Category: Personal Finance

The 1 Medicare Advantage Chart You Absolutely Have to See to Believe

For 57 million Americans, Medicare is just as important a social program as Social Security is for the more than 41 million retired workers currently receiving a monthly check. Though Medicare’s benefits may not always be tangible, the simple fact that the federal government subsidizes a percentage of eligible healthcare costs for Medicare enrollees is a comforting thing to know when you do actually require medical care.

Should Robots that Displace Workers Be Taxed?

Bill Gates made quite a stir recently when he said we should tax robots that replace workers. As technology grows at an ever-increasing pace, could this be a way to support and fund programs like Social Security and Medicare for an aging country? I am interested to hear what our audience thinks, so please leave your thoughts in the comment section below.

How to retire happily on less than $1 million

The theory behind that goes something like this: A $1 million nest egg can generate around $40,000 per year in inflation-adjusted income. That combined with the typical retiree’s Social Security payment of $1,360 per month brings that retiree’s income to around $56,320 per year, which is right around the median household income.

Here are 12 easy moves to cut your tax bill

… uses. Elder care may be included, too. What’s covered can vary among employers, so check out your plan’s documents. Health savings accounts are tax-exempt accounts you can use to pay medical expenses. If you have a high-deductible health care plan, …

The Dark Cloud over the Trump Presidency

… that the Democrats have won the battle and there will be, sooner rather than later, a single payer government run health care system in the United States. Beyond the spending and other provisions in the bill, this legislation is essentially an …

Mulvaney Lies About Trump’s Promise Not to Cut Social Security, Medicare, and Medicaid

The following is a statement from Nancy Altman , Founding Co-Director of Social Security Works , in reaction to OMB Director Mick Mulvaney claiming that Trump’s campaign promise was to “save” Social Security, Medicare, and Medicaid and that Republican plans to cut the programs would be consistent with that promise: “Mick Mulvaney and Republicans in Congress are attempting to rewrite history. Throughout the campaign, Donald Trump repeatedly and unequivocally promised not to cut Social Security, Medicare, or Medicaid, even specifically ruling out one of the GOP’s favorite cuts, raising the retirement age.

NH economists see shift in priorities

… deficits would eventually follow an upward trajectory – the result of strong growth in spending for retirement and health care programs targeted to older people and rising interest payments on the government’s debt, accompanied by only modest growth …

Repeal and replace Obamacare? With what?

… Care Act proposal. The Affordable Care Act was a public option that applied only to the working poor unable to afford health insurance. Like Social Security, modest premiums would have been payroll deducted, and health care would have been …

When Can I Get Medicare Before 65?

… eligible for Medicare doesn’t mean that you have to take it. In general, if you have other coverage through group health insurance, you can keep that coverage. Then, if you later lose that coverage, you can typically turn to Medicare for benefits. …

What to do now to retire better

… care insurance coverage (generally not appropriate before or after mid-50s). Premiums get much larger as you age, and health issues may disqualify you. Update your will and estate planning documents. Watch out for high mutual fund and management …

New budget chief tackles Rubik’s cube of spending

The dyspeptic Henry Adams was not nice but not wrong when he described what now is named the Eisenhower Executive Office Building, adjacent to the White House, as an “architectural infant asylum.” The granite pile, which once housed the State, War and Navy departments, was, Harry Truman said, “the greatest monstrosity in America.”

Trump has reinvigorated Democrats

Chris Oaks spoke with Hancock County Democratic Party chair Nancy Stephani. Q: What was your reaction to the president’s address to a joint session of Congress on Tuesday? A: The change of tone was refreshing, we certainly appreciate that.

GOP Hopes to Enlist Trump in Entitlement Reforms

Republicans in Congress are hopeful that despite his campaign promises to the contrary, President Trump will at some point embrace reforms to major entitlement programs long sought by GOP lawmakers to rein in federal spending and debt. Trump campaigned on preserving Medicare and Social Security, putting him at odds with most of his GOP primary opponents and the majority of the party.

Trump talks big, but making it happen is another thing

Like most presidential presentations, Donald Trump’s initial venture into the soaring chamber of the House of Representatives looked and sounded good, producing some positive reactions that could expand the embattled president’s short-term support. Trump’s hour-long address made solving massive national problems sound possible, from creating a more vibrant economy to revamping and expanding health care, if only both parties follow his lead.

Top GOP chairman warns against Trump budget plan

Another top House Republican is expressing concerns about President Donald Trump’s budget outline that proposes deep cuts to federal programs but doesn’t include major changes to entitlement programs, a key component of recent federal spending blueprints drafted by the GOP. “We’ve reduced our discretionary spending over the last seven to eight years an incredible amount,” House Appropriations Chairman Rodney Frelinghuysen told reporters Tuesday.

Retirement Anxiety Is Gripping America

A few weeks after the Republican-controlled U.S. House of Representatives moved to kill rules allowing states to create portable retirement savings accounts, a new survey found that 75 percent of Americans support just such an option. The response was a common refrain in a report that echoed the growing dread of living out one’s golden years in poverty.

There’s a problem with Trump’s plan to pay for a $54 billion…

On Monday, administration officials told various news outlets that President Trump’s forthcoming budget proposal will include a $54 billion increase in defense spending. To pay for it, the Trump administration plans to cut the budgets of domestic agencies including the Environmental Protection Agency, the State Department, and various foreign aid programs.

Trump and Ryan Headed for a Budget Clash

“President Trump’s proposal to slash domestic spending in order to preserve the two biggest drains on the federal government – Social Security and Medicare – has set up a battle to determine who now controls the Republican Party’s ideology,” the New York Times reports. “The outcome could map the course of major challenges to come, including a revision of the tax code, a huge increase in infrastructure spending and any effort to balance the budget.”

Trump budget plan boosts Pentagon, trims State Dept., EPA

The White House will send federal departments a budget proposal on Monday containing the defense spending increase President Donald Trump promised, financed partly by cuts to the U.S. State Department, Environmental Protection Agency and other non-defense programs, two officials familiar with the proposal said. One of the officials said Trump’s request for the Pentagon included more money for shipbuilding, military aircraft and establishing “a more robust presence in key international waterways and chokepoints” such as the Strait of Hormuz and South China Sea.

Flu season slams small businesses

… expected to last into the spring, Insperity’s Marcum advises business owners to be proactive to protect staffers’ health as well as company operations. Employees should be encouraged to work at home if they’re not feeling well, and to get flu shots …

Dollar edges to lowest against yen since Feb. 9

A U.S. one-hundred dollar bill and Japanese 10,000 yen notes are spread in Tokyo, Japan in this February 28, 2013 picture illustration. The dollar slipped to a more than two-week low against the yen on Monday, as investors awaited this week’s speech by U.S. President Donald Trump for clues on tax reform.

Mnuchin hints Trump’s Congress speech to include tax reform, budget won’t have entitlement cuts

Treasury Secretary Steven Mnuchin says President Trump will discuss his tax-reform plan in this week’s speech before Congress and that the president’s upcoming budget won’t include cuts to such entitlement programs as Social Security and Medicare. “We are not touching those now,” Mnuchin told Fox News’ “Sunday Morning Futures” with Maria Bartiromo.