Treasury Department hits Iran with new sanctions targeting its nuclear program ahead of Oman talks
WASHINGTON — The U.S Treasury Department on Wednesday issued new sanctions targeting Iran's nuclear program, just days before senior American and Iranian officials are expected to hold talks in the Middle East sultanate of Oman.
Five entities and one person based in Iran are cited in the new sanctions for their support of Iran's nuclear program. The designated groups include the Atomic Energy Organization of Iran and subordinates Iran Centrifuge Technology Company, Thorium Power Company, Pars Reactors Construction and Development Company and Azarab Industries Co.
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USA Today
9 minutes ago
- USA Today
The average American's Social Security benefit just reached its highest level ever
The average American's Social Security benefit just reached its highest level ever Show Caption Hide Caption Social Security uncertainty and policy changes are driving more people to file With a significant rise in Social Security applications, retirees face financial decisions influenced by legislation and economic concerns in today's climate. Scripps News Every month, the Social Security Administration (SSA) releases a report called the Monthly Statistical Snapshot, which includes information about the number of Social Security beneficiaries and how much money the average person receives. In the most recent month reported (May), the average Social Security benefit paid to a retired worker reached an all-time high of $2,002.39. This is the first time the average has exceeded $2,000 per month and is a significant increase from the average retired worker's benefit of $1,917 a year ago. There are a few important things to unpack here. For one thing, benefits for retired workers are only one type of Social Security benefit. Out of the 69.6 million Social Security beneficiaries in the United States, nearly 17 million get other types of benefits, such as survivors' benefits, spousal benefits and disability benefits. Furthermore, this is a 4.5% increase in the average benefit since the end of 2024, significantly more than the 2.5% cost-of-living adjustment, or COLA, that was enacted for 2025. So, where did the extra increase come from? Finally, keep in mind that this is just an average. Many Social Security recipients receive significantly more or less than the average. Now, let's take a closer look at all of these things. The average Social Security benefit right now As mentioned, benefits for retired workers are just one part of Social Security. There are several other types of benefits, all of which have their own averages. Here's the latest data for several other common benefit categories: Why has the average Social Security benefit increased so much? As mentioned, the average retired worker's benefit has increased by 4.5% in May 2025 compared with the same month in 2024. Of course, the 2.5% Social Security cost-of-living adjustment, or COLA, has a lot to do with it. But it doesn't explain the entire increase all by itself. A big driving factor is the Social Security Fairness Act, which increased benefits for several million people (mainly former government employees) whose benefits had been reduced by the Windfall Elimination Provision and other rules. Much of the headlines about this legislation have to do with the one-time retroactive payments being made, but beneficiaries in this group also saw substantial increases in their monthly payments. In fact, the average beneficiary affected saw their monthly check increase by $360. How can you get more than the average? Of course, the $2,002 monthly average benefit is just that – an average. There are some retirees who get significantly less, and some that get significantly more. In fact, the highest possible monthly Social Security benefit for someone turning 70 in 2025 is $5,108. If you haven't yet claimed Social Security, there might be some things you can do to set yourself up for an above average monthly benefit. And the first step is knowing how the Social Security formula works. You can read our full Social Security benefits formula description for all the details, but in general, there are two main factors that influence your retirement benefit. Your work record – The SSA will adjust every year of your lifetime earnings for inflation and consider the 35 highest-earning years when calculating your benefit. So, it could be worth working an extra year or two if you're able, especially if you're in the highest-earning part of your career or if you don't have 35 years of work. – The SSA will adjust every year of your lifetime earnings for inflation and consider the 35 highest-earning years when calculating your benefit. So, it could be worth working an extra year or two if you're able, especially if you're in the highest-earning part of your career or if you don't have 35 years of work. Your claiming age – Americans who qualify can start collecting Social Security at any point between the ages of 62 and 70, but the earlier you apply, the lower your benefit will be. You don't have to wait until 70 – even a few months can make a meaningful difference. Keep in mind that any time you choose to wait will make your benefit permanently higher, which is particularly important because Social Security is the only inflation-protected income source most retirees have. As a final thought, it's a smart idea to log into the SSA's web portal (or create an account if you haven't already), where you can view an estimate of the retirement benefit that you're on track to receive based on your actual work record. That way, you'll know where you stand and if it's in your best interest to adjust your retirement strategy accordingly. The Motley Fool has a disclosure policy. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY. The $23,760 Social Security bonus most retirees completely overlook Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets"could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. JoinStock Advisorto learn more about these strategies. View the "Social Security secrets" »
Miami Herald
11 minutes ago
- Miami Herald
Tony Robbins sends strong message to Americans on 401(k)s, IRAs
As life expectancy increases, many American workers are rethinking their approach to saving and investing for retirement. Finance expert and motivational speaker Tony Robbins acknowledges this reality and emphasizes a key strategy involving 401(k) plans and Individual Retirement Accounts (IRAs) to make the prospect of longer lives something to celebrate rather than fear. Don't miss the move: Subscribe to TheStreet's free daily newsletter Relying solely on Social Security for financial security in retirement is not a wise course of action - especially considering how extended lifespans are lengthening the amount of time people spend on this planet beyond their working careers. According to Robbins, an average retirement lasted near 12 years, half a century ago. Today, it is common for it to stretch beyond 20 years. Related: Jean Chatzky sends strong message to Americans on Social Security Importantly, the Center for Retirement Research (CRR) has found that about half of U.S. households risk falling short on funds needed to sustain their current standard of living in retirement. Robbins encourages Americans to assess their 401(k) and IRA options early in their careers and make informed financial choices that can support a stable future. He offers some key thoughts on this subject for the many workers trying to find a way to sort it all out. Getty Robbins advises workers to take full advantage of any 401(k) contribution matching offered by their employers, as it's essentially free money that can significantly boost retirement savings. For those with the option to choose a Roth 401(k) - which allows people to pay taxes up front so they can withdraw funds tax-free in retirement - he strongly recommends doing so. His reasoning is simple: Robbins believes one's taxes are likely to be higher during retirement. If that assumption holds true, then it would be smarter to pay them at today's lower rates rather than later. More on retirement: Jean Chatzky shares major statement about Social SecurityShark Tank's Kevin O'Leary has blunt words on 401(k) plansDave Ramsey strongly cautions U.S. workers on Social Security Making proactive decisions about investing in defined contribution (DC) plans - such as 401(k)s - is especially important given the long-term impact of financial hardships Americans have experienced going back to the financial crisis of 2008. "Households' retirement preparedness in all income groups was heavily affected by the Great Recession," the CRR found. "The middle and the highest thirds saw significant improvement from 2010-2019 due to rebounding housing and equity prices. In contrast, households in the bottom third saw virtually no improvement as they are less likely to own a house and participate in DC plans, and have few financial assets." Related: Shark Tank's Kevin O'Leary warns Americans on Social Security problem In his book, "Money: Master the Game," Robbins wrote that he frequently receives questions about whether setting up a Roth IRA is a smart move for retirement planning. His stance is clear - it's a resounding yes. A Roth IRA, much like a Roth 401(k), requires individuals to pay taxes on their contributions up front. The benefit? Again, once retirement arrives, withdrawals come free of tax burdens, offering financial flexibility in later years. In 2025, contribution limits for Roth IRAs are set at $7,000 for those under 50 years old. Those aged 50 and above can make an additional $1,000 catch-up contribution to bolster their retirement savings. However, income eligibility plays a role in determining how much one can contribute. To contribute the full amount, an individual's modified adjusted gross income (MAGI) must be below $150,000. For married couples filing jointly, the threshold is $236,000. Robbins emphasizes that taking advantage of these accounts is a strategic move, helping investors secure their financial future while making tax-efficient decisions. As mentioned above, with lifespans growing longer, preparing for retirement with the right tools - especially tax-advantaged accounts such as Roth IRAs - can turn financial uncertainty into a well-planned, secure future. Those who are eligible should strongly consider leveraging these opportunities as they strive to build a rewarding retirement. Related: Dave Ramsey warns Americans on Social Security The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
15 minutes ago
- Yahoo
Trump administration advises 500,000 migrants to self-deport
June 12 (UPI) -- People from Cuba, Haiti, Nicaragua and Venezuela on Thursday began receiving notices of termination of their temporary protected status. They were told to self-deport. The Department of Homeland Security used email to send the TPS termination notices to inform more than 500,000 affected people that the parole and work authorizations granted by the Biden administration have been revoked with immediate effect, CBS News reported. Those who have not obtained other lawful immigration approvals are encouraged to self-deport. The Supreme Court on May 30 upheld the Trump administration's cancellation of the TPS status for the affected people, which the Biden administration first used in 2022. The program granted protected status for those from Cuba, Haiti, Nicaragua and Venezuela while they awaited the outcome of their respective immigration proceedings. "This program was abused by the previous administration to admit hundreds of thousands of poorly vetted illegal aliens into the United States," DHS Assistant Secretary Tricia McLaughlin said Thursday in a news release. "The Biden administration lied to America," McLaughlin said. "They allowed more than half a million poorly vetted aliens from Cuba, Haiti, Nicaragua and Venezuela and their immediate family members to enter the United States through these disastrous parole programs." She said the Biden administration gave them "opportunities to compete for American jobs and undercut American workers" while forcing career civil servants to promote the programs even after fraud was identified. The Biden administration "then blamed Republicans in Congress for the chaos that ensued and the crime that followed," McLaughlin added. She said those affected can use the CBP Home Mobile App to obtain travel assistance and a $1,000 exit bonus upon arrival in their home countries. The self-deport notices started going out on the same day that the House of Representatives approved a measure ending the District of Columbia's Sanctuary Values Amendment Act, the Washington Post reported. The House voted 224-194 to require the nation's capital to comply with federal immigration laws, requests for information on individuals' respective immigration status and lawful detainer requests. Eleven Democrats voted with Republicans to approve the resolution.
