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- Oil Prices Fluctuate as Gulf Shipping Advances
Oil prices fell, moving closer to levels not seen since the war in Iran began in February. [TheTopNews] Read More.16 mins ago - Why claiming Social Security early out of fear that the program will run dry is ...
As anxiety mounts over the long-term solvency of the Social Security trust funds, a growing number of Americans are rushing to claim their benefits early out of fear that the program will run dry.However, personal finance expert Suze Orman warns that following this viral advice will lock retirees into a permanent financial penalty that cannot be undone."There’s been some chatter on social media lately about Social Security that I think is bad advice," Orman wrote earlier this month on her website. "The message is that you are better off claiming as early as possible — at age 62 — rather than waiting to collect a larger benefit by starting your checks later. That’s just not good advice."About two weeks ago, the Social Security Administration released its 2026 Trustees Report, which confirms that the federal retirement safety net is less than seven years away from reserve depletion, as the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to exhaust its accumulated reserves in the fourth quarter of 2032.SOCIAL SECURITY HAS LESS THAN 10 YEARS BEFORE RESERVES ARE EXHAUSTED, NEW TRUSTEES REPORT WARNSOnce the reserves are depleted, ongoing tax revenues will cover only 78% of scheduled retirement benefits, according to the report.According to SSA data, claiming retirement benefits at age 62 remains popular among retirees, though filing early permanently locks in lower monthly benefits."For anyone born in 1960 or later, your Full Retirement Age is 67. That is when you are entitled to 100% of your earned Social Security benefit. If you choose to start collecting at 62, you receive just 70% of that benefit — a 30% reduction that is locked in permanently. Claiming early is basically accepting a 30% penalty," Orman said."A woman in average health who reaches age 65 has a life expectancy of 88. That means a 50% probability of still being alive at 88 — still here, still paying bills, still needing income. If she reaches her break-even age of 79, there is a very real chance she has at least another decade or more ahead of her," Orman said. "Every month past that break-even point, the person who waited is collecting meaningfully more."The personal finance expert also pushed back on claims circulating online that filing early secures your benefits before the trust funds run low."Current projections suggest that if Congress does nothing, Social Security would pay out roughly 80% of scheduled benefits — a 20%… [TheTopNews] Read More.28 mins ago - Chemours to Pay $450M in First Federal PFAS SettlementThe settlement addresses the dumping of PFAS “forever chemicals,” which have been linked to cancer and other risks, by Chemours in several states. [TheTopNews] Read More.43 mins ago
- She Stole a Knicks Trash Can Off the Street and Lost Her Job at JPMorganAfter a video of Angie Baez taking a Knicks-themed trash can went viral, a JPMorgan Chase spokeswoman said she was no longer with the company. [TheTopNews] Read More.57 mins ago
- JPMorgan names 2 new co-presidents, setting up race to succeed Jamie DimonThe race to succeed America's top banker is on.Sources inside JPMorgan Chase, the nation's top bank, say the elevation of two senior executives Doug Petno and Troy Rohrbaugh as co-presidents of the company, sets up a long-awaited horse race to succeed the voluble Jamie Dimon, its CEO for the past two-plus decades and widely regarded as the nation's top banker.As if to leave no doubt about his intentions, Dimon Thursday also announced that Marianne Lake, one of the highest-ranking women on Wall Street who had been seen as a frontrunner to succeed Dimon, "has decided to retire" from the bank.Lake, a longtime executive who was head of the firm's powerful consumer and community banking division, is said to be "not too happy" about being passed over for the top job. One indication was the absence of a statement from Lake in the press release, said people close to the bank. A JPM spokesperson had no immediate comment.JAMIE DIMON REVEALS WHAT HE TOLD MAMDANI AFTER PRIVATE MEETING, SAYS IDEOLOGY CAN LEAD MAYORS TO FAILJenn Piepszak, JPM's chief operating officer, is also no longer considered a possible replacement for Dimon, people inside the bank say. Also out of the running is Mary Erdoes, the head of JPM's asset management and wealth management business, On The Money has learned."The changes announced today mark an important step in our board’s thoughtful process around succession planning and development of our top leaders," Dimon said in a press release. "We are fortunate to have in place an exceptional group of senior leaders, not only at our operating committee level but across our organization."DOJ PROBES JPMORGAN, CITIGROUP TRANSACTIONS TIED TO IRAN SUPREME LEADER'S BUSINESS NETWORKPetno and Rohrbaugh had jointly run the firm's powerful consumer and investment bank, and were considered top contenders to replace Dimon when he is expected to begin transitioning out of his role as CEO as early as this year, though he has always been obtuse about the timing of his decision and has left open the possibility to remain as chairman indefinitely.That said, inside JPM headquarters in Midtown Manhattan, there was nothing obtuse about the elevation of Petno and Rohrbaugh. Dimon created the co-president position precisely to set up a horse race between the two to take over as CEO sometime soon, these people say.GET FOX BUSINESS ON THE GO BY CLICKING HEREBoth will have big shoes to fill. Since taking over as CEO of JPM in… [TheTopNews] Read More.1 hour ago
- GM reveals 2027 GMC Sierra pickup with new V-8 engines, redesigned styling
The new GMC Sierra trucks are crucial to GM's sales and earnings, especially highly profitable luxury Denali and off-road AT4 models. [TheTopNews] Read More.1 hour ago
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