Eva and Jim Dion

“Every six months Jim said, ‘I really think Eva should be claiming Social Security,'” McClanahan said. “It was really a challenge.” When to actually claim Social Security — at the earliest age of 62 to the maximum age of 70 — is a complex issue and a very important conversation for financial advisors to have with their clients. If one of the main goals of financial advisors is to help their clients make decisions that are more rational than gut-derived, and be wealthier for it, it only makes sense that more planners are offering help with Social Security. Americans have a lot of anxiety about the social safety net program. A recent government report found the cost of the system will exceed its revenue next year for the first time since 1982. Meanwhile, the reserve fund is projected to run out in 16 years, at which point recipients will see reduced benefits if Congress doesn’t step in. More than 40 percent of people say they worry about the Social Security system a “great deal,” according to a recent poll by Gallup. Less than a third of Americans expect Social Security to be a major source of their retirement income.

Carolyn McClanahan Source: Carolyn McClanahan

“Nobody on Wall Street would ever leave this opportunity untouched,” Kotlikoff said. Still, less than 5% of Americans wait until 70 to file. Some people — such as those in poor health, for example — shouldn’t delay their benefits, and advisors can help their clients make the best decision based on their personal circumstances, said Joe Elsasser, founder and president of Social Security Timing (whose software Anspach uses). “Most people think it’s claim early or claim later, or an individual decision instead of one coordinated across the household,” Elsasser said. The reality, he said, is more complicated. A married couple, for example, could have more than 80 ways to claim their check. His software accounts for Social Security spousal, widow and survivor benefits, he said. Advisors also need to be able to understand the earnings test with Social Security, said William Meyer, co-founder of SSanalyzer. The government withholds benefits if a person younger than their full retirement age (66, for most people) earns above a certain amount.

Economist Laurence Kotlikoff is hoping his company’s software can prevent individuals from making costly financial decisions. Bridget Jourgensen


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: annie nova, deborah nason, paul smith, president ceo of cfa institute
Keywords: news, cnbc, companies, advisors, claim, tackle, mcclanahan, financial, jim, complexities, eva, help, security, clients, benefits, social, software


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Only 28% of Americans plan to max out their vacation days this year

More than one in 10 Americans say they plan to take a quarter or less of their vacation days this year, but experts say that’s not enough time away. Among Americans who are currently employed, 13% say they plan to take a quarter of their vacation days or fewer this year. For example, If you’re earning $40,000 or more a year, those vacation days are usually worth thousands of dollars, Scott Dobroski, community expert at Glassdoor, tells CNBC Make It. And even if they get out of the office, many A


More than one in 10 Americans say they plan to take a quarter or less of their vacation days this year, but experts say that’s not enough time away. Among Americans who are currently employed, 13% say they plan to take a quarter of their vacation days or fewer this year. For example, If you’re earning $40,000 or more a year, those vacation days are usually worth thousands of dollars, Scott Dobroski, community expert at Glassdoor, tells CNBC Make It. And even if they get out of the office, many A
Only 28% of Americans plan to max out their vacation days this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-26  Authors: megan leonhardt
Keywords: news, cnbc, companies, dobroski, 28, say, work, bankrate, days, americans, vacation, plan, dont, away, max, benefits


Only 28% of Americans plan to max out their vacation days this year

More than one in 10 Americans say they plan to take a quarter or less of their vacation days this year, but experts say that’s not enough time away.

Even Americans who get paid time off from their jobs generally don’t take all of it. But experts say that if you aren’t taking advantage of your time off, you may be leaving money on the table and even putting your health at risk. Among Americans who are currently employed, 13% say they plan to take a quarter of their vacation days or fewer this year. That’s according to recent poll of nearly 2,600 U.S. adults conducted by Bankrate, which also finds that 4% of Americans aren’t planning to take any vacation time at all, even though their employers offer it. “That’s too much time to be leaving on the table,” Ted Rossman, a credit card analyst for Bankrate, tells CNBC Make It. The average American only took about 54% of their available time off in the previous 12 months, Glassdoor found in 2018.

Time off is a valuable perk

For many American workers, vacation time is paid time off, so if you don’t use it, you may be losing out on more than just a day away from the office. For example, If you’re earning $40,000 or more a year, those vacation days are usually worth thousands of dollars, Scott Dobroski, community expert at Glassdoor, tells CNBC Make It. In total, Americans gave up 212 million days off in 2017, according to Project: Time Off. That amounts to $62.2 billion in “lost benefits,” according to the organization.

And even if they get out of the office, many Americans don’t fully leave work behind. Glassdoor found that 29% of employees who took time off say a co-worker contacted them about a job-related matter while they were on vacation. “Technology has enabled us to be on and available to work 24/7,” Dobroski says. “You’re one finger swipe away from your email inbox while you’re sitting on the beach in Hawaii.”

Vacations can be good for you

Taking a real break is an important habit. Research shows time off may be good for your health and even boost your productivity at work in the long run. “There’s creative, innovative, collaborative benefits when you can actually unplug and rest your mind and get away from work for a week or two,” Dobroski says. Not to mention real health benefits. Medical research has found that working long hours could increase the risk of heart disease and an increase risk of stroke. Other studies show that overwork can lead to sleep deprivation, with has been linked to several medical conditions, including diabetes. Whereas taking time to recharge, even if it’s just a short vacation, can lead to measurable improvements.

Taking a vacation can be good for your career, too. A German professor of organizational psychology found that vacations can help alleviate burnout, while also making workers more resilient and able to cope with stress. “We know that when people can rest, relax and recharge, there’s a ripple effect of benefits in terms of productivity, creativity and collaboration when they return to work,” Dobroski says. “Employees are not really realizing that they could perform better and refreshed if they take time off.” Making sure that employees are taking adequate time to recharge is also on the shoulders of employers. “It’s a two way street,” Dobroski says. About a quarter of respondents say they don’t get any paid vacation, Bankrate found.

A vacation doesn’t have to be a major added expense

You don’t have to spend a bundle to take a great summer vacation. Among those surveyed by Bankrate, the median amount of a planned vacation is about $1,000. And you could spend even less than that if you opt for a staycation. “Vacationing doesn’t have to be expensive,” Rossman says. “Take a staycation or spend some time with family and friends — just relax.” If you do want to get away, start putting more money away now. Experts say automating your savings is a great way to go. Or you could consider maximizing your current spending by opening a credit card, Rossman says. “There’s still time to turn a sign-up bonus and ongoing spending rewards into a free or discounted trip.” Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: Over 1 in 4 Americans are skipping a summer vacation this year—here’s why


Company: cnbc, Activity: cnbc, Date: 2019-04-26  Authors: megan leonhardt
Keywords: news, cnbc, companies, dobroski, 28, say, work, bankrate, days, americans, vacation, plan, dont, away, max, benefits


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