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I've given thousands of talks about Social Security over the past 45 years. At almost every one of those presentations, inevitably, somebody in the crowd will get up and say: "I'll tell you what's wrong with Social Security!" Then they will go off on some rant, spouting lies or half-truths. Lots of times, it's something they've been telling themselves for years. Or more recently, it's some garbage they picked up on the internet.
There are countless examples of these "what's wrong with Social Security" rants. Today I'll cover the most common rant of all. It goes like this: "I'll tell you what's wrong with Social Security. If politicians had kept their cotton-picking hands off the Social Security trust funds, we wouldn't have any problems today!" The implication is that presidents, or Congress, have stolen Social Security money and used it for other purposes. Many will say, "It all started with LBJ.
While you're here, how about this:
CONNECTICUT MONEY: U.S. economy keeps momentum so far - New Haven Register
The U.S. economy ended 2019 in a stronger position than expected. Major U.S. stock market indexes turned in stellar performances during 2019 despite global uncertainties from Iran and China.
The nation’s gross domestic product (GDP) increased by 2.1 percent in the fourth quarter of 2019. For the year as a whole, GDP increased a healthy 2.3 percent, according to the U.S. Bureau of Economic Analysis (BEA). That was close to the 2018 increase of 2.5 percent.
8 Ways to Save More Money Than You Thought Possible (First Step: Find Your 'Black Hole')
Most Americans say they need to catch up on their retirement savings, according to a 2019 survey published by TD Ameritrade . Millennials feel a pinch mainly due to the high cost of housing, while Gen Xers and Baby Boomers blame inadequate income, according to the survey.
If you feel behind – not only on retirement savings, but also for an emergency fund, a down payment on a house or your children's college tuition – here are some suggestions from financial advisors across the country to help you get caught up quickly.
The Color of Money: The hard truth about how much your 401(k) could really pay out - News -
But it can help, too. Thanks to the 2009 Credit Card Accountability Responsibility and Disclosure Act (CARD Act), maybe you no longer just make the minimum payment on your credit card. This law required issuers to disclose how long it would take customers to eliminate their debt if they chose to make only minimum monthly payments.
Let's say you owe $10,000 on a card with a 17% interest rate. If you continue to make the minimum payments, it will take you more than 30 years to pay off this debt. And the total interest paid will be more than $21,000.
This may worth something:
Your Money: Five useful money moves you can do instead of panic - Reuters
NEW YORK (Reuters) - Spoiler alert: None of the useful things you can do about your money right now involve your 401(k).
Financial advisers tend to caution long-term retirement investors to stay the course during times of high volatility, like now with financial markets slumping here on worries over the coronavirus outbreak's impact on growth.
Their advice? Do not look at your statements. Do not turn off your next automatic contributions. Do not get out of the market, thinking you can get back in at the right time.
Free money for some residents in California city sparks national debate
STOCKTON, Calif. — After losing a steady job two years ago, Zohna Everett struggled to make ends meet. She drove for ride-hailing services, clipped grocery coupons, turned in recyclables for gas money and traded manicures for press-on nails from Walmart.
Then a phone call changed her financial outlook. Everett learned she had been selected to become one of 125 Stockton residents receiving $500 a month for 18 months, a first-in-the-nation pilot test of a universal basic income, or UBI.
Move to 2-year budget expected to save county time and money | HeraldNet.com
Myrtle Beach says more residents are being asked for money over the phone | WBTW
MYRTLE BEACH, SC (WBTW) – Myrtle Beach says its police department is getting more calls from residents who say they’re being asked for money over the phone.
The city took to Facebook Sunday, saying that some city residents are reporting ‘they are receiving calls asking for donations to various charities.’
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The city cited some tips from the state on how people can ‘donate with confidence.’ These are signs Secretary of State Mark Hammond says could mean a charity is illegitimate.
Happening on Twitter
Full-time Chelsea to put not too fine a point on it completely outclassed. - bottom line is, to compete at this sta… https://t.co/VMxnbrbzr2 gate17marco (from Cheam & London ... mostly) Tue Feb 25 21:51:26 +0000 2020
BUILDING HOMES: A housing development that is adding 44 new townhomes to Grand Junction, CO, is receiving a boost o… https://t.co/cGtetr7WBU NextRevFNC (from Los Angeles, CA) Mon Feb 24 22:54:11 +0000 2020
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