The Money Section | What’s in the new Social Security reform bill?

͏Also, Biden strikes back at the Supreme Court. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [Fort Worth Star-Telegram]( August 30, 2023 • Issue #48 [The Money Section] This week, we’re looking at what’s in the new Social Security reform bill, why personal loan debt in the US has surged by 26% in 2023 and why Biden’s continued confrontation with the Supreme Court over student loan forgiveness is considered a “bold” move by a political historian. Social Security reserves may run out by 2023. [Drop]( Money; Getty Images A potential Social Security funding crisis could result in a 23% cut to benefits for all 70 million recipients if action isn't taken to address the issue, according to a recent report. The primary trust fund for Social Security is currently projected to run out of reserves by 2033. [Read more.]( 📜 What’s in the new Social Security reform bill? A new Social Security reform bill (HR-4583) has been introduced to the House of Representatives and could include some notable changes for next year. However, some rules are expected to remain unchanged, such as the reduction in payments for claiming benefits before full retirement age. [See the other 7 rules that will stay the same.]( 😶 Adjusted expectations. Many young investors looking to retire early may need to get ready for a harsh reality check. A recent survey indicates that although 44% of retirement savers in their 20s and 30s wish to retire by 60, they aren’t on track to retire at 67, let alone 60. Here’s what the [median 401(k) balance for young Americans currently looks like.]( Personal loans are booming. [Loans]( Money; Getty Images Personal loan debt in the US has surged by 26% year-over-year to $225 billion in the first quarter of 2023, with an average debt of over $11,000 per borrower – the highest on record. This trend can be attributed to both inflation and the ease of access to unsecured personal loans provided by fintech lenders. [Read more.]( 🚀 Gas prices hit peak levels. Gasoline prices in the US have risen to their highest levels of the year, with the average price of regular gasoline at about $3.82 per gallon nationally. This increase is partially due to oil price hikes and maintenance activities at refineries that were postponed during the pandemic. [Here’s what you need to know.]( 💰 Gold holding steady amid inflation woes. Gold prices increased by 0.5% to around $1,924 per ounce due to a weaker US dollar and lower bond yields, making it more affordable for other currencies. Whether gold will continue holding steady or fall back will depend on upcoming economic data and whether the Federal Reserve will raise rates more to control inflation. [Read more.]( 🎓 Student loan scams on the rise. [Scams]( Money; Getty Images The US government is alerting student loan borrowers about scams related to debt relief programs as payments restart in October. The FTC warns that borrowers should not pay for help with their loans and that offers of quick loan forgiveness for a fee are scams. [Read more.]( 👀 Biden vs the Supreme Court. President Biden announced a new plan to achieve the same goal under a different law in response to the Supreme Court striking down his federal student loan forgiveness plan – a move that legal historian Noah Rosenblum noted as “bold” and “unusual for mainstream Democrats”. [Here’s what you need to know about Biden’s "Plan B”.]( 💸 Say hello to the new SAVE program. The Education Department has launched the SAVE student loan repayment program, featuring lower monthly payments, rolling interest forgiveness, and accelerated loan forgiveness for certain borrowers. [See what makes the SAVE plan different from previous plans.]( Smart Money Move Experience enhanced hearing at a lower cost [Hearing] [Hearing]Did you know the FDA’s recent groundbreaking rule lets those with hearing loss buy over-the-counter hearing aids without a prescription? This offers budget-friendly, advanced solutions to millions of hard-of-hearing Americans. View Money's best hearing aids list to find options with noise reduction, smartphone integration, water-resistant designs, and other useful features. [Find the perfect hearing aid for your unique needs.]( Stories we're reading this week - [Home Insurers Are Leaving States and Hiking Prices — Here's How to Cope]( - [Hurricane Idalia Makes Landfall In Florida As A Category 3 Storm]( - [Biden Administration Unveils 10 Medicare Drugs Up For Price Negotiations]( - [5 Popular Strategies People Are Using to Escape Credit Card Debt]( - [Minneapolis Mayor Vetoes Minimum Wage Ordinance For Uber And Lyft Drivers]( - [Everything You Need to Know About Student Loan Interest Rates]( - [Are We Ready for a $100 Billion Catastrophe? How About $200 Billion?]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from the Fort Worth Star-Telegram. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. 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