Euro set for best run since 2017 as $ slumps
The euro is set for its longest stretch of monthly gains in eight years, boosted by rising confidence in Europe's economic prospects and a hunt for alternatives to the slumping dollar.
The currency is up more than 3% in June, its sixth month of advances. Those gains have come as the dollar falters, with the Bloomberg Dollar Spot Index near its lowest level in more than three years after again dipping this week.
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Time of India
an hour ago
- Time of India
AI for India summit: Experts call for stronger R&D from academia and industry; AI adoption growing across sectors
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Mint
2 hours ago
- Mint
AI tracker: Tesla robotaxis hit the road and other AI news
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Time of India
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- Time of India
US retirement age hits 67 by 2026: Early retirees to lose up to 30% in benefits- what it means for social security income
Representative image T he full retirement age (FRA) for Social Security benefits in the United States will increase to 67 starting in 2026, affecting millions of Americans planning their retirement. Those opting to retire early at age 62 could see up to a 30 per cent reduction in monthly benefits. The change stems from reforms signed into law by former President Ronald Reagan in 1983 to address long-term financial challenges facing the Social Security system. The original Social Security Act, introduced by President Franklin D. Roosevelt in 1935, initially set the retirement age at 65. The FRA has been rising gradually since 1991, increasing by two months per year. It reached 66 in 1996 and will reach 67 in 2026 for individuals turning 65 that year and beyond. Why the retirement age is increasing When the social security act was created, life expectancy in the US was just 61. By 1983, it had risen to over 74, and today it stands at 79. At the same time, the number of workers supporting each retiree has dropped, from 8.6 in 1955 to 2.8 in 2013, placing greater pressure on the system. The 1983 amendment was designed to address these demographic shifts and extend the program's solvency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ¡Todo a tu favor con Orange! Orange Undo Many Americans claim benefits at age 62 due to financial need, health issues, or concerns about future cuts. However, doing so results in permanently reduced monthly payments. According to the Social Security Administration (SSA), claiming benefits at 62 can result in up to a 30 per cent decrease, while delaying retirement until age 70 can significantly increase monthly payouts. A recent report from the Social Security Board of Trustees warns that the Social Security Trust Funds will have enough revenue to pay full benefits only until 2034. After that, without Congressional action, only 81 per cent of scheduled benefits would be payable. This could reduce the average monthly cheque from $1,976 to about $1,600. In 2024, trust fund reserves fell by $67 billion to $2.72 trillion, as program costs continued to exceed income. The funds have been running a deficit since 2010, raising concerns about the long-term sustainability of social security. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
