All right, Leader Jeff, let's turn now to Tuesday's election results. Democrats had a clean sweep uh winning the New York City mayoral election. Both gubernatorial races in New Jersey and Virginia, as you know, ballot measure in California.You are on track to potentially become the next speaker if Democrats were to win back the House in 2026. How confident are you that that's going to happen. Well, Democrats are definitely going to take back control of the House of Representatives, and we're going to stay f ...

Even with a 2.8% COLA for 2026, many Americans are nonetheless worried about how Social Security will help pay for their rising expenses in retirement. https://t.co/DjCB7LQTzk ...

Core Points - The earliest age to claim Social Security retirement benefits is 62, which results in a permanent reduction of benefits by 30% for those born after 1960 [2] - Claiming Social Security early while working can lead to significant deductions from benefits if earnings exceed specified limits [3] Group 1 - Claiming Social Security at age 62 results in a reduction of benefits; for example, a primary insurance amount of $1,000 would reduce to $700 at age 62 [2] - The Social Security Administration imposes earnings limits for beneficiaries under Full Retirement Age (FRA); in 2025, the limit is $23,400, with a deduction of $1 for every $2 earned above this limit [3] - If a beneficiary turns FRA in the same year, the deduction is $1 for every $3 earned above an annual limit of $62,160 [3] Group 2 - Benefits are recalculated at FRA to account for deductions, resulting in a lower monthly benefit until FRA is reached [4] - Early claimants face a dual impact: reduced monthly benefits and a potential cut in future benefits [4]

Key Points The typical American has less than $40,000 saved for retirement in a 401(k). If you want to boost your savings, be strategic with your spending, especially when it comes to big expenses. Also make sure you're not leaving any free 401(k) dollars on the table. The $23,760 Social Security bonus most retirees completely overlook › Last year, the National Institute on Retirement Security reported that 79% of Americans feel there's a broad retirement crisis. And 55% said they're worried they ...

Core Insights - The Social Security cost-of-living adjustment (COLA) for 2026 is set at 2.8%, translating to an average increase of $56 per month, but this modest increase may not alleviate deeper concerns regarding the program's sustainability and purchasing power [2][4]. Group 1: Concerns Among Retirees - Many retirees express that the annual COLAs do not keep pace with their actual living costs, particularly in areas like healthcare and housing, leading to a sentiment that the 2.8% increase is insufficient [5]. - A significant portion of middle-class Americans, particularly those in their 50s and 60s, fear that Social Security benefits may be reduced or cease to exist, with 39% expressing this concern despite the COLA [3][4]. Group 2: Retirement Planning Strategies - Experts recommend stress-testing retirement plans to assess the impact of potential reductions in Social Security benefits, emphasizing the importance of having a written retirement plan [6]. - Delaying Social Security claims can increase permanent benefits, which may help mitigate future financial uncertainties related to policy changes or inflation [6]. - Building non-Social Security income through maximizing retirement account contributions and diversifying income streams is advised to enhance financial resilience in retirement [6].

Core Insights - Grant Cardone challenges the traditional view of retirement, urging baby boomers to adopt a proactive attitude towards work and learning rather than slowing down [1][2] - He emphasizes the importance of acquiring new skills relevant to today's digital economy, including AI, crypto, and social media, to remain financially and socially engaged [2][3] - Cardone highlights the increasing life expectancy and the potential for a long retirement, suggesting that many are unprepared for the implications of living longer [3][5] Financial Implications - The looming depletion of the Social Security trust fund by 2033 is a significant concern, prompting a need for individuals to rethink their retirement strategies [5] - Cardone advocates for continued work in innovative ways, such as freelancing or consulting, to adapt to changing economic conditions and maintain engagement [6]

Core Insights - Retirement can be financially secure, but common mistakes may jeopardize boomers' savings [1][3] Group 1: Common Cash Flow Mistakes - Underestimating inflation and over-relying on Social Security can deplete savings faster than anticipated [3] - Not timing IRA tax withdrawals can lead to increased tax liabilities as retirees age [4][5] - Failing to develop a tax strategy before retirement can result in costly long-term consequences [6] Group 2: Tax Strategies - Retirees should consider withdrawing from IRAs in low tax years to minimize tax liabilities [4][5] - Delaying required minimum distributions (RMDs) can push retirees into higher tax brackets later [6] - Keeping taxable income too low early in retirement may prevent advantageous Roth IRA conversions [6]

Core Insights - The 2026 Social Security cost-of-living adjustment (COLA) is set at 2.8%, resulting in an average increase of $56 per month or $672 per year for retirees, which may not sufficiently cover rising living costs [1][2][8] Group 1: Social Security Adjustments - The average senior's retirement benefit will increase by $56 monthly, totaling $672 annually, which may not be adequate for inflationary pressures [2][8] - The 2.8% COLA is slightly above the historical average but is not expected to significantly impact most beneficiaries' financial situations [1] Group 2: Supplementing Income - Personal savings can be utilized to cover shortfalls from Social Security, with options for tax-deferred and Roth account withdrawals [4][5] - Part-time work is suggested as a viable option for those with limited savings, providing a steady income stream while allowing for flexible hours [6] - Supplemental Security Income (SSI) may be available for low-income seniors to help manage expenses [8] Group 3: Earnings Test and Benefits - Beneficiaries can earn up to $24,480 without losing benefits; earnings above this threshold will result in a reduction of benefits [9] - Once beneficiaries reach their full retirement age (FRA), the earnings test rules change, allowing for higher earnings before benefits are reduced [9]

Parsing the rules around Social Security can be tricky. As you plan when and how to take Social Security in your golden years, you might feel like you’re walking a tightrope — one misstep could send you tumbling into an uncertain financial future where you could lose thousands of dollars. For You: Here’s How Much You Need To Retire With a $100K Lifestyle Learn About: How To Get Guaranteed Growth On Your Money — Without Risking Your Principal Instead of walking that tightrope alone, you need an expert guid ...

Working in your 50s can be scary and stressful: retirement is getting closer, and you may be worried you don’t have enough savings. Plus, what if things suddenly take a turn and you lose your job sooner than expected? Will another company take a chance on somebody your age? Imagine Lauren, who is 55 and harboring exactly those fears. She’s a single mom, and her two teenage children will be applying to college soon. Must Read Even though she makes $90,000 a year, she lives in a city with a high cost of l ...