Latest news with #workers
Washington Post
7 hours ago
- Business
- Washington Post
How huge health funding cuts in Washington 'put lives at risk' in communities
CHARLOTTE, N.C. — Americans are losing a vast array of people and programs dedicated to keeping them healthy. Gone are specialists who were confronting a measles outbreak in Ohio, workers who drove a van to schools in North Carolina to offer vaccinations and a program that provided free tests to sick people in Tennessee.
Yahoo
9 hours ago
- Business
- Yahoo
Social Security: 4 Steps To Take Now If You Want To Retire Before Age 67
If you're a younger worker, or know someone who is, early retirement may be part of the plan. After all, lots of workers now want to retire at 40, 50 or 60. Check Out: Read More: As you're probably aware, when it comes to Social Security, the full retirement age is 67 for those born in 1960 or later. As noted by AARP, the changes in age requirements come from legislation signed by President Ronald Reagan. When it comes to waiting, age can make a big difference in how much you'll qualify for when it comes to Social Security. If you want to retire before you reach 67, here's a look at some steps to take now. According to Ramsey Solutions, one of the first things you need to do is to determine your goals for early retirement. Those goals will help guide your plan and financial strategy. In addition, you can create a mock retirement budget. This will give you a better idea of how much money you'll need each month to make the early retirement dream a reality. Learn More: Healthcare and taxes are two areas you specifically need to consider as you plan for early retirement. You want to determine how you're going to pay for health care after you leave full-time work. In addition, per Fidelity, you should also look into withdrawal strategies to help reduce the effects of taxes on your finances in retirement. In this case, 'get to work' means figure out how you're going to achieve your retirement goals and then taking action. According to Ramsey Solutions, you need to figure out ways to get out of debt and invest consistently. You may consider investing in a bridge account and real estate to help fill in the gap between early retirement and when you're able to start taking out money from retirement accounts without penalty. A brokerage account is an example of a bridge option to help with that gap. You don't need to do all of this by yourself. You may find it helpful to meet regularly with a financial advisor. This professional can help you make decisions that'll take you in the direction of your goals for early retirement. You may also find it helpful to look at online resources and apps designed for personal finance. More From GOBankingRates 7 Luxury SUVs That Will Become Affordable in 2025 This article originally appeared on Social Security: 4 Steps To Take Now If You Want To Retire Before Age 67 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
20 hours ago
- Business
- Wall Street Journal
Trump Announces Steel Tariffs Are Going Up
Play video: Trump Says He Will Double Steel Tariffs From 25% to 50% Trump Says He Will Double Steel Tariffs From 25% to 50% Trump Says He Will Double Steel Tariffs From 25% to 50% Play video: Trump Says He Will Double Steel Tariffs From 25% to 50% President Trump said he was doubling the tariff on imported steel, saying Friday that the move would add more protection to the domestic steel industry. 'We're bringing it up from 25%, we're doubling it to 50%,' Trump told U.S. Steel workers at a rally. 'That means that nobody is going to be able to steal your industry.'
CNN
a day ago
- Business
- CNN
Rampaging raccoons add to Airbus factory headaches
A family of raccoons recently broke into an Airbus factory in Canada, adding an unusual headache to the planemaker's more familiar troubles with parts shortages and supply chain snags. Five of the baby mammals were found inside the plant near Montreal, which produces A220 airliners, sources told Reuters, after their mother was spotted climbing the landing gear of a jet being produced for a European airline. 'A guy came face to face with the raccoon, after having entered the plane,' a factory worker said. A second source said damage included urine and chewed wires. Workers on the overstretched assembly line had to be pulled off normal jobs to undertake the time-consuming task of quarantining the first jet and inspecting for damage from the furry intruders, which are known for foraging in trash cans for food. Airbus confirmed the discovery of a family of raccoons on one plane but declined to say whether they had further delayed production or caused any damage. 'The aircraft is pursuing its assembly process,' a spokesperson said, adding measures had been put in place to ensure safety and quality. While the incident is only a temporary headache, it comes as Airbus is scrambling to speed up production, having warned airlines that it faces another three years of delivery delays as it works through a backlog of supply-chain problems. Recent snags include missing engines, late arrivals of components and delayed interiors, Airbus has said. But rarely have its contingency plans had to deal with stray omnivores at the rural plant. 'We had to open everything back up to inspect,' explained the second source. Airbus said the animals had been removed to a safe location.
Globe and Mail
a day ago
- Business
- Globe and Mail
Here's the Average Social Security Benefit at Ages 62, 67, and 70
A study published in 2022 by the National Bureau of Economic Research concluded that more than 90% of workers ages 45 to 62 would maximize lifetime Social Security income by claiming benefits at age 70. Yet only 10% of newly awarded retirees actually started Social Security at age 70 in 2024, while more than 30% started as soon as they became eligible at age 62. Read on to see the average retired-worker benefit at ages 62, 67, and 70. The average Social Security benefit for retired workers at different ages The Social Security Administration (SSA) makes anonymized benefit data available to the public to support research and promote transparency. The chart below pulls data from a recently updated biannual report. It shows the average monthly Social Security benefit paid to retired workers between ages 62 and 70 in December 2024. Age Average Retired-Worker Benefit 62 $1,342 63 $1,364 64 $1,425 65 $1,611 66 $1,764 67 $1,930 68 $1,980 69 $2,040 70 $2,148 Source: Social Security Administration. Note: Payments have been rounded to the nearest dollar. As shown above, the average Social Security payout typically increases with age such that the average 70-year-old retired worker receives an additional $806 per month compared to the average 62-year-old retired worker. Readers should focus on ages 62, 67, and 70 because they cover the decision-making spectrum: The earliest possible claim age is 62; 70 is the latest rational claim age; and 67 provides a claim age between the two extremes. The SSA considers several variables when calculating retired-worker benefits, but claim age plays an important role. If all else is equal, retired workers will receive the smallest possible benefit at age 62 and the biggest possible benefit at age 70. Understanding how your Social Security benefit is calculated Social Security benefits are based on work history, lifetime earnings, and claim age. Precisely how the SSA uses those variables to determine benefits is detailed in the two-step process below. Step 1: The SSA determines the primary insurance amount (PIA) for each worker by applying a formula to their inflation-adjusted income. The PIA is the benefit a worker will receive if they claim Social Security at full retirement age (FRA), which is 67 for anyone born in 1960 or later. Step 2: The SSA adjusts the PIA for early or delayed retirement. Workers who claim retirement benefits before FRA get less than 100% of their PIA, and workers who start retirement benefits after FRA get more than 100% of their PIA. There are two stipulations to that rule: No one can claim earlier than 62, and there is no advantage to claiming later than 70. The chart below shows the relationship between birth year and FRA. It shows the retirement benefit (as a percentage of PIA) a worker will receive if they start Social Security at 62 and 70. In other words, it shows the smallest and largest payout for each FRA group. Birth Year Full Retirement Age Benefit at Age 62 Benefit at Age 70 1943 to 1954 66 75% 132% 1955 66 and 2 months 74.2% 130.6% 1956 66 and 4 months 73.3% 129.3% 1957 66 and 6 months 72.5% 128% 1958 66 and 8 months 71.7% 126.6% 1959 66 and 10 months 70.8% 125.3% 1960 and later 67 70% 124% Data source: The Social Security Administration. The lesson here is simple: Workers can substantially increase their retirement benefit by simply delaying Social Security until age 70. For instance, a worker born in 1960 or later will receive 77% more in monthly benefits if they claim at age 70 rather than age 62. Having said that, claiming Social Security at age 70 is not the right decision for everyone. Retired workers in difficult financial situations may be better off starting benefits at age 62. The same is true of retired workers not expecting to live beyond age 75. Readers who need personalized advice about when to start Social Security should consult a financial advisor or at least consider different scenarios using a Social Security optimization calculator like Open Social Security. The $23,760 Social Security bonus most retirees completely overlook 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. Join Stock Advisor to learn more about these strategies.
