From Yahoo Finance: 2025-03-28 06:45:00

Every month, almost 69 million Americans receive a Social Security check. Treasury Secretary Howard Lutnick suggests withholding payments to flush out fraudulent claimants. Lutnick’s comments sparked backlash from Senator Bernie Sanders and Senate Majority Leader Chuck Schumer. Social Security is crucial for retirees, with many depending on it for a significant portion of their income.

Lutnick aims to cut wasteful government spending by addressing fraud within Social Security. The program’s trustees report indicates that reserves will be depleted by 2035, leading to a reduction in benefits. The average monthly benefit for retired workers is $1,975, which may not cover essential expenses for many seniors.

Building passive income streams is crucial for retirement security. Real estate and high-yield savings accounts are options to consider. Real estate investing can be complex, but crowdfunding platforms and REITs offer alternatives. High-yield savings accounts provide low-risk ways to generate passive income with higher interest rates.

High-yield savings accounts offer up to 4.5% interest and are FDIC-insured for up to $250,000 per depositor, per bank. These accounts provide a secure and accessible source of passive income. It’s essential to consult with a financial adviser to determine the best investment strategy for individual financial goals. 1. The stock market experienced a significant drop today, with the S&P 500 falling by 2.6% and the Nasdaq dropping by 3.5%. This decline was primarily driven by concerns over inflation and rising interest rates, causing investors to sell off their positions.

2. The unemployment rate in the United States has dropped to 4.8%, the lowest it has been since the start of the pandemic. This decrease can be attributed to an increase in hiring across various industries, including hospitality, retail, and healthcare.

3. A new study has found that over 70% of Americans are in favor of stricter gun control measures, including universal background checks and a ban on high-capacity magazines. This comes in the wake of several high-profile mass shootings in the country.

4. The FDA has approved a new drug for the treatment of Alzheimer’s disease, the first of its kind in nearly 20 years. The drug, called Aduhelm, has shown promising results in clinical trials and is expected to be available to patients in the coming months.

5. The United Nations has reported that global carbon dioxide emissions have reached their highest levels in history, despite efforts to reduce greenhouse gas emissions. This increase is largely due to a resurgence in economic activity following the COVID-19 pandemic.



Read more at Yahoo Finance: Howard Lutnick says mother-in-law wouldn’t complain about missed Social Security checks but fraudsters would