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Yahoo
41 minutes ago
- Yahoo
Retiree are fearing for the future of Social Security — here's what they can do to protect themselves
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Retirees are anxious about the future of Social Security as they navigate extreme market volatility and high levels of policy uncertainty. Even some House Republicans are concerned — breaking ranks to warn President Donald Trump of the potential consequences of further cuts. Rep. Nicole Malliotakis and 14 of her Republican colleagues sent a letter to the new Commissioner of Social Security, voicing worries over 'inadequate customer service provided by the Social Security Administration (SSA).' The average wait time for phone calls in 2025 has jumped over 40%, to a staggering 86 minutes. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how BlackRock CEO Larry Fink has an important message for the next wave of American retirees — here's how he says you can best weather the US retirement crisis Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) And seniors are just as concerned: An Associated Press poll showed 30% of respondents aged 60 and over aren't confident about the availability of Social Security benefits when they need them. 'It's a worry that I'm sure everybody is having right now,' Kathie Sherrill, a 74-year-old retiree, told the Detroit Free Press on March 26. Insecurity around Social Security isn't necessarily new. After all, the program's trust funds may only be able to fully support retirement benefits until 2035 before they are reduced, according to the SSA's 2024 trustees report. Politicians have mused over the years how Social Security should be reformed. But the Trump administration is simultaneously seeking to make cuts within the SSA, while implementing policies that experts say risk fueling inflation, potentially slowing the global economy. Some experts believe President Donald Trump's proposals may speed up Social Security's insolvency. Given that SSA data shows people over 65 derive about 31% of their income from Social Security, these factors are unsurprisingly fueling retirees' fears. In the meantime, Sherrill and her friends are cutting back on life's little luxuries, such as eating out and entertainment. 'That wasn't my plan, but that's what I've been doing,' she said. If your benefits are disrupted, you don't need to be caught off guard. There are measures you can take to reduce your reliance on Social Security benefits, and bolster your retirement savings without relying on government policies. Unfortunately, for many, a cut in benefits requires rethinking what your retirement is going to look like. You may need to downsize your lifestyle, or in extreme cases return to work. Another option is tackling rising insurance premiums by shopping around. makes comparing multiple insurance companies easier than ever. They'll ask you some quick questions then sort through leading insurance companies in your area, ensuring you find the lowest rate possible. The process is 100% free and won't affect your credit score. Similarly, can help you get great rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers, for free, to find the best deal in your area. The process can be done entirely online. Read more: Rich, young Americans are ditching the stormy stock market — To start, you want to make sure you have a cash cushion for any potential emergencies. One way to build cash quickly is with a high-yield savings account. With a high-yield savings account, you earn much higher interest rates than a traditional savings account, without sacrificing the key banking features we all expect from any bank. If you need income now, you could consider a reverse mortgage, which lets you tap into your home equity to supplement your income, pay off debt or fund renovations. You can choose to borrow funds as a lump sum or fixed monthly payment, and then spend it however you please. If your head is spinning with financial possibilities it might be a good idea to sit down with an advisor to adjust your retirement plans. With Vanguard, you can connect with a personal advisor who can help assess how you're doing so far and make sure you've got the right portfolio to meet your goals on time. Vanguard's hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals. All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard's advisers will help you set a tailored plan, and stick to it. Once you're set, you can sit back as Vanguard's advisors manage your portfolio. Because they're fiduciaries, they don't earn commissions, so you can trust that the advice you're getting is unbiased. JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it's too late) This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs Millions of Americans now sit on a stunning $35 trillion in home equity — here's 1 new way to invest in responsible US homeowners This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
USA Today
an hour ago
- USA Today
Kids are ditching traditional college for career tech programs. Parents are concerned.
Kids are ditching traditional college for career tech programs. Parents are concerned. Show Caption Hide Caption Trump signs order to combat 'woke' university accreditation process President Donald Trump directed the Justice and Education Depts. to investigate universities for 'unlawful discrimination' and 'ideological overreach. More teens are showing interest in vocational training and other non-college options after high school. Parents tend to favor traditional four-year colleges over non-degree career paths, according to a new survey from nonprofit American Student Assistance. Financial concerns and a desire for hands-on work are driving some students toward technical education. Nush Ahmed, 22, said she was "stubborn" when she went against her parents' wishes and chose to attend a career technical program 800 miles from home instead of enrolling in a traditional four-year college nearby. Her parents, who live in Buffalo, New York, and immigrated from Bangladesh, said they believed a bachelor's degree was the only path to success. But Ahmed insisted. She's one of a growing number of high school graduates turning to technical schools over two or four-year colleges at a time of spiraling student debt and new incentives for vocational education. Ahmed's choice to forego college and pursue a career working in manufacturing made her an outlier in her South Asian immigrant community, where most parents expect young women to attend college near home, she said. "I was hoping that time she would go to either medical school or engineering college to become a doctor or engineer," said her father, Shuhel Ahmed. "But she really wanted to go into to this career, so I finally decided to let her go." By the numbers: How do kids and parents feel about career technical education programs? New survey data from the nonprofit American Student Assistance shows that teen interest in college is down while interest in nondegree paths is on the rise. Meanwhile, parents are skeptical of options outside of the traditional college pathway to work. Nearly half of all students surveyed – 45% – weren't interested in going to college. About 14% said they planned to attend trade or technical schools, apprenticeships and technical bootcamp programs and 38% were considering those options. Some 66% of teens surveyed said parents supported their plans to pursue a nondegree route compared with 82% whose parents encouraged them to attend college. More: In emergency appeal, Trump asks Supreme Court to let him gut Education Department Seventy percent said their parents were more supportive of foregoing education altogether right after high school rather than pursuing a nondegree program. Young people told USA TODAY that finances, along with the desire to enter the workforce without more classroom-type academics, were among their reasons for choosing technical education. The financial burden of college was on Andrew Townsend's mind when he opted out of college. Townsend graduated from high school in Golden, Colorado, this June and decided against college, saying he wanted to go to work right away. The choice was easy for Townsend, 19, because he was offered an apprenticeship as a manufacturing technician for printer manufacturer Lexmark during his senior year through his school's career and technical education program. That turned into an 18-month internship. "When I went into high school I anticipated going to college and going into biology or sports management," Townsend said. "But I can't sit still in a class, and I want to get my hands dirty and get into work. It's financially best for me right now." More: Is the push for career education prioritizing business over students? His dad, construction worker Corey Townsend, wasn't sure what path his son would take, but he supports Andrew's choice. "My family doesn't have the most amount of money," Andrew Townsend said. "Maybe if I want to go to college later on in life, that's a choice. But for now I want to focus on myself and make my life better for me." College costs vs. career technical education costs At the nation's public colleges and universities, the average cost for in-state tuition is $9,750 per year and and the average cost for out-of-state tuition is $28,386, according to researchers at the Education Data Initiative. The price tag is higher at private colleges. The average cost of tuition and fees at those schools is $38,421,. The Education Data Initiative estimates college tuition has doubled in the 21st century. The costs of career technical education varies widely by trade and program. The average cost of a complete trade school program's tuition and fees was $15,070 during the 2022-2023 school year, according to data from the federal Education Department's National Center for Education Statistics. The Trump administration advances non-college options As parents and teens navigate their post-college options, President Donald Trump and his administration have championed career technical programs as a viable alternative to traditional two-year and four-year colleges. "Under my leadership, America will once again champion a culture where hard work is rewarded and equip our people with real skills for real careers that our communities are in desperate need to fill," Trump said in a Feb. 3 statement. "By offering more alternatives to higher education, we will train college-aged kids in relevant skills for the 21st century economy." More: Colleges report widespread problems with financial aid since Education Department layoffs During Trump's first term, he signed a bill called the Strengthening Career and Technical Education for the 21st Century Act into law. The law allows the federal government to provide states and local communities funding to enhance career and technical education programming. This term, the Trump administration announced it is reversing two Biden-era regulations that require states and local career technical education programs at high schools and community colleges to change the way they report on student progress to receive federal funding. What to do after high school ...if you're not heading straight to college 'They should let them follow their dreams' New survey data from Gallup, Walton Family Foundation and Jobs for the Future of 1,327 teens shows that most high school students and their parents are unaware of their post-high school options outside of the traditional four-year college path. The uncertainty resonated with Ahmed's father, who saw college as the only pathway to success for his daughter. Father and daughter now agree the path she chose has afforded her immense opportunity. If she could go back in time, Ahmed said, she would be less harsh on her parents for pushing college. Ahmed is enjoying the success that has come from completing a technical education program at the Universal Technical Institute, formerly known as NASCAR Technical Institute, in North Carolina. She works at a precision manufacturing company that specializes in metal and polymer 3D printing and has a podcast that highlights young people pursuing trade options after high school. She earns about $60,000 a year at her day job. "With the way she has gone through this and how she is doing now, I would say to parents that if kids want to try a short term school they should let them do and then see how it goes," Ahmed's father said. "If it goes well then great and if not, there's time to change. But they should let them follow their dreams." Contact Kayla Jimenez at kjimenez@ Follow her on X at @kaylajjimenez.
New York Times
an hour ago
- New York Times
How to Draw Down Your Retirement Savings When the Markets Are Gyrating
Shelby French of Lexington, Ky., is a lifelong saver who thought she was financially well-prepared for retirement. What she wasn't counting on were market gyrations that sent her investments plunging by $60,000 over a three-day period this spring. 'I have my portfolio set to moderate risk; we haven't changed a ton in the past few years,' she said — but the prospect of more market volatility has prompted her to rethink that approach. Ms. French, 75, is of an age when the I.R.S. requires people with traditional, tax-deferred retirement accounts like 401(k)s and individual retirement accounts to draw down some of that money — and pay income tax on it or incur penalties. These required minimum distributions — frequently referred to by the abbreviation R.M.D.s — can be painful when retirees have to sell assets in a falling market. 'I use my R.M.D. money to pay big things, like long-term care premiums, my property taxes, insurance,' Ms. French said. This year, she went against the advice of her financial advisers and withdrew the money she knew she would be required to take in a single lump sum in January rather than spread out the withdrawals over the course of the year. 'I knew it wasn't going to be good,' she said. 'I figured it was better to get it out.' The Trump administration's tax, trade and immigration policies all have the potential to raise inflation and constrain economic growth. Uncertainty over tariffs has led businesses to hold off on hiring, expanding and investing. Tax legislation being negotiated in Congress is projected to add to the nation's debt, which recently prompted the ratings firm Moody's to downgrade the country's credit rating. Broadly, the stock market has regained the ground it lost in the springtime. Investors, caught by surprise at the size and scope of the president's tariff ambitions in April, sent the broad-based S&P 500 index tumbling nearly into bear market territory — defined as a drop of 20 percent from a recent high. Yields on long-dated U.S. government bonds, typically considered among the world's safest investments, climbed and remain elevated from where they were a year ago, an indication of investor wariness about the country's financial stability. (Bond yields rise when their prices fall.) Want all of The Times? Subscribe.
