
US States Likely to Defy US Downgrade to Keep Top Credit Ratings
More than a dozen states have pristine triple-A ratings from Moody's, according to Bloomberg-compiled data, ranking them higher than the US government, which was stripped of its last top credit rating on Friday. That's in part thanks to requirements for all but one, including the District of Columbia, to balance their operating budget in some form, according to a 2021 report by the National Association of State Budget Officers.
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Magic's Luxury Tax Outlook After Paolo Banchero's $287 Million Contract Extension
Magic's Luxury Tax Outlook After Paolo Banchero's $287 Million Contract Extension originally appeared on Fadeaway World. The Orlando Magic have one of the more promising young cores in the NBA. Graced with uniquely talented players in their starting rotation, the team has locked in a franchise player for the future by offering Paolo Banchero a massive five-year contract, which could be worth up to $287 million. Banchero has shown steady improvement with each passing NBA season. Coming off a career year of averaging 25.9 points, 7.5 rebounds, and 4.8 assists, the 22-year-old has shown all the makings of a future superstar in the league. The contract extension offered to the Magic forward is the first rookie-scale max extension with a player option for the final year, a first since the contract extensions of Luka Doncic and Trae Young in 2021. This only displays the franchise's commitment towards building around its star. This will be a welcome sight for Magic fans, who have a lot to be excited about after their team's recent offseason moves. But there will be some concerns associated with the Magic's luxury tax situation in the future. With Banchero's contract extension being finalized, the Magic will have four players who are earning over $30 million once the forward's contract is in effect, with three nearing or exceeding $40 million. These are the expected cap hits of the team's core of Paolo Banchero, Franz Wagner, Desmond Bane, and Jalen Suggs for the 2026-27 season: Franz Wagner - $41.7 million Paolo Banchero - $41.3 million Desmond Bane - $39.4 million Jalen Suggs - $32.4 million While this poses long-term cap concerns for the Magic, with an estimated $350 million bill in the 2026-27 season, the 2025-26 season seems relatively more friendly. Orlando has done a great job of retaining some key rotation players on relatively team-friendly salaries. With the re-signing of Moritz Wagner on a one-year, $5 million deal, along with the addition of Tyus Jones, an expiring contract worth $7 million, the Magic have made some good deals. As things stand, with Banchero's contract only coming into effect in the 2026-27 season, the Magic are in a relatively comfortable cap position. With an estimated luxury tax bill of only $4.3 million, Orlando shouldn't have too much trouble meeting these demands. The Orlando Magic Have Invested For The Future The concerns associated with the Magic's luxury tax bill in the summer of 2026 are justified. But these are the risks the franchise is expected to take if it intends to compete for a title. The core of Banchero, Wagner, and Suggs has proven itself to be solid. The addition of Desmond Bane in the offseason has only added to the team's overall firepower, increasing their chances of making it out of the East. Given the state of the conference next season, with several teams debilitated and hobbled with injury, the Magic could emerge as clear-cut favorites to advance from the East. This investment in the team's core could be significant in revitalizing a title charge, something the franchise hasn't been able to do in a long time. With all the right pieces in place, the Magic will certainly be a team to keep an eye on next story was originally reported by Fadeaway World on Jul 8, 2025, where it first appeared.
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Eaton Corporation plc (ETN) Has Gained Over 12% In The Past Month. Here is Why
Eaton Corporation plc (NYSE:ETN) is among the 13 Best Global Stocks to Buy Right Now. The company's shares have gained 12.50% over the past month, as of the close of business on July 22, driven by recent developments that have encouraged investor sentiment. Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels On July 16, the company announced that it had signed an agreement to acquire Resilient Power Systems Inc., a Texas-based developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology. The transaction is set to close during the third quarter of the year and is expected to provide Eaton Corporation plc (NYSE:ETN) with increased exposure to fast-growing markets. The intelligent power management company also recently announced a collaboration with NVIDIA to enable the shift to HVDC power infrastructure in AI data centers. The partnership is focused on designing best practices, innovative power management solutions, and reference architectures suitable for high-density GPU deployments. Investor sentiment has also been strengthened by analyst rating updates in July, which have seen leading firms, including Wells Fargo, Goldman Sachs, Barclays, and Citigroup, lifting their price targets for Eaton Corporation plc (NYSE:ETN). Overall, Wall Street analysts maintain a positive outlook for the stock, with a consensus Buy rating. While we acknowledge the potential of ETN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Small Cap Defense Stocks to Buy According to Hedge Funds and 13 Best Booming Stocks to Buy Now. Disclosure: None.
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Retiring in a big city? You may need $1.6M to live comfortably
Social Security is supposed to replace about 40% of the income earned in working years, according to the federal agency. That's why Americans are urged to save for retirement. For retirees in big cities, however, Social Security dollars may not even go that far. In large U.S. cities and their suburbs, Social Security income covers only around 30% of what the average retiree spends in a year, according to a new analysis from the personal finance site LendingTree. Across the 100 largest metropolitan areas, Social Security covers anywhere from 24% of annual retirement spending (in San Francisco) to 35% of yearly spending (in McAllen, Texas), LendingTree found in the July 15 report. To retire comfortably in big cities, you need big savings To live a comfortable retirement in any of those cities, the report says, you'll need lots of savings: $1.6 million in Los Angeles or San Francisco, $1.3 million in Philadelphia or Chicago, $1.1 million in Memphis, Tennessee. 'Life is expensive in bigger cities in America today,' said Matt Schulz, chief consumer finance analyst at LendingTree. 'Not breaking news, but unfortunately, this is not something that's going to get better anytime soon. And it makes for a scary situation.' The analysis used data from the Labor Department, Social Security Administration and U.S. Census to estimate annual retiree spending and average Social Security benefits in each large metropolitan area. Among the findings: In the 100 largest metro areas, the average annual Social Security income is $21,500. That's about 30% of what retirees spend in a year, in pre-tax dollars. Social Security covers more than one-third of average retirement spending in only one of the 100 largest metro areas: McAllen, Texas. Of the 10 big cities where Social Security is stretched thinnest, eight sit in California. The most affordable cities for retirees don't share much in common, except that they don't rank among the very largest metros, and they aren't in California. Relatively affordable cities include Pittsburgh; Tucson, Arizona; and Rochester, N.Y. 'These are very different cities, in all sorts of ways,' Schulz said. 'One thing this does show is that the biggest of the big cities are going to be a challenge, in no uncertain terms.' How far does Social Security go in your city? Here's how far Social Security goes in some of America's largest metropolitan areas. We'll list the most affordable metros first. Pittsburgh: Social Security retirement income averages $21,978 per year, and retirement spending averages $55,882 per year. Social Security covers 32.2% of the pre-tax dollars you'd need to cover that spending, which total $68,176. (For the remaining cities on this list, we will skip the wonky 'pre-tax' figure. You get the idea.) Rochester, N.Y.: Rochester has an average Social Security retirement income of $22,581 per year. Retirees spend an average of $57,835 annually. Social Security covers 32% of annual retirement spending. Oklahoma City, Oklahoma: Social Security income averages $20,860, and retirement spending averages $53,869. Social Security covers 31.7% of that spending. Milwaukee: Average Social Security income is $21,784 a year. Average retirement spending is $56,533. Social Security covers 31.6% of that spending. Indianapolis: Retirees spend an average of $56,000 a year in Indianapolis. Average Social Security income is $21,491. Social Security covers 31.5% of retirement spending. Las Vegas: Social Security income averages $22,105 a year. Retirees spend $57,658 per year. Social Security covers 31.4% of that spending. Detroit: Retirees spend $58,013 a year, on average. Social Security income averages $22,117. Social Security covers 31.3% of retirement spending. Des Moines, Iowa: Retirees spend an average of $54,876 per year. Social Security retirement income averages $20,817. Social Security covers 31.1% of retirement spending. Louisville, Kentucky: Social Security income averages $20,948. Retirement spending averages $55,645. Social Security covers 30.9% of that spending. Cleveland: Social Security income averages $20,665, and retirement spending averages $55,053 per year. Social Security covers 30.8% of that spending. Cincinnati: Social Security income averages $20,665 a year. Retirement spending averages $55,704. Social Security covers 30.4% of that spending. Austin, Texas: Social Security income averages $21,398, and retirement spending averages $57,776 per year. Social Security covers 30.4% of that spending. Jacksonville, Florida: Social Security income averages $21,740. Annual retirement spending averages $58,723. Social Security covers 30.4% of that spending. Columbus, Ohio: Social Security income averages $20,665, and retirement spending averages $55,941 a year. Social Security covers 30.3% of that spending. Nashville, Tennessee: Social Security income averages $21,157. Retirement spending averages $57,568. Social Security covers 30.1% of that spending. Chicago: Social Security income averages $21,922. Annual retirement spending averages $60,736. Social Security covers 29.6% of that spending. Houston: Social Security income averages $21,398 a year. Retirement spending averages $59,315. Social Security covers 29.6% of that spending. Philadelphia: Social Security income averages $21,978 a year. Retirement spending averages $61,269. Social Security covers 29.4% of that spending. Atlanta: Social Security income averages $21,317 a year. Retirement spending averages $59,730. Social Security covers 29.3% of that spending. Phoenix: Average Social Security income is $21,989 a year. Retirement spending averages $62,453. Social Security covers 28.9% of that spending. Dallas: Average Social Security income is $21,398 a year. Retirement spending averages $61,150. Social Security covers 28.7% of that spending. Boston: Social Security income averages $22,397 a year. Retirees spend $66,064, on average. Social Security covers 27.8% of that spending. New York: Average Social Security income is $22,581 a year. Retirement spending averages $66,597. Social Security covers 27.8% of that spending. Miami: Social Security income averages $21,740. Retirees spend $66,182 per year, on average. Social Security covers 26.9% of that spending. San Diego: Social Security income averages $20,726. Retirement spending averages $66,005. Social Security covers 25.7% of that spending. Washington, D.C.: Social Security income averages $19,540. Retirement spending averages $64,288. Social Security covers 24.9% of that spending. Los Angeles: Social Security income averages $20,726. Retirement spending averages $68,372. Social Security covers 24.9% of that spending. San Francisco: Social Security income averages $20,726. Retirement spending averages $69,971. Social Security covers 24.3% of that spending. This article originally appeared on USA TODAY: Why Social Security isn't enough to retire in major US cities Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data