CHICAGO— A Cook County judge on Friday threw out a 2014 law aimed at reducing multibillion-dollar shortfalls in two Chicago pension funds, a decision city officials have said could leave the retirement accounts insolvent in a little more than a decade or lead to massive tax increases. "While we are disappointed by the trial court's ruling, we have always...» Read More
The bipartisan committee working on deficit reduction announced a plan today to reduce cost-of-living increases in Social Security : But don't worry— it looks like that proposal is going nowhere fast.
Leaders of President Barack Obama's bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in Social Security, part of a bold plan to control $1 trillion-plus budget deficits.
The head of the world’s largest retirement fund told CNBC Tuesday that recent sluggishness in production could be a sign that corporations will begin hiring again.
Is Social Security a pension plan? No, but it was sold to the public in the 1930s as if it were one, and that matters. The New York Times explains.
Hedge fund legend and investor Julian Robertson told CNBC Thursday that Facebook founder Mark Zuckerberg could be following in the footsteps of Microsoft chairman Bill Gates, who Robertson considers the “greatest American of the century.”
Legendary hedge-fund manager Julian Robertson told CNBC Thursday that no US politician, whether Republican or Democrat, has the courage to make tough decisions that will boost the economy and get the country on the right track.
The midterm results represented a “repudiation” of the agenda of President Obama and the Democrats, not necessarily a “validation” or Republicans, Rep. Paul Ryan (R-Wisc.), told CNBC Wednesday.
Voters were intensely worried about the future of the economy, a tide of dismay that rolled through groups that can swing elections—women, independents, suburbanites—and turned more of them toward Republicans.
Here's a look at the congressional seats, governorships, state legislatures and some of the ballot measures that will be on ballots around the country on Nov. 2.
For candidates to deliver on their promises to cut government spending and reduce the budget deficit, they will have to make potentially painful cuts. If given a limited choice, where would you wield the axe? Take our poll and tell us your opinion.
The government says there will be no increase in Social Security benefits next year, the second year in a row without an increase for more than 58 million retirees and disabled Americans.
Seniors prepared to cut back on everything from food to charitable donations to whiskey as word spread Monday that they will have to wait until at least 2012 to see their Social Security checks increase.
Two new members have been installed on the Federal Reserve, which has enormous power over Americans' pocketbooks.
The co-chairs of President Obama's special commission on cutting the deficit say Social Security is high on the list, so why isn't it front and center in Congressional races?
A global study of wealthy individuals conducted by Barclay's pokes holes in the notion that an individual should stop working at a pre-defined age as it is more of an illusion than a reality. The study found that increasingly, the wealthy are rejecting the idea of a traditional retirement—golden years filled with leisure—and continuing to work long past their early 60s.
Why renown trader Mark Fisher, founder and CEO of MBF Asset Management, thinks now is the time to get into these asset classes.
The budget problems that come from federal spending and entitlements, such as Social Security, pale in comparison with the challenges of containing health care costs and maintaining Medicare at the level of treatment Americans expect, Robert Reich, the former Labor Secretary, told CNBC Thursday.
Beyond the audible gasp over an incomprehensible $6.6 trillion figure (the retirement shortfall), there is a major ripple effect for the US and global economies.
A new study by Boston College's Center for Retirement Research says Americans are $6.6 trillion short of what they need to retire.
At the Cooper Tire plant in Findlay, Ohio, Jack Hartley, who is 58, works a 12-hour shift assembling tires: pulling piles of rubber and lining over a drum, cutting the material with a hot knife, lifting the half-finished tire, which weighs 10 to 20 pounds, and throwing it onto a rack.