The Life Insurance Corporation of India (LIC) has introduced a revolutionary policy, the New Jeevan Shanti Plan, that promises a guaranteed lifelong pension with a single investment. This plan caters to individuals aged 30 to 79 and offers two options: Deferred Annuity for Single Life and Deferred Annuity for Joint Life. It also includes death cover, flexibility for surrender, and a minimum investment of ₹1.5 lakh.
Mastercard is harnessing the power of generative AI to significantly enhance its fraud detection capabilities. This advancement allows the company to identify potentially compromised cards twice as fast, effectively doubling its speed in protecting cardholders and strengthening the security of the digital payment ecosystem.
A recent AARP survey reveals that nearly a quarter of Americans over age 50 expect to never retire, with rising costs and insufficient retirement savings being major concerns. The study also highlights the financial struggles faced by older adults, with one-third carrying significant credit card debt and 37% worried about meeting basic living expenses. The survey findings underscore the growing financial anxiety among older Americans and the importance of addressing the long-term sustainability of Social Security and Medicare.
A significant portion of Americans over 50 are facing retirement concerns, with one-quarter stating they expect to never retire. Inflationary pressures, rising living costs, and insufficient retirement savings are major contributing factors to this trend. Despite economic recovery, older Americans are grappling with financial challenges, including credit card debt and concerns about meeting basic living expenses. This issue takes center stage in the upcoming elections, as candidates attempt to secure the support of older voters who historically have a strong turnout.
A survey by AARP reveals that the financial challenges facing older Americans continue to intensify, with a significant proportion expressing concerns about never being able to retire. Data from the organization shows that one-quarter of adults over age 50 do not anticipate retiring, while 70% are worried about inflation outpacing their income growth. A significant 37% are concerned about meeting basic living costs, and one-third of older adults with credit card debt carry a balance exceeding $10,000. The research highlights the growing economic anxieties among seniors, underscoring the need for policymakers to address these concerns.
As the U.S. economy faces economic challenges, a significant number of older Americans are experiencing financial concerns, including limited retirement savings, rising living costs, and worries about the future of Social Security and Medicare.
According to CNBC and SurveyMonkey, more than half of Gen Z adults believe they would be happier owning their own business than working a traditional job. To support this aspiration, the Junior Achievement Free Enterprise Center in Colorado provides high school students with resources and mentorship to explore entrepreneurship and develop career plans. Business leaders in the Denver area shared their experiences and advice with students, highlighting the importance of embracing individuality, adaptability, recognizing challenges as opportunities, expecting excellence, and surrounding oneself with the right people. These principles aim to inspire the next generation of entrepreneurs and empower them to pursue their financial goals.
Shaylah Ware, a Citibank customer, lost approximately $34,000 in unauthorized transfers. Despite informing the bank of suspicious activity, the money was already gone. The transfers occurred in March 2022, prompting a lawsuit from Ware’s attorney, Larry Smith. He believes banks should be held responsible for such incidents, as they are responsible for protecting clients’ funds.
The city of Aurora is partnering with the FBI to offer a free workshop, titled ‘Empowering Seniors Against Scams,’ on May 15th, which is National Senior Fraud Awareness Day. This workshop, designed for Aurora senior citizens, caregivers, their families, and service providers, aims to educate participants on how to identify and prevent scams that threaten financial security. The workshop will be held simultaneously at two locations, Senior Services Associates at 2111 Plum St. and Bardwell Residences at 301 Weston Ave.
Phasing into retirement, where you gradually reduce your work hours, offers a seamless transition from full-time work to retirement, providing numerous financial and lifestyle advantages.
