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America isn’t saving enough for retirement. Can that be fixed before it’s too late?
Several factors are contributing to retirement uncertainty for many Americans, including the political climate surrounding Social Security’s precarious financial position, the exchange of defined benefit plans for opt-in 401(k) style plans, and longer lifespans. Read more: http://www.latimes.com/business/la-fi-retirement-savings-plans-20160627-snap-story.html
Social Security and Medicare Trustees See Little Change in Outlook
The financial outlook for Social Security and Medicare has changed little since last year, according to reports from the programs’ trustees. Social Security can pay full benefits until 2034 and Medicare’s Hospital Insurance (HI) trust fund through 2028. Read more: http://www.huffingtonpost.com/paul-n-van-de-water/social-security-and-medic_b_10616798.html
Orange County Community Indicators Worrisome
There are some grim statistics in Orange County’s latest annual Community Indicators Report:
- Nearly 1 in 4 residents lives in poverty.
- Nearly two-thirds of local jobs don’t pay enough for a worker to rent a one-bedroom apartment.
- OC’s cost of living is 85% above the U.S. average, but its median income only 42% higher.
Read more: http://www.ocregister.com/articles/county-720588-percent-orange.html
Almost 750,000 California seniors still working after age 65
An increasing number of Californians are working later in life. Much of the growth is due to baby boomers entering retirement age, but the overall proportion of seniors working or seeking work is also up. Read more: http://www.sacbee.com/site-services/databases/article85405502.html
Prop 55 Seeks to Extend Voter-Approved 2012 Temporary Tax Hikes
In 2012, California voters approved Proposition 30’s temporary tax hikes, which Governor Jerry Brown promised would be a short-term stopgap. Now Proposition 55, which will be on the November ballot, seeks to keep some of Prop 30’s taxes to continue supporting schools, public healthcare, and other services. Read more: http://www.latimes.com/politics/la-pol-sac-jerry-brown-budget-proposition-30-20160703-snap-story.html