Latest news with #NewMexico-based
CNBC
3 days ago
- Business
- CNBC
How much you should have saved by age 50, according to financial experts—and 3 steps to take if you're behind
Many Americans are anxious about their savings, especially as they approach retirement age. Over half of Gen Xers, those aged 45 to 60, say they have no more than three times their current annual income saved for retirement, according to a study commissioned by life insurance and financial planning provider Northwestern Mutual. This is significantly less than a benchmark set by Fidelity, one of the largest retirement plan providers in the U.S., which advises accumulating six times your current annual income by age 50 if you anticipate retiring at 67. Other experts take a different view. There's no magic number when it comes to saving for retirement, says Nathan Sebesta, a certified financial planner and owner of Artesia, New Mexico-based financial services firm Access Wealth Strategies. How much you anticipate spending every year of retirement and when you decide to retire can greatly affect how much you should have saved, Sebesta says. For example, those who plan on retiring later, as well as downsizing and living more frugally, may need less than Fidelity's benchmark, the report said. Additionally, the baseline amount you need can vary by as much as $1.49 million depending on what state you decide to retire in, according to an analysis by GOBankingRates earlier this year. To figure out how much you need, Sebesta recommends working backward. Start by deciding how much annual income you'll want in retirement and estimate how long you'll need that yearly income for. After taking that total and adjusting for inflation, you can determine how much you need to save each year and how your investments need to grow to hit that goal. If you're still feeling behind, Sebesta says there are a few other strategies you can consider to catch up and retire comfortably. "Don't panic," Sebesta says. "Start where you are and as soon as you can." While you can start claiming Social Security benefits as early as age 62, doing so means you'll receive a permanently reduced benefit. Alternatively, if you delay claiming benefits beyond full retirement age — 67 for Americans born after 1960 — your monthly payments could increase significantly, Sebesta says. For every year you wait up to age 70, your benefit grows by about 8%. That means someone born after 1960 who waits until 70 could receive up to 24% more than they would at 67. Once you turn 50, the Internal Revenue Service allows you to contribute more to various retirement plans in catch-up contributions. If you have a workplace retirement plan like a 401(k) or 403(b), you can contribute an extra $7,500 beyond the standard limit of $23,500, for a total of $31,000 in 2025. For those with an individual retirement account, the 2025 contribution limit is $7,000, plus an extra $1,000 in catch-up contributions for those 50 and older. These extra contributions not only help boost retirement savings but can also reduce your taxable income, which is especially valuable during high earning years in your 50s and 60s, Sebesta adds. Catch-up contributions are "definitely a neat benefit for people looking for more savings," Sebesta says, but they won't work for everyone: "You've got to be willing to put the money into the plan as well." If you haven't consistently contributed over the years or are struggling to keep enough cash on hand, finding the extra money to take advantage of these higher limits may be difficult. While it's not the ideal scenario, if you're significantly behind on retirement savings and working on paying off debt, Sebesta says you may have to consider lowering your expected lifestyle in retirement. If you have 10 to 15 years left to plan, the focus may need to shift to paying off debt and getting to a point where you can live on less in retirement, Sebesta says. This may look like scaling back on expenses, downsizing your lifestyle or living in a more affordable area. The last option would be to continue working in retirement. "No one ever dreams of that goal," Sebesta says. "But if they do delay for so long and are not able to catch up completely, that might be, sadly, one of the realistic opportunities that they would have." ,
15-05-2025
- Politics
New militarized border zone spurs charges against hundreds of immigrants
SANTA FE, N.M. -- Several hundred immigrants have been charged with unauthorized access to a newly designated militarized zone along the southern U.S. border in New Mexico and western Texas since the Department of Justice introduced the new approach in late April. President Donald Trump's administration has transferred oversight of a strip of land along the U.S.-Mexico border to the military while authorizing U.S. troops to temporarily detain immigrants in the country illegally — though there's no record of troops exercising that authority as U.S. Customs and Border Protection conducts arrests. The designated national defense areas are overseen by U.S. Army commands out of Fort Bliss in the El Paso area in Texas and Fort Huachuca in Arizona. The novel national security charges against immigrants who enter through those militarized zones carry a potential sentence of 18 months in prison on top of a possible six month sentence for illegal entry. The full implications are unclear for migrants who pursue legal status through separate proceedings in federal immigration court. The Trump administration is seeking to accelerate mass removals of immigrants in the country illegally and third-country deportations, including Venezuelans sent to an El Salvador prison amid accusations of gang affiliation. The administration has deployed thousands of troops to the border, while arrests have plunged to the lowest levels since the mid-1960s. The federal public defender's office in Las Cruces indicates that roughly 400 cases had been filed in criminal court there as of Tuesday as it seeks dismissal of the misdemeanor and petty misdemeanor charges for violating security regulations and entering restricted military property. Court records show that federal prosecutors in Texas — where a National Defense Area extends about 60 miles (97 kilometers) from El Paso to Fort Hancock — last week began filing the military security charges as well. Las Cruces-based federal Magistrate Judge Gregory Wormuth is asking for input from federal prosecutors and public defense attorneys on the standard of proof for the trespassing charges 'given the unprecedented nature of prosecuting such offenses in this factual context.' Public defenders say there needs to be proof that immigrants knew of the military restrictions and acted 'in defiance of that regulation for some nefarious or bad purpose.' New Mexico-based U.S. Attorney Ryan Ellison, appointed in April, says hundreds of "restricted area" signs have been posted in Spanish and English to warn that entry is prohibited by the Department of Defense, along New Mexico's nearly 180-mile (290-kilometer) stretch of border. In a court filings, Ellison has said there's no danger of ensnaring innocent people when it comes to immigrants who avoid ports of entry to cross the border in willful violation of federal law — and now military regulations. ACLU attorney Rebecca Sheff said basic freedoms are at risk as the government flexes its power at the border and restricts civilian access. 'The extension of military bases ... it's a serious restriction, it's a serious impact on families that live in the border area,' she said. The Department of Justice has warned Wormuth against issuing an advisory opinion on legal standards for trespassing in the military area. 'The New Mexico National Defense Area is a crucial installation necessary to strengthen the authority of servicemembers to help secure our borders and safeguard the country,' Ellison said in a court briefing. Democratic U.S. Sen. Martin Heinrich of New Mexico expressed concern Wednesday in a letter to Defense Secretary Pete Hegseth that anyone may be stopped and detained by U.S. Army soldiers for entering a 170-square-mile (440-square-kilometer) area along the border previously overseen by the Department of Interior and frequently used for recreation and livestock ranching. Hegseth has emphasizing a hard-line approach to enforcement.
Yahoo
14-05-2025
- Politics
- Yahoo
Military border zone spurs charges against hundreds of migrants
SANTA FE, N.M. — Several hundred immigrants have been charged with unauthorized access to a newly designated militarized zone along the southern U.S. border in New Mexico and western Texas since the Department of Justice introduced the new approach in late April. President Donald Trump's administration has transferred oversight of a strip of land along the U.S.-Mexico border to the military while authorizing U.S. troops to temporarily detain immigrants in the country illegally — though there's no record of troops exercising that authority as U.S. Customs and Border Protection conducts arrests. The designated national defense areas are overseen by U.S. Army commands out of Fort Bliss in the El Paso area in Texas and Fort Huachuca in Arizona. The novel national security charges against immigrants who enter through those militarized zones carry a potential sentence of 18 months in prison on top of a possible six-month sentence for illegal entry. The full implications are unclear for migrants who pursue legal status through separate proceedings in federal immigration court. Defense Department designates second military zone on southern border The Trump administration is seeking to accelerate mass removals of immigrants in the country illegally and third-country deportations, including Venezuelans sent to an El Salvador prison amid accusations of gang affiliation. The administration has deployed thousands of troops to the border, while arrests have plunged to the lowest levels since the mid-1960s. The federal public defender's office in Las Cruces indicates that roughly 400 cases had been filed in criminal court there as of Tuesday as it seeks dismissal of the misdemeanor and petty misdemeanor charges for violating security regulations and entering restricted military property. Court records show that federal prosecutors in Texas — where a National Defense Area extends about 60 miles from El Paso to Fort Hancock — last week began filing the military security charges as well. Las Cruces-based federal Magistrate Judge Gregory Wormuth is asking for input from federal prosecutors and public defense attorneys on the standard of proof for the trespassing charges 'given the unprecedented nature of prosecuting such offenses in this factual context.' Public defenders say there needs to be proof that immigrants knew of the military restrictions and acted 'in defiance of that regulation for some nefarious or bad purpose.' New Mexico-based U.S. Attorney Ryan Ellison, appointed in April, says hundreds of 'restricted area' signs have been posted in Spanish and English to warn that entry is prohibited by the Department of Defense along New Mexico's nearly 180-mile stretch of border. In court filings, Ellison has said there's no danger of ensnaring innocent people when it comes to immigrants who avoid ports of entry to cross the border in willful violation of federal law — and now military regulations. ACLU attorney Rebecca Sheff said basic freedoms are at risk as the government flexes its power at the border and restricts civilian access. 'The extension of military bases … it's a serious restriction, it's a serious impact on families that live in the border area,' she said. The Department of Justice has warned Wormuth against issuing an advisory opinion on legal standards for trespassing in the military area. 'The New Mexico National Defense Area is a crucial installation necessary to strengthen the authority of service members to help secure our borders and safeguard the country,' Ellison said in a court briefing. Democratic U.S. Sen. Martin Heinrich of New Mexico expressed concern Wednesday in a letter to Defense Secretary Pete Hegseth that anyone may be stopped and detained by U.S. Army soldiers for entering a 170-square-mile area along the border previously overseen by the Department of Interior and frequently used for recreation and livestock ranching. Hegseth has emphasized a hard-line approach to enforcement. 'Let me be clear: if you cross into the National Defense Area, you will be charged to the FULLEST extent of the law,' he said in a post on the social platform X. Associated Press reporter Valerie Gonzalez in McAllen, Texas, contributed.
Yahoo
14-05-2025
- Politics
- Yahoo
New militarized border zone spurs national security charges against hundreds of immigrants
SANTA FE, N.M. (AP) — Several hundred immigrants have been charged with unauthorized access to a newly designated militarized zone along the southern U.S. border in New Mexico and western Texas since the Department of Justice introduced the new approach in late April. President Donald Trump's administration has transferred oversight of a strip of land along the U.S.-Mexico border to the military while authorizing U.S. troops to temporarily detain immigrants in the country illegally — though there's no record of troops exercising that authority as U.S. Customs and Border Protection conducts arrests. The designated national defense areas are overseen by U.S. Army commands out of Fort Bliss in the El Paso area in Texas and Fort Huachuca in Arizona. The novel national security charges against immigrants who enter through those militarized zones carry a potential sentence of 18 months in prison on top of a possible six month sentence for illegal entry. The full implications are unclear for migrants who pursue legal status through separate proceedings in federal immigration court. The Trump administration is seeking to accelerate mass removals of immigrants in the country illegally and third-country deportations, including Venezuelans sent to an El Salvador prison amid accusations of gang affiliation. The administration has deployed thousands of troops to the border, while arrests have plunged to the lowest levels since the mid-1960s. The federal public defender's office in Las Cruces indicates that roughly 400 cases had been filed in criminal court there as of Tuesday as it seeks dismissal of the misdemeanor and petty misdemeanor charges for violating security regulations and entering restricted military property. Court records show that federal prosecutors in Texas — where a National Defense Area extends about 60 miles (97 kilometers) from El Paso to Fort Hancock — last week began filing the military security charges as well. Las Cruces-based federal Magistrate Judge Gregory Wormuth is asking for input from federal prosecutors and public defense attorneys on the standard of proof for the trespassing charges 'given the unprecedented nature of prosecuting such offenses in this factual context.' Public defenders say there needs to be proof that immigrants knew of the military restrictions and acted 'in defiance of that regulation for some nefarious or bad purpose.' New Mexico-based U.S. Attorney Ryan Ellison, appointed in April, says hundreds of "restricted area" signs have been posted in Spanish and English to warn that entry is prohibited by the Department of Defense, along New Mexico's nearly 180-mile (290-kilometer) stretch of border. In a court filings, Ellison has said there's no danger of ensnaring innocent people when it comes to immigrants who avoid ports of entry to cross the border in willful violation of federal law — and now military regulations. ACLU attorney Rebecca Sheff said basic freedoms are at risk as the government flexes its power at the border and restricts civilian access. 'The extension of military bases ... it's a serious restriction, it's a serious impact on families that live in the border area,' she said. The Department of Justice has warned Wormuth against issuing an advisory opinion on legal standards for trespassing in the military area. 'The New Mexico National Defense Area is a crucial installation necessary to strengthen the authority of servicemembers to help secure our borders and safeguard the country,' Ellison said in a court briefing. Democratic U.S. Sen. Martin Heinrich of New Mexico expressed concern Wednesday in a letter to Defense Secretary Pete Hegseth that anyone may be stopped and detained by U.S. Army soldiers for entering a 170-square-mile —440-square-kilometer) area along the border previously overseen by the Department of Interior and frequently used for recreation and livestock ranching. Hegseth has emphasizing a hard-line approach to enforcement. 'Let me be clear: if you cross into the National Defense Area, you will be charged to the FULLEST extent of the law,' he said in a post on the social platform X. ___ Associated Press reporter Valerie Gonzalez in McAllen, Texas, contributed.
Winnipeg Free Press
14-05-2025
- Politics
- Winnipeg Free Press
New militarized border zone spurs national security charges against hundreds of immigrants
SANTA FE, N.M. (AP) — Several hundred immigrants have been charged with unauthorized access to a newly designated militarized zone along the southern U.S. border in New Mexico and western Texas since the Department of Justice introduced the new approach in late April. President Donald Trump's administration has transferred oversight of a strip of land along the U.S.-Mexico border to the military while authorizing U.S. troops to temporarily detain immigrants in the country illegally — though there's no record of troops exercising that authority as U.S. Customs and Border Protection conducts arrests. The designated national defense areas are overseen by U.S. Army commands out of Fort Bliss in the El Paso area in Texas and Fort Huachuca in Arizona. The novel national security charges against immigrants who enter through those militarized zones carry a potential sentence of 18 months in prison on top of a possible six month sentence for illegal entry. The full implications are unclear for migrants who pursue legal status through separate proceedings in federal immigration court. The Trump administration is seeking to accelerate mass removals of immigrants in the country illegally and third-country deportations, including Venezuelans sent to an El Salvador prison amid accusations of gang affiliation. The administration has deployed thousands of troops to the border, while arrests have plunged to the lowest levels since the mid-1960s. The federal public defender's office in Las Cruces indicates that roughly 400 cases had been filed in criminal court there as of Tuesday as it seeks dismissal of the misdemeanor and petty misdemeanor charges for violating security regulations and entering restricted military property. Court records show that federal prosecutors in Texas — where a National Defense Area extends about 60 miles (97 kilometers) from El Paso to Fort Hancock — last week began filing the military security charges as well. Las Cruces-based federal Magistrate Judge Gregory Wormuth is asking for input from federal prosecutors and public defense attorneys on the standard of proof for the trespassing charges 'given the unprecedented nature of prosecuting such offenses in this factual context.' Public defenders say there needs to be proof that immigrants knew of the military restrictions and acted 'in defiance of that regulation for some nefarious or bad purpose.' New Mexico-based U.S. Attorney Ryan Ellison, appointed in April, says hundreds of 'restricted area' signs have been posted in Spanish and English to warn that entry is prohibited by the Department of Defense, along New Mexico's nearly 180-mile (290-kilometer) stretch of border. In a court filings, Ellison has said there's no danger of ensnaring innocent people when it comes to immigrants who avoid ports of entry to cross the border in willful violation of federal law — and now military regulations. ACLU attorney Rebecca Sheff said basic freedoms are at risk as the government flexes its power at the border and restricts civilian access. 'The extension of military bases … it's a serious restriction, it's a serious impact on families that live in the border area,' she said. The Department of Justice has warned Wormuth against issuing an advisory opinion on legal standards for trespassing in the military area. 'The New Mexico National Defense Area is a crucial installation necessary to strengthen the authority of servicemembers to help secure our borders and safeguard the country,' Ellison said in a court briefing. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. Democratic U.S. Sen. Martin Heinrich of New Mexico expressed concern Wednesday in a letter to Defense Secretary Pete Hegseth that anyone may be stopped and detained by U.S. Army soldiers for entering a 170-square-mile —440-square-kilometer) area along the border previously overseen by the Department of Interior and frequently used for recreation and livestock ranching. Hegseth has emphasizing a hard-line approach to enforcement. 'Let me be clear: if you cross into the National Defense Area, you will be charged to the FULLEST extent of the law,' he said in a post on the social platform X. ___ Associated Press reporter Valerie Gonzalez in McAllen, Texas, contributed.
