People leave a Social Security Administration building in Burbank, California. Valerie Macon | Afp | Getty Images The trust funds the Social Security Administration relies on to pay benefits are now projected to run out in 2035, one year later than previously projected, according to the annual trustees’ report released Monday. On the projected depletion date, 83% of benefits will be payable if Congress does not act sooner to prevent that shortfall. The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth.…
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Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans. Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a “K-shaped consumer.” That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption. “A lot of the growth in spending has been in the last few quarters with the affluent customer,” Fraser told CNBC’s Sara Eisen in an interview. “We’re seeing a much more cautious low-income consumer,” Fraser said. “They’re feeling more of the pressure…
When it comes to insurance, Texas pet owners have plenty of options for their furry friends. NerdWallet gathered rates and evaluated more than a dozen insurers to help you find the best pet insurance in Texas in the following categories: Best pet insurance category Best for comprehensive coverage How we found the best pet insurance in Texas Our writers and editors follow strict editorial guidelines to ensure the content on our website is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. NerdWallet’s rating system rewards pet insurance companies…
Want more stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the free, daily ResiClub newsletter. In March, Blackstone Group President Jon Gray told Bloomberg that commercial real estate prices, which have been plunging since interest rates spiked, are “bottoming.” He noted that while vacancy rates are still rising, the fundamentals are looking better, and “now is probably a good time before rates come down to move.” But are commercial real estate prices really hitting rock bottom? That’s a difficult question to answer without some degree of speculation. What we do know is that commercial real estate foreclosures are continuing to rise, according…
Massachusetts is jumping into the national debate on the affordable housing crisis with a proposal to tax high-value property sales. Governor Maura Healey’s $4 billion housing bond bill, the state’s biggest-ever investment in its residential stock, includes a provision allowing cities to impose a transfer fee of 0.5% to 2% on property sales exceeding $1 million. The revenue generated would go toward affordable housing projects. The initiative, which mirrors a measure recently spurned by Chicago voters, has sparked a debate among local governments, housing advocates and critics who fear it may squeeze home sales and further burden property developers who are grappling with…
Palestinians, including children, collect usable belongings in the heavily damaged buildings after Israeli attacks in Rafah, Gaza on February 12, 2024. Building targeted in the Israeli attacks and surrounding structures were damaged as Israel’s air, land and sea attacks continue on the Gaza Strip. (Photo by Jehad Alshrafi/Anadolu via Getty Images) Jehad Alshrafi | Anadolu | Getty Images Crude oil futures held firm Monday as traders tried to decipher confusion over whether a Gaza cease-fire had been accepted. Ismail Haniyeh, the head of Hamas’ political bureau, said in a statement the militant group informed Egypt and Qatar of its “approval…
Warren Buffett poses with Martin, the Geico gecko, ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska on May 3rd, 2024. David A. Grogan | CNBC Berkshire Hathaway shares rose Monday after Warren Buffett’s conglomerate reported a surge in operating earnings as well as a record cash hoard. The company’s Class A shares were higher by 0.3% in morning trading. Meanwhile, Class B shares last gained about 0.4%. Those moves come after Berkshire posted first-quarter operating profit of $11.22 billion, up 39% from the year-ago period, mainly driven by an increase in insurance underwriting earnings. Operating profit measures earnings encompassing…
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Explore car buying in 2024, from Carvana’s process to the electric vehicle surge and how to maximize your car’s sale value. Budgets Beyond the Numbers: How do you manage the emotional aspects of budgeting? What’s the car buying market like in 2024? Hosts Sean Pyles and Elizabeth Ayoola discuss personal budgeting and the future of car buying to help you understand how to navigate financial decisions with confidence. They begin with a discussion of budgeting “beyond the numbers,” with tips and tricks on categorizing…
President Joe Biden‘s campaign and Democratic candidates are in a fevered race with Republicans over who can best exploit the potential of artificial intelligence, a technology that could transform American elections—and perhaps threaten democracy itself. Still smarting from being outmaneuvered on social media by Donald Trump and his allies in 2016, Democratic strategists said they are nevertheless treading carefully in embracing tools that trouble experts in disinformation. So far, Democrats said they are primarily using AI to help them find and motivate voters and better identify and overcome deceptive content. “Candidates and strategists are still trying to figure out how…
President Joe Biden’s campaign and Democratic candidates are in a fevered race with Republicans over who can best exploit the potential of artificial intelligence, a technology that could transform American elections — and perhaps threaten democracy itself. Still smarting from being outmaneuvered on social media by Donald Trump and his allies in 2016, Democratic strategists said they are nevertheless treading carefully in embracing tools that trouble experts in disinformation. So far, Democrats said they are primarily using AI to help them find and motivate voters and better identify and overcome deceptive content. ″Candidates and strategists are still trying to figure out…
High-end fitness chain Equinox is launching one of the most expensive gym memberships in the world — a $40,000-per-year program aimed at improving overall health and longevity. Equinox is teaming up with lab-test startup Function Health to launch “Optimize by Equinox,” a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. The program, announced Monday, is part of the fast-growing market for longevity and wellness, where the fields of medicine, biotech, fitness and nutrition are merging in the quest to slow the effects of aging. “It’s really a paradigm shift in…
Flying can be stressful enough, even without the crowds, the overpriced food and the possibility of your phone dying while you wait to board the plane. Airport lounges aim to reduce some of the tension by offering separate, limited spaces away from the main terminals. Only available to eligible travelers, these lounges can provide amenities such as food, drinks, showers and a place to plug in your electronics. Those flying through Boston Logan International Airport will be happy to know that there are a number of airport lounges available to travelers, no matter where they’re going. Let’s take a look.…