Dallas County is reporting a record 601 new COVID-19 cases Tuesday along with 20 deaths and more hospitalizations, according to Dallas County Judge Clay Jenkins.
The number of new cases marks the fi…
Retirees: 3 Ways the Joe Biden Plan Would Affect You – The Motley Fool
The presumptive Democratic presidential nominee is looking to make several moves aimed at older Americans.
The 2020 presidential campaign is heating up, and it now looks like almost a certainty that incumbent Donald Trump will go up against former Vice President Joe Biden in November. Although both candidates will look to get support from voters of all ages, older Americans have always been a powerful voting bloc. That makes the plans that each politician has for addressing issues affecting seniors especially important.
Joe Biden’s plan has a number of elements tailored toward older Americans. Here, we’ll look at several parts of the Biden plan and what it would mean both for today’s seniors and for those who expect to rely on Social Security, Medicare, and other government programs in the future.
Image source: Getty Images.
1. Significant boosts to Social Security benefits in exchange for higher payroll taxes
The Biden plan highlights the importance of Social Security and the role it plays in supporting tens of millions of Americans. It acknowledges the financial challenges the program faces, and it addresses those challenges while also boosting benefits for a wide range of Social Security recipients.
In general, Biden wants to keep many elements of Social Security the same. His plan would have assets remain invested in the current trust fund structure, with government bonds rather than privatized investment options, and keep benefits available for all rather than using means-testing.
However, there would be some changes. Specifically, Biden’s plan would do the following:
- Boost retirement benefits for those who’ve been retired for 20 years or longer.
- Raise minimum benefit amounts for lifelong workers with low incomes.
- Prevent surviving spouses from seeing huge cuts in their total family benefits after the death of a spouse.
- Do away with the Windfall Elimination Provision and Government Pension Offset, both of which cut benefits of some families that also get public-sector pension benefits.
To pay for these larger benefits, the plan would extend Social Security payroll taxes to those with higher incomes. By doing so, Biden asserts that the financial security of Social Security would be assured.
2. Protection of healthcare benefits
Biden wants to keep the status quo largely intact when it comes to healthcare. The plan doesn’t go into great detail on exactly how the former Vice President would achieve these goals, but it proposes the following:
- Defend Medicare coverage for more than 60 million people.
- Protect the Medicaid program, which covers those of limited financial means, including many older Americans.
- Create a tax credit to help family members care for older Americans, taking some of the burden off nursing homes and other facilities.
- End federal government efforts to eliminate the Affordable Care Act and work to make it stronger in cutting costs and simplifying healthcare.
Moreover, Biden would challenge pharmaceutical companies surrounding their drug pricing practices, with the hope of enabling Medicare negotiation directly with drug manufacturers. Various price control measures would aim to make prescription drugs more affordable as well.
3. Make retirement savings more equitable
The Biden plan notes that several current vehicles for retirement savings aren’t equally accessible to all. Most retirement savings plans, for instance, provide tax breaks that are proportional to one’s tax bracket. That gives the wealthy a greater incentive to save — even when they’re already in the best position to do so.
To remedy that and make retirement saving plans available to more people, Biden would change the tax break for retirement savings contributions to make it a percentage credit rather than a deduction. That would equalize the break for those of all income levels. Biden would also give small businesses incentives to create retirement plans like 401(k)s , with the goal of making retirement savings automatic for the vast majority of American workers. Finally, caregivers who work for relatives without compensation would be able to save for retirement the same way that regular workers do.
In addition, Biden would help those who want to work longer in their careers. Anti-age discrimination measures would get strengthened under the plan, and extending the earned income tax credit to those 65 and older would also give an incentive to those who retire later in life.
Keep your eyes on the campaign trail
2020 has already been a crazy year, and as political campaigns heat up, you can expect a lot more from the candidates on issues affecting older Americans. By listening to what the candidates say, you’ll be better prepared when you cast your vote this fall.
Markets Week Ahead: Gold Prices, Dow Jones, Earnings Season, Euro, ECB – DailyFX
Gold prices accelerated higher as longer-dated Treasury yields declined. While the Dow Jones and S&P 500 rose, stock valuations will be tested as earnings season gets underway. The Euro awaits the …
US equities wrapped up a cautiously optimistic week as the Dow Jones, S&P 500 and tech-heavy Nasdaq Composite climbed. Most gains occurred in the latter as the former two have yet to surpass peaks set in June as they spend most of their time in consolidation. Anti-risk assets like the US Dollar and to a certain extent the Japanese Yen underperformed. The growth-linked NZD gained.
Recommended by Rich Dvorak
Are retail traders leaning into momentum or fighting it?
Anti-fiat gold prices continued the climb to new 2020 highs as yields on longer-dated Treasuries diminished. This could be an early sign of fading confidence in the outlook for growth down the road. US coronavirus cases continued setting new highs this past week as certain states began seeing record upticks on Covid-19 fatalities.
Stock valuations in the worlds largest economy will start being tested as the second-quarter earnings season gets underway with major financial companies reporting in the week ahead. Further insight will also be revealed into how states and counties approach lockdowns should coronavirus cases and fatalities continue rising.
The Euro and DAX 30 will be closely eyeing the ECB rate decision as well as a meeting between EU leaders to find common ground over a 750 billion rescue package to support economic growth amid Covid-19. The British Pound and Australian Dollar will be watching fresh updates on UK and China GDP data respectively. Will US retail sales continue inspiring confidence in growth?
Recommended by Rich Dvorak
Dont give into despair, make a game plan
Discover your trading personality to help find optimal forms of analyzing financial markets
Euro Forecast: EUR/USD to Find Direction from ECB and EU Summit
Two major events will dominate Euro trading in the coming week: an ECB meeting on Eurozone monetary policy, followed by an EU summit to reach agreement on a recovery fund.
Japanese Yen Outlook Bullish on Coronavirus Surge, US Earnings Season
The Japanese Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPYs gains may be amplified if corporate earnings fail to impress investors.
Dow Jones, S&P 500, DAX 30, FTSE 100 Outlook: Stocks Week Ahead
The Dow Jones and S&P 500 nervously face the earnings season ascoronavirus deaths could reimpose lockdowns. The DAX 30 eyes an EU rescue package as the FTSE 100 awaits GDP data.
Gold Price Forecast: Fed Balance Sheet Drop May Cap Bullion’s Surge
Gold price gains seem to depend on monetary stimulus expansion and may turn lower as contraction of the Federal Reserves balance sheet underpins the US Dollar.
GBP/USD Weekly Forecast: GBP Cheers Stimulus, Rally at Risk of Stalling
A plethora of UK data, however, external factors remain the key driver as GBP/USD edges towards 200DMA
US Dollar Technical Outlook: ‘Death Cross’ Takes Shape in July
The US Dollar index (DXY) may face range bound conditions over the coming days amid the failed attempt to test the June low (95.75).
Australian Dollar Price Outlook: Aussie Breakout Stalls at 2020 Highs
Australian Dollar is up fractionally this week with Aussie stalling just below the yearly range highs. Here are the levels that matter on the AUD/USD technical chart.
EUR/USD Price Forecast: Bullish Momentum Still in Place
This week, EUR/USD rallied to a multi-week high. Will bulls keep leading the price next week?
Gold Price Outlook: XAU/USD Pullback in Play Charts to Watch
Gold price action continues to steal market headlines as the precious metal rockets to fresh multi-year highs. Can bullion keep climbing? Or is XAU/USD gearing up for a modest pullback after topping $1,800/oz last week?
Oil Price Forecast: WTI Jumps Back Above 40, but Can it Maintain?
It was a surprisingly quiet week in oil, with the net of this weeks price action showing a doji. But a longer-term formation has built that may open the door to that next trend.
Nasdaq 100, DAX 30 & FTSE 100 Technical Forecasts Ahead of Earnings
The Nasdaq 100 trades at the top of a longstanding technical pattern, just as the arrival of earnings season looks to inject volatility into the market. Does this mean trouble at the top for the Nasdaq?
USD/MXN Week Ahead: Signals are Mixed, and so is Risk Sentiment
Coronavirus continues to spread rapidly in the US and Latin America causing risk sentiment to falter despite ongoing economic recovery
US DOLLAR WEEKLY PERFORMANCE AGAINST CURRENCIES AND GOLD
OPEC and Russia May Ease Oil Production Cuts – The New York Times
As lockdowns ease, the Saudis and their allies see room to increase their output. But the spread of the virus “is casting a shadow” over their plans.
Total demand for gasoline in the United States rose in early July, a big month for driving, the agency said, citing data from the research firm Kayrros, but it fell in Texas, Arizona and Florida, which have seen recent surges in reported cases of infection.
We could be in for a second dose of falling demand, said Bill Farren-Price, a director at RS Energy Group, a market research firm.
Oil prices have been on a wild ride in the last few months. They plummeted in April into negative territory, despite a deal days earlier by OPEC and the other oil-producing nations for deep cuts in their May and June production, as demand collapsed and the world ran out of places to put all the oil the industry was pumping out. But a month later, as the global economy started to show signs of life and the production cuts by OPEC and producers in the United States began to take effect, oil prices climbed back above $30 a barrel.
In early June, with road traffic, air travel and other activity still depressed, the group, known as OPEC Plus, decided to extend the 9.7 million barrel-a-day cuts through July. The Saudis also reduced production voluntarily by another one million barrels a day in June to the lowest levels in three decades.
Unless there is a change in thinking, the production cuts will ease to 7.7 million barrels a day still a large amount in August, as agreed in April.
National1 week ago
Accor Covid-19 Policy & ALL Promotions Update July 2020
National1 week ago
What destinations are safe to fly to this summer?
Entertainment3 weeks ago
MAFS star Stacey Hampton was once charged with a dishonesty offence – Daily Mail
Business2 weeks ago
There’s a Bitfinex “Whale” Looking to Buy Bitcoin in the High-$8,000s | NewsBTC – newsBTC
National1 month ago
Tuesday: Hili dialogue
Entertainment5 days ago
McDonald’s Sweden debut Happy Meals for seniors amid pandemic – 9Honey
Business4 weeks ago
Is BioNTech Stock a Buy? – Motley Fool
Health3 weeks ago
Summer camp in El Paso County sees COVID-19 outbreak – KRDO