Shoppers embrace underconsumption core trend to build better spending habits
Are you tracking your monthly shopping budget? Last year alone, retail sales in the U.S. reached an all-time high of $5.2 trillion, according to the National Retail Federation. This is pushing some Americans to take a closer look at what they're spending, sparking the underconsumption core trend online. (Sponsored by AT&T Business)
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Yahoo
42 minutes ago
- Yahoo
6 Social Security Changes Experts Predict Could Come in the Next Decade
Social Security is a lifeline for millions of Americans, but experts warn that the program faces serious financial challenges in the years ahead. Lawmakers are under growing pressure to act as the trust fund's reserves are projected to run short in the early 2030s, per Social Security trustees report. For You: Read Next: 'The most significant reforms that have been discussed for years include raising the full retirement age, modifying the payroll tax cap, adjusting the benefit formula, and revising the cost-of-living adjustment (COLA),' said Shannon Benton, executive director of the Senior Citizens League. Below we dive into some of these possible social security changes. One of the most likely Social Security changes is raising the full retirement age, which is the age when Americans can claim full benefits. According to the Congressional Budget Office, the full retirement age is already set to rise to 67 for workers born after 1959, and several proposals would gradually increase it to 68, 69 or even 70 for future retirees. This move is seen as a way to account for longer life spans and to help shore up Social Security's finances. Check Out: However, raising the FRA would mean that many future retirees would have to wait longer to receive full benefits. 'Delaying full benefits would effectively reduce lifetime benefits for many retirees who claim benefits early, particularly those unable to continue working into their late 60s,' Benton explained. Another major reform under discussion is modifying or eliminating the payroll tax cap, which limits the amount of income subject to Social Security taxes. According to Benton, only earnings up to $168,600 are currently taxed for Social Security, leaving higher earners' additional income untaxed. Proposals like Congressman John Larson's Social Security 2100 Act would apply payroll taxes to wages above $400,000, creating what's known as a 'donut hole.' This means income between the current taxable cap and $400,000 wouldn't be taxed for Social Security, but income above that threshold would. Over time, as the cap rises, this gap would close and all high earnings would be subject to Social Security taxes. Adjusting the Social Security benefit formula is another reform that could be enacted to improve the program's solvency and equity. The current formula is progressive, replacing a higher percentage of income for lower earners and less for higher earners. 'Some plans propose reducing benefits for higher earners while modestly boosting them for lower-income beneficiaries,' Benton said. For example, the Bowles-Simpson plan would cut benefits for high earners and boost them for low earners, according to the Tax Foundation. These changes aim to provide greater income security for the most vulnerable retirees while reducing costs for the system as a whole. The way Social Security benefits are adjusted for inflation could also see significant changes in the next decade. 'One recurring proposal is to adopt the Chained CPI, which tends to produce lower inflation estimates than the current CPI-W used for COLAs,' Benton explained. Critics argue this would erode retirees' purchasing power over time, especially for those who live longer. Alternatively, Benton and The Senior Citizens League support using the Consumer Price Index for the Elderly (CPI-E), which better reflects seniors' spending patterns and would likely result in higher COLAs. The debate centers on balancing the need for program solvency with protecting retirees' standard of living. A gradual increase in the payroll tax rate is another option experts believe could help close Social Security's funding gap. According to the Social Security Administration, the current rate is 6.2% for employees and 12.4% for the self-employed, split between workers and employers. 'Even a small increase, phased in over time, could significantly improve solvency,' Benton said. This solution spreads the cost across all workers and helps ensure Social Security's future without drastic benefit cuts. Benton predicts that changes to how Social Security benefits are taxed could be on the horizon, particularly for higher-income retirees. The Concord Coalition reported that up to 85% of benefits can be taxed depending on income. However, the income thresholds are not indexed to inflation, so more beneficiaries are taxed each year. Proposals include lowering the income thresholds or increasing the share of benefits subject to taxation for higher earners. This would raise additional revenue for the trust fund and target those most able to afford it. However, such changes could be unpopular among middle- and upper-income retirees, making them politically sensitive. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 25 Places To Buy a Home If You Want It To Gain Value Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on 6 Social Security Changes Experts Predict Could Come in the Next Decade
Yahoo
an hour ago
- Yahoo
There's $1.7T in Unclaimed 401(k) Funds — How To Find Out If Any of It Is Yours?
If you changed jobs anytime in the past — as most Americans have, multiple times — you might have left some money behind in your 401(k) plan. Money in 401(k) plans doesn't automatically follow a person from job to job. If you want to keep your money, you'll have to actively move it. But many Americans don't understand what they have to do to keep their money or even if they're actually entitled to it. Read Next: Check Out: As a result, according to figures from financial services firm Capitalize, $1.7 trillion or more currently sits in lost or forgotten 401(k) plans, an incredible 25% of all money held in 401(k) accounts. Spread out over 29 million accounts, that puts the average unclaimed balance at $56,616. How could that be? And how could you find out if any of that money belongs to you? Read on to find out. Changing jobs can be stressful, even if it's by your own choice. In addition to the stress of transitioning to a new work culture in a new environment, you may have to relocate, potentially putting your kids in a new school or buying or renting a new home. Even without all that additional stress, dealing with your former 401(k) plan can be among the last things on your mind when you take on a new job. For You: Even if you know you left some money behind, you may feel like it's too much of a hassle to bring over a relatively small sum of money — or you may even think that it's no longer your money once you leave a company. The bottom line is that there are many reasons why some Americans leave 401(k) money behind. While some Americans may leave behind account values of $50,000, $100,000 or more, the truth is that most workers who 'forget' or leave behind 401(k) money actually leave only a few thousand behind them. But over a period of years or decades, those small amounts — typically invested in stocks — can compound fairly rapidly. Imagine a scenario in which you leave behind $9,000 in a 401(k) plan that's invested in the S&P 500 index. According to Nasdaq, from 2010 to 2025, the S&P 500 returned an average of 13.8% per year. If you left $9,000 in a 401(k) plan over those 15 years, it would have grown to $70,485. What may have in your mind been a relatively small sum of $9,000 would now be worth almost eight times as much money. Fortunately, there are some concrete steps you can take to see if you have any lost 401(k) money. Here's a list of resources you can use in your quest, according to USA Today: National registry of unclaimed retirement benefits: Simply enter your Social Security number to begin your search. Retirement savings lost and found database: This is a Department of Labor website that is slowly expanding its reach to find lost consumer assets. Missing money: This database covers a wide variety of 'missing' assets in both the United States and Canada, including 401(k) and retirement plan accounts. Beyond checking websites for missing money, you can be proactive and do your own research. See if you have any old pay stubs or account statements to jog your memory about any past contributions you may have made. Have the information on hand when you contact the HR departments of your prior employers to help with the search. Understand that if your prior 401(k) plan had less than $1,000, it's likely that your plan administrator simply liquidated the account on your behalf and mailed you a check. It's possible that you cashed the check long ago and simply forgot about it. However, it also may be the case that the check was sent to an improper address. In either case, it's worth speaking with your prior plan administrator to track down the final disposition of that money. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 25 Places To Buy a Home If You Want It To Gain Value Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on There's $1.7T in Unclaimed 401(k) Funds — How To Find Out If Any of It Is Yours? 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
Time Magazine
an hour ago
- Time Magazine
We Need to Invest in the Heartland
For too long, the national conversation about innovation, the future of higher education, and economic growth has been dominated by a handful of colleges and universities largely based in coastal power centers. In doing so, we've overlooked the rest of the country and have weakened the broader foundation of American capitalism and democracy. There is another path forward—and it runs through the heartland of America. Across the country, families, and employers are rethinking the value of a college degree. Meanwhile, the pace of technological change is accelerating—AI is transforming industries, new sectors are emerging, and the demand for skilled talent is shifting rapidly. This comes at a time when public trust in institutions is eroding, and millions of Americans are asking whether our systems still work for them. Whether America leads or lags in this new window of opportunity depends on how we respond. With bold leadership and deep partnerships between universities and the private sector, the heartland can become the driving force behind America's next wave of innovation, economic competitiveness, and shared prosperity. Businesses and philanthropists are uniquely positioned to scale this pivotal moment: one that calls for a new, more inclusive era of American innovation and entrepreneurial growth. In the Midwest, universities are working hand-in-hand with businesses—and proving that the innovation and growth of the future will not be confined to any one part of the country. This region is uniquely suited to lead the next wave of American renewal. It has what the moment demands: grit, talent, urgency, and values that anchor capitalism in real lives and impact. As a nation, we often overlook where some of the most consequential innovation is happening. While innovation breakthroughs are happening at an exciting pace in the heartland, venture capital dollars continue to concentrate in California, New York, and coastal cities. Moreover, research centers are partnering with hospitals and farms, and in classrooms from coast to coast students are working with local employers to move forward in areas like AI, energy, bioscience, and robotics. This is where innovation reaches scale and serves everyday people, and not just markets or valuations. The future of American prosperity will be shaped by whether states, the federal government, and individual donors continue to invest in public universities embedded in their communities—institutions that serve as launchpads for discovery, entrepreneurship, and upward mobility for millions of people. For more than 80 years, universities have partnered with government and industry to drive innovation, advance research, and develop a skilled workforce. For the United States to maintain its global leadership, it is important for these three sectors to renew and strengthen their collaboration in the face of emerging challenges and opportunities. Public institutions, in fact, enroll three-quarters of the roughly 19 million college students in the United States, according to the National Center for Education Statistics. More specifically, America's land-grant institutions, created by and for the people, are uniquely positioned to rewrite the value proposition for higher education for the next generation. Access and opportunity are at the core of our mission, calling us to do work that directly benefits the people we serve. We exist to make life better in the communities of which we are a part. At The Ohio State University, demand is soaring for affordable academic programs, deep partnerships with industry, and innovation-based education and research. It's why we launched the Center for Software Innovation and joined the NextGenAI consortium from OpenAI—bringing additional research grants, funding, and API access to AI-related campus work. But for partnerships like these to grow, we need a mindset shift—within universities and across business and philanthropy. Investors and employers must see the Midwest as a wellspring of ideas, talent, and leadership. More broadly, we must ensure research dollars and economic incentives reach every corner of America. These investments make the United States more resilient and competitive globally while unlocking a wider pool of ideas, perspectives, and solutions. When America invests in our universities, we invest in well-rounded citizens, building social mobility and stability, and research that literally saves lives. We know this from experience. One of us is a Navy airman turned university president. The other, a software entrepreneur turned university benefactor and investor. We've seen how cross-sector leadership can create durable, inclusive growth. But this work can't be piecemeal. We need a national rallying cry to drive how, where, and why we invest in America's future. That future can start in the heartland, if we recognize its potential and act accordingly. The heartland doesn't just hold the key to America's economic future—it holds the promise of a robust economy rooted in community, powered by purpose, and capable of restoring trust in systems meant to serve us all.
