Business CEOs call for raising retirement age to 70. The Business Roundtable's plan would protect those 55 and older from cuts but younger workers would face significant changes. The plan unveiled Wednesday would result in smaller annual benefit increases for all Social Security recipients. Initial benefits for wealthy retirees would also be smaller.
Medicare recipients would be able to enroll in the traditional program or in private plans that could adjust premiums based on age and health status. "America can preserve the health and retirement safety net and rein in long-term spending growth by modernizing Medicare and Social Security in a way that addresses America's new fiscal and demographic realities," said Gary Loveman, chairman, president and chief executive of casino giant Caesars Entertainment Corp. Loveman, who chairs the Business Roundtable's health and retirement committee, said the business leaders will be meeting with members of Congress and the administration to press them to enact their plan. In a speech this week, A. Compensation for top bank executives - CNNMoney.com. Bailout List: Banks, Auto Companies, and More | Eye on the Bailout.
Hey millennials: Time to start spending already! Carleton English of Philadelphia, a 30-year-old with a professional background in financial services and wealth management, thinks it's possible the conservative mindset could change over time. "Hopefully, the economy continues to pick up and millennials pay off a big chunk of their student loan debt. When they have more of a cash cushion, then maybe they will be less risk averse," English said.
Similar to her counterparts, English, who led financial literacy seminars for young adults in Seattle from 2008 until 2012, said she feels more comfortable putting off big purchases, buying just what she needs, and holding cash. It appears this trend extends to those born during the late 1990s, otherwise known as Generation Z. (Read more: Surprising sign of growth ahead for the US economy) A survey out this month, conducted by Millennial Branding and Internship.com, found high school students are now more career-focused than college students. ARRA.