Latest news with #KevinThompson
Newsweek
8 hours ago
- Business
- Newsweek
Social Security: Young Americans May Lose $110,000 to Keep Program Afloat
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Social Security, a foundational program for U.S. retirees and disabled Americans, has come under renewed scrutiny as funding shortfalls loom. A new report by the Cato Institute warned that today's young workers might lose up to $110,000 in lifetime earnings to keep the program afloat. Why It Matters With the Social Security Trust Fund projected to reach insolvency in the next decade, younger workers now face the possibility of significant financial sacrifices to maintain the system for current and future beneficiaries. More than 60 million Americans receive benefits every month. And according to Justice in Aging, Social Security lifts more than 22 million people out of poverty, including over 16 million older adults and almost 1 million children. he Social Security Administration office in Brownsville. he Social Security Administration office in Brownsville. Robert Daemmrich Photography Inc/Corbis via Getty Images What To Know Social Security faces a potential crisis as its trust fund is predicted to be depleted by the mid-2030s, according to recent projections. The primary driver is an aging population, particularly as Baby Boomers retire and a shrinking base of younger workers are paying into the program. As a result, the Social Security Administration would only be able to pay about 80 percent of scheduled benefits unless funding solutions are enacted. The Cato Institute reported that keeping Social Security solvent in its current form would require today's young workers—those just entering the labor market—to contribute significantly more over the course of their careers. If changes are not made, these workers could see a reduction equivalent to $110,000 of their lifetime earnings due to higher taxes and/or reduced benefits, according to the Cato Institute. That figure is based on the latest report from the Social Security Trustees, which said Congress would need to hike the payroll tax rate immediately and permanently by 3.65 percentage points, from 12.4 to 16.05 percent, to close the program's $25 trillion funding gap and continue to send out scheduled payments. "That means less discretionary income in each paycheck, which could have ripple effects on their day-to-day finances and long-term savings," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9 innings podcast, told Newsweek. "A tax increase would be a hit to growth as less discretionary spending means less in corporate earnings." According to the Cato Institute, this cut would be equivalent to giving up 20 months of pay at the worker's average monthly wage. "There are endless variables affecting Social Security, but in the end, the math does not lie," Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek. "To keep the program going, there will be adjustments in the current payroll taxes, income caps, and full retirement age. We could see a return of the Retirement Earnings Test and may even see means testing for the highest income retirees." This could cause outrage across the general public, which has generally favored targeting higher earners rather than taking away from future retirees' payments. A University of Maryland Program for Public Consultation survey showed that 53 percent of American adults considered it acceptable to reduce Social Security benefits exclusively for the Top 40 percent of income earners. This targeted reduction would address approximately 23 percent of the program's projected funding shortfall. There was also bipartisan support for raising the retirement age, which could close an additional 15 percent of the funding gap. What People Are Saying Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Younger workers, especially the youngest of the Millennials and all of Gen Z and beyond, should expect Social Security to look different for them than it does now. Adjustments to Social Security are rarely popular, but in the past Congress has been willing to act in the face of dire circumstances, such as in 1983 when the Full Retirement Age was extended." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9 innings podcast, told Newsweek: "While such an increase would extend the solvency of Social Security by about 75 years, it's not a complete solution. The real fix would likely require both raising the payroll tax and removing the income cap. But let's be honest—that kind of proposal is a tough sell politically. Running on a platform to raise taxes rarely gains traction, even when it's tied to securing the future of Social Security." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "There's been an assumption made by Americans for decades now, and that is regardless of warnings and political posturing, Social Security will always be there to provide for retirees. The reality is there's a tremendous shortfall coming in the next decade, and if Congress doesn't act, beneficiaries will see their monthly payments dramatically reduced." What Happens Next With Social Security's financial future uncertain, Congress and the public are set to debate possible reforms, including benefit reductions for higher earners, payroll tax increases, and changes to the retirement age. The conversation will likely intensify as insolvency draws nearer in the next decade, with any enacted policy changes affecting both current retirees and younger generations entering the workforce. No official policy changes have yet been passed, but the heightened awareness and survey support for targeted reform suggest continued bipartisan attention to the problem in upcoming legislative sessions. "There are obviously different solutions to the shortfall that don't involve raising that percentage, but it does present a grim prediction for the American workforce if Congress doesn't act on a more efficient solution," Beene said.
Newsweek
10 hours ago
- Business
- Newsweek
iPhone Users Are More Likely To Fall For Scams Than Android Users
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. iPhone users are more likely to fall victim to online scams and less likely to practice safe online habits compared to Android users, according to new research from cybersecurity firm Malwarebytes. The survey, released Thursday, surveyed 1,300 adults across the U.S, U.K, Austria, Germany, and Switzerland and highlighted a consistent pattern of riskier online behavior among iPhone owners. Why it Matters This survey results challenge the long-standing perception that Apple devices are inherently safer, revealing a worrying trend for millions of iPhone users in the U.S. and globally. As cyber threats and scams become increasingly sophisticated, both consumers and businesses must recognize that device choice does not guarantee immunity from online risks. Model and influencer Sonia Lyson with an iPhone, and white wired ear pod headphones from Apple in Berlin, Germany. Model and influencer Sonia Lyson with an iPhone, and white wired ear pod headphones from Apple in Berlin, to Know The Malwarebytes survey revealed that 53 percent of iPhone users have fallen victim to an online scam, compared to 48 percent of Android users. The also study found iPhone owners are more likely to trust their device's built-in security, potentially leading to less cautious behavior. "iPhone continues to dominate market share in the U.S., and with that popularity comes more targeting," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "Scams are everywhere—from fake USPS or TollTag texts to those suspicious 'Hey' messages. They all want one thing: for you to respond." Risk-taking behavior was also higher among iPhone users: 47 percent reported buying from unknown sources for the best price, compared to 40 percent of Android users. Additionally, 41 percent of iPhone users admitted to sending a direct message to a seller or company on social media seeking discounts, in contrast to 33 percent of Android users. Only 21 percent of iPhone users said they use mobile security software, compared to 29 percent of Android users. Similarly, 35 percent of iPhone owners reported using unique passwords for each online account, while 41 percent of Android users did the same. "The iPhone is the most widely used smartphone worldwide, and it's naive to think individuals who commit cybercrimes wouldn't work constantly to find workarounds to take advantage of owners," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "Unless notified directly through Apple, don't click on links or respond to messages claiming to be from the company. And when in doubt, reach out to the company directly, not to the number that sent you a link." Researchers pointed out that iPhone users may be lulled into a false sense of security by the device's reputation. Roughly 55 percent of iPhone users expressed trust in their phone's security to keep them safe, which was slightly higher than the 50 percent rate among Android users. This trust could discourage adoption of additional security tools or best practices. "Too many iPhone users rely on the device's reputation for security without taking basic steps to protect themselves, leaving them vulnerable to today's realistic scams and silent threats like infostealers," Michael Sherwood, VP of product at Malwarebytes, said in a statement. "We can no longer rest on our laurels no matter how we choose to browse, bank or chat. Cybercriminals know that mobile devices are a fruitful gateway to scams and threats. We need to be aware and skeptical of everything from text messages and search results to email attachments and links." On its website, Apple encourages users to never share personal information or passwords and to consider using two-factor verification for added safety. "If you're suspicious about an unexpected message, call, or request for personal information, such as your email address, phone number, password, security code, or money, it's safer to presume that it's a scam—contact that company directly if you need to," Apple said on its website. Google encourages Android users to get the latest Android updates for your device, remove untrusted apps and perform a security check. Google also says on its help center site: "To help remove harmful software from your device, you may want to reset your Android device to factory settings. To learn more about how to remove harmful software from your device, contact your device manufacturer." What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "These scams often succeed because they prey on urgency and trust, especially when someone's expecting a package. A single response or download can let malware slip through the cracks. And let's be honest, a lot of iPhone users tend to skew older, making them more susceptible to these tactics." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "For decades, Apple had the edge on competitors in the digital virus space, as their devices gained a good reputation for being less susceptible to malware. This same reputation, unfortunately, has led some to believe devices like iPhone are safer from these attacks and as a result, some users are more likely to click on links they receive assuming Apple has thoroughly protected their device." What Happens Next The Malwarebytes survey points to an urgent need for enhanced online safety education and awareness, particularly among iPhone users. Thompson said all phone users should not respond to texts from unknown senders. "If you're expecting a package, go straight to the carrier's website, don't click the link," Thompson said. "The same goes for emails. Always navigate directly to the site, not through a message. One click can be the difference between secure and compromised."
Newsweek
a day ago
- Business
- Newsweek
Map Shows States Where Seniors Are Most Likely To Outlive Their Savings
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. While retirement used to be a relatively short period of time after one's career ended, higher life expectancies mean many Americans may outlive their retirement savings. However, a new report from Seniorly showed that a person's likelihood of living past their savings could vary dramatically based on where they live. Seniors in 41 states and Washington, D.C., were projected to outlive their savings and face an average shortfall of $115,000. Why It Matters With Social Security payments covering 30 percent of a retiree's living expenses on average, the study found that many seniors would need to rely on their own retirement savings. While careful planning can allot a good nest egg during a retiree's golden years, running out of money could push substantial numbers of seniors back into the workforce and elevate senior poverty rates nationwide. About one in three adults aged 65 and older are living below the poverty level, according to ConsumerAffairs. What To Know Seniors in almost all states are set to live past their retirement savings, but for how long and by how much depends on where they live, according to Seniorly. New York was the worst state for seniors outliving their savings, with an average shortfall of $448,000 between costs and income from investments, retirement savings and Social Security benefits. Individually, New Yorkers would need $1.12 million to cover living expenses over 19.4 years of expected retirement without depleting their savings. Not far behind were Hawaii and Washington, D.C, while Alaska and California rounded out the worst five. All four states and D.C. had a gap of $337,000 or more. "States like Hawaii, California, and New York simply cost more to live in across the board, so it's no surprise that retirees in those places are more likely to run out of savings," Kevin Thompson, the CEO of 9i Capital Group and the founder of the 9innings podcast, told Newsweek. The top five states where retirees were least likely to live past their retirement savings were Washington, Utah, Montana, Colorado and Iowa. However, life expectancy played a major role. States with lower expectancies naturally ranked better for the likelihood that seniors could make their retirement savings stretch. A walking frame in the room of an elderly resident in a residential care home in Bristol, England, on January 22, 2022. A walking frame in the room of an elderly resident in a residential care home in Bristol, England, on January 22, People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the founder of the 9innings podcast, told Newsweek: "Costs for retirees are increasing faster than inflation, especially in areas like housing, health care, and food. In the states with higher shortfalls, more of a retiree's money is going toward basic living expenses. That could reflect not just higher costs, but also the strain that places on a retiree's quality of life." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "On both coasts, states like New York and California have retirees that, thanks to higher average earnings, can have more savings. Unfortunately, that also is linked to higher expenses, and the result is many retirees facing significant shortfalls in retirement." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "These results are shocking. With 41 states plus D.C. showing a projected shortfall, it is clear this has little to do with your state of residence, but instead has everything to do with your state of preparedness. Americans are simply not prepared to fund their retirements." What Happens Next More than half of Gen Xers and 40 percent of baby boomers already expect to outlive their savings, according to a survey from Northwestern Mutual. Long term, these trends could boost even more migration to lower cost of living states for retirees, Beene said. "Lists like these are one of the primary reasons why migration to the Midwest and southeastern United States has been so strong in recent years," Beene said. "As more baby boomers enter retirement, they quickly realize states in those regions of the country can extend their dollars far more in their golden years."
Newsweek
3 days ago
- General
- Newsweek
Major Swimming Pool Recall After 9 Deaths
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Around 5 million swimming pools are being recalled after nine deaths were reported related to compression straps that could allow a child to access the pools and drown. The U.S. Consumer Product Safety Commission (CPSC) and Bestway (Hong Kong) International Ltd. (China) and Bestway (USA) Inc. (Chandler, Arizona) (Bestway), Intex Recreation Corp. (Long Beach, California) and Polygroup North America Inc. (El Paso, Texas) all announced the recalls Monday for their 48-inch and taller above-ground pools with compression straps. "While some consumers may ignore certain recalls, this is certainly one to take seriously," Alex Beene told Newsweek. Why It Matters With summer temperatures averaging into the 80s in places like Texas and Louisiana, many Americans have purchased new pools to soak off the sun with. However, depending on design flaws, your new pool could pose significant safety risks, especially if you have a small child in your home. Every year in the United States, there are over 4,000 unintentional drowning deaths, according to the Centers for Disease Control and Prevention. And notably, more children ages 1-4 die from drowning than from any other cause of death. What To Know Consumers should take note of the recall if they own a 48-inch and taller above-ground pool with compression straps running on the outside. Stock image of a child jumping off a ladder into an above-ground pool. Stock image of a child jumping off a ladder into an above-ground pools were recalled as the compression strap that surrounds the outside of the pool legs may create a foothold, allowing a child access to the pool and posing a drowning risk, according to the U.S. Consumer Product Safety Commission. Even with the ladder removed, children could still be able to gain access to the pool. "These pools are being recalled because the design still allows small children to access the water using foot holds on the sides — even when the ladder is removed. Tragically, this flaw has led to 9 reported child deaths across the country," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "They now pose a serious drowning hazard and are being pulled from the market." So far, nine children between the ages of 22 months and 3 years old have drowned after gaining access to the pools via the footholds, the commission found. The drownings happened in California, Texas, Florida, Michigan, Wisconsin and Missouri between 2007 and 2022. There were also at least three other incidents in 2011 and 2012 where children gained access to the pools due to the compression strap. Affected consumers should contact Bestway, Intex and Polygroup to get a free repair kit to reverse the design flaw. The pool models sized 48 inches and taller involved in the recall include: Power Steel, Steel Pro, Coleman Power Steel, Metal Frame Pools, Ultra Frame Pools, Prism Frame Pool, Ultra XTR Frame Pool, Summer Waves, Summer Escapes, Funsicle, Sand n Sun and Blue Wave. The products have been sold at stores like Walmart, Target, Home Depot, Costco and Amazon since 2002. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "There will absolutely be lawsuits and restitution paid to affected families. The core issue is that the pools were not supposed to be accessible to small children without a ladder — yet kids still found a way in. I don't see this leading to bankruptcy, but the fallout will likely include a spike in insurance premiums and an increase in operational costs. Add to that the reputational hit, and the long-term impact on the brand could be significant." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "While some consumers may ignore certain recalls, this is certainly one to take seriously. Bestway, Intex, and Polygroup are recalling certain above-ground pools that have been cited as presenting drowning risks. In fact, nine deaths have been reported due to this factor. These above-ground pools are very popular, with over 5 million having been sold." What Happens Next If you purchased one of the impacted pools, you should immediately contact the brands for the repair kit to be delivered. Delaying could cause unintended accidents and even drownings for consumers or their friends and family, Beene said. "If you own one, take this recall seriously and reach out to one of the three companies for next steps on how to deal with this issue," Beene said.
Newsweek
3 days ago
- Business
- Newsweek
One in Four Gen Z Workers Regret Going to College
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. As artificial intelligence transforms the workplace and student debt balloons, a significant portion of Generation Z now expresses regret over their college education. According to a new survey by Resume Genius, 23 percent of full-time Gen Z workers regret attending college, and 19 percent say their degree didn't contribute to their career. Why It Matters The data reveals a generation at a crossroads, questioning not only whether college was the right choice, but also what careers will remain stable in a rapidly evolving economy. Gen Z, those born between 1997 and 2012, is entering one of the toughest job markets in history. A different report from Kickresume showed that 58 percent of recent grads were still looking for a job, compared to just 25 percent of the older generations (millennials, Gen Xers, and baby boomers). A balloon reading "Congrats Grad" floats above the crowd during Harvard's commencement ceremony on May 29, 2025, in Cambridge, Massachusetts. A balloon reading "Congrats Grad" floats above the crowd during Harvard's commencement ceremony on May 29, 2025, in Cambridge, Massachusetts. Libby O'Neill/Getty Images What To Know The top reasons for Gen Z's regret likely stem from overwhelming student loan debt, a lack of job opportunities in their chosen fields, and the perception of a poor return on investment for certain degrees. Only 32 percent said they're content with their education path and wouldn't change it, according to Resume Genius. A different report by The HR Digest highlights that many Gen Zers, facing mounting debt and stagnant job prospects, would opt for higher-paying industries or skilled trades if given another chance. Thirteen percent say they would prefer a path without a traditional degree, evidence of a growing interest in trade schools, apprenticeships, and non-traditional career routes. "Gen Z is carrying debt that either personally weighs them down or is tied to a company benefit that only kicks in if they stay loyal to the firm," Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. "It's a new kind of indentured servitude. And to make matters worse, many of them are in roles they probably could've landed without the degree in the first place." Generative AI is also drastically reshaping the value of a college degree. A recent Indeed report cited by the New York Post shows that nearly 50 percent of Gen Z job hunters feel their education is already obsolete due to AI's impact. As companies increasingly drop degree requirements and prioritize AI literacy and digital upskilling, many college graduates view their expensive diplomas as less relevant in the modern job market. "These kids got sold a bag of goods. College became this magical ticket that supposedly guaranteed success. But nobody mentioned the $60,000 a year price tag or the fact that your communications degree might qualify you to manage a Starbucks," Michael Ryan, a finance expert and the founder of told Newsweek. "I've had parents sobbing in my office because their kid's drowning in debt for a degree that's essentially expensive toilet paper in today's job market. The math hasn't worked since 2008, but we kept pretending it did." Online learning and AI skills are in high demand, with upskilling programs rapidly expanding as employers need their teams to adapt. "Every job currently posted on Indeed's job board will likely experience some level of exposure to generative AI and the changes it represents," said Linsey Fagan, senior Talent Strategy advisor at Indeed, in a statement to CIO Dive. Gen Z workers are already responding to economic pressures and shifting values by diversifying their income streams. The Resume Genius survey found that 58 percent of Gen Z employees have a side hustle, with another 25 percent considering one, primarily to supplement their income, pursue their interests, acquire new skills, or plan for entrepreneurship. This could also reflect a larger sense of regret about pursuing a degree, rather than investing in more lucrative skills or trades. "Absolutely they regret it," HR consultant Bryan Driscoll told Newsweek. "Society told Gen Z college was the only path to a stable future, then handed them record tuition, predatory debt, and a job market that barely values degrees anymore, while still demanding five years of experience for entry level roles. That math doesn't add up." "This isn't a Gen Z problem. It's a broken promise, a societal lie," Driscoll said. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "More and more are questioning whether the degree was worth it, and it shows. Enrollment is falling, and in the short term, this could move the price of college tuition down. "Longer term, I think we'll see a divide. Fewer college grads could mean higher wages for those with degrees, simply because there's less supply. On the other hand, wages for lower-skilled jobs may stay flat or even decline due to oversupply. It's a shift in the labor market that's already playing out." Michael Ryan, a finance expert and the founder of told Newsweek: "[Gen Z is] the first to call BS on the whole system. They see their friends who skipped college making bank in trades or starting businesses while they're making lattes with a bachelor's degree. "The job market's dirty secret? Companies started demanding degrees for jobs that didn't need them. Pure laziness. I've watched electricians out-earn lawyers and plumbers retire at 50 while college grads move back in with mom and dad. We convinced an entire generation that working with your hands was beneath them. Meanwhile, skilled trades are desperate for workers, and the pay reflects it." What Happens Next As college degrees lose luster and AI reshapes the job market, Gen Z is recalibrating its approach to education and careers. Whether through trade school, entrepreneurship, or acquiring digital skills, many are actively seeking alternatives to the traditional college route in pursuit of job security and personal fulfillment. "Gen Z is forcing the conversation we should've had decades ago. They're realizing college isn't magic, it's just expensive. And sometimes the smartest thing you can do is admit you made a mistake and pivot," Ryan said. "The kids who figure this out early? They'll be the ones retiring young, healthy, and wealthy while their debt-laden classmates are still trying to justify their degrees."
