Latest news with #retirement
Al Arabiya
26 minutes ago
- Sport
- Al Arabiya
Candace Parker Set To Have First Of 2 Jersey Retirements This Weekend In Los Angeles
Candace Parker has been on the go since she announced her retirement from the WNBA in 2024. From broadcasting college and pro games to taking over as the president of Women's Basketball for Adidas, the future Hall of Famer has been busy. She's also had more time for what she calls her most important job – being a mom to her daughter Lailaa and sons Airr Larry and Hartt Summitt. 'I am doing more now than I have. I used to be able to use basketball as a crutch,' Parker said in an interview with The Associated Press. 'Now it's like you ain't going to rest up for nothing. I think this first year of retirement has kind of been my like 'What do I want to do more of in this first year?' My main priority is being there for my family. My daughter's going to be a junior next year and is going to start to get recruited for volleyball.' For all the latest headlines, follow our Google News channel online or via the app. Next up for Parker is the Los Angeles Sparks game on Sunday to have her jersey retired. She brought a championship to the franchise in 2016, and the Sparks will be playing Chicago, Parker's hometown team that she went to and helped win a title for in 2021. The Sky will retire her No. 3 jersey later this summer, making her only the second WNBA player to have her number retired by two different teams. Lindsay Whalen had her jersey retired by both Connecticut and Minnesota. 'It's surreal to be honest,' Parker said of the two jersey retirements. 'I would be lying if I didn't say that when I go into an organization I want to be one of the best. I want to be remembered as one of the best. And sometimes one of the best doesn't always get their jersey retired.' Parker, who also wrote a book, The Can-Do Mindset, that was just published, said when she was drafted by Los Angeles No. 1 in 2008, she wanted to win championships there. 'My main thing when I look up into the rafters is like I want to hang a banner I wanted to hang banners,' she said. She brought one title to Los Angeles. Coming to Chicago, she wanted to help her hometown win its first championship. It was something she accomplished in her brief time there. 'To be able to do that and walk around the city and know you have a championship I think is super special for me,' she said. Parker never wanted a retirement tour when she decided to end her playing career before the start of last season. 'I never got a chance to stop and like really live in the moment and be where my two feet were,' she said. 'Now I'm able to. And because of that I realized how much I missed out on by not stopping and like smelling roses. And so now I'm like smelling every flower, every rose, every letter.' One area that Parker is trying to get into but hasn't had success yet is WNBA ownership. She was part of the expansion bid put in by Nashville. 'I can't think of why the league wouldn't want a team in Nashville. I feel like it's kind of the birthplace of women's basketball,' Parker said. 'In terms of Pat Summitt and what she's meant to the rest of women's basketball why can't or why shouldn't we have a team in Tennessee. I think it would be a state team and wouldn't just be a team from Nashville.' If Nashville was to get an expansion team that would just add more to Parker's plate, which is quite full right now. She's busy trying to make women's basketball at Adidas into the next big thing. 'Where women's basketball is in general it was looked at as a negative balance and now it's actually looked at as a business. It is the future of where sports are. We at Adidas have to be on our horse and make sure we understand the power of the dollar sign behind women. Women sell the numbers. That's the thing that's changed with women's sports. It went from being looked at as a charity to now it's a runway.'
Washington Post
35 minutes ago
- Sport
- Washington Post
Candace Parker set to have first of 2 jersey retirements this weekend in Los Angeles
Candace Parker has been on the go since she announced her retirement from the WNBA in 2024. From broadcasting college and pro games to taking over as the president of Women's Basketball for Adidas, the future Hall of Famer has been busy. She's also had more time for what she calls her most important job — being a mom to her daughter Lailaa and sons Airr Larry and Hartt Summitt.
Associated Press
38 minutes ago
- Sport
- Associated Press
Candace Parker set to have first of 2 jersey retirements this weekend in Los Angeles
Candace Parker has been on the go since she announced her retirement from the WNBA in 2024. From broadcasting college and pro games to taking over as the president of Women's Basketball for Adidas, the future Hall of Famer has been busy. She's also had more time for what she calls her most important job — being a mom to her daughter Lailaa and sons Airr Larry and Hartt Summitt. 'I am doing more now than I have. I used to be able to use basketball as a crutch,' Parker said in an interview with The Associated Press. 'Now it's like, you ain't going to rest up for nothing. I think this first year of retirement has kind of been my like 'What do I want to do more of in this first year?' My main priority is being there for my family. My daughter's going to be a junior next year and is going to start to get recruited for volleyball.' Next up for Parker is the Los Angeles Sparks game on Sunday to have her jersey retired. She brought a championship to the franchise in 2016 and the Sparks will be playing Chicago, Parker's hometown team that she went to and helped win a title for in 2021. The Sky will retire her No. 3 jersey later this summer, making her only the second WNBA player to have her number retired by two different teams. Lindsay Whalen had her jersey retired by both Connecticut and Minnesota. 'It's surreal to be honest,' Parker said of the two jersey retirements. 'I would be lying if I didn't say that when I go into an organization, I want to be one of the best. I want to be remembered as one of the best. And sometimes one of the best doesn't always get their jersey retired.' Parker, who also wrote a book 'The Can-Do Mindset' that was just published, said when she was drafted by Los Angeles No. 1 in 2008 she wanted to win championships there. 'My main thing when I look up into the rafters is like, I want to hang a banner, I wanted to hang banners,' she said. She brought one title to Los Angeles. Coming to Chicago she wanted to help her hometown win its first championship. It was something she accomplished in her brief time there. 'To be able to do that and walk around the city and know you have a championship, I think is super special for me,' she said. Parker never wanted a retirement tour when she decided to end her playing career before the start of last season. 'I never got a chance to stop and like, really live in the moment and be where my two feet were,' she said. 'Now I'm able to. And because of that, I realized how much I missed out on by not stopping and, like, smelling roses. And so now I'm, like, smelling every flower, every rose, every letter.' One area that Parker is trying to get into, but hasn't had success yet is WNBA ownership. She was part of the expansion bid put in by Nashville. 'I can't think of why the league wouldn't want a team in Nashville. I feel like it's kind of the birthplace of women's basketball,' Parker said. 'In terms of Pat Summitt and what she's meant to the rest of women's basketball, why can't or why shouldn't we have a team in Tennessee. I think it would be a state team and wouldn't just be a team from Nashville.' If Nashville was to get an expansion team, that would just add more to Parker's plate which is quite full right now. She's busy trying to make women's basketball at Adidas into the next big thing. 'Where women's basketball is in general, it was looked at as a negative balance, and now it's actually looked at as a business. It is the future of where sports are. We at Adidas have to be on our horse and make sure we understand the power of the dollar sign behind women. Women sell the numbers. That's the thing that's changed with women's sports. It went from being looked at as a charity to now it's a runway.' ___ AP WNBA:
New York Times
2 hours ago
- Business
- New York Times
Gen Z, It Turns Out, Is Great at Saving for Retirement
Brynnley Beckman is only 23, but she is already thinking about retirement. She teaches ninth grade biology at the Shelton School in Dallas and contributes 3 percent of her salary to an employer-sponsored retirement fund. She hopes to increase her contribution by 1 percent each year. 'I wanted to start saving early because the more the money sits, the more it compounds, the more it's going to grow,' Ms. Beckman said. Like many of her peers in Generation Z, defined roughly as people born from 1996 to 2012, Ms. Beckman is motivated to save. According to a 2024 report from TIAA, which provides retirement planning services for employees in the education, health care and nonprofit sector, 20 percent of Gen Z-ers are saving for retirement. They're also contributing to 401(k) plans at higher rates than millennials did when they first entered the work force, according to a 2023 Vanguard study. 'Gen Z in general, and in particular women, are starting to get an understanding that the more that you save and invest, the more agency and freedom you have over your life,' said Ryan Viktorin, a certified financial planner and financial consultant at Fidelity Investments. Financial independence later in life is Ms. Beckman's main motivation for putting money into a 403(b) plan, which is similar to a 401(k) but typically offered by public schools, nonprofits and religious institutions. 'I could retire at the age that I want to, rather than working later, and have financial freedom and security,' Ms. Beckman said. Why is Gen Z better at saving? Financial experts credit Gen Z's ability to save more at a younger age to a policy changes and technological advancements. Want all of The Times? Subscribe.
Yahoo
2 hours ago
- Business
- Yahoo
Why your Social Security check could shrink by nearly 20% — and more if jobs are scarce
Social Security is hugely important to a large share of Americans. Almost 69 million Americans will receive monthly Social Security benefits in 2025, totaling about $1.6 trillion in benefits paid during the year. But Social Security will need some kind of reform within the next decade in order for America's retirees to keep counting on it. Given its funding structure, if Social Security continues to roll forward in its current trajectory, the program will be able to cover just 81% of promised benefits starting in 2034, according to the latest estimates of the Social Security Trust Fund report. My brother stole $100K from my mom to buy bitcoin. Do I convince her to sue him? Most American weddings are a lot more extravagant than the nuptials of Amazon's Jeff Bezos I'm a stay-at-home. Do I take a part-time job to spend more time with my kids — or get a job for six figures? JPMorgan has a new way of forecasting the stock market — and there's a surprising finding 'He doesn't seem to care': My secretive father, 81, added my name to a bank account. What about my mom? Congress will need to take action. But both Republicans and Democrats have long been reluctant to reduce Social Security benefits and averse to raising payroll taxes to close the funding gap. Yet the economic reality can't be ignored. The way in which Social Security is funded exposes the program to challenges. Unlike other forms of saving for retirement, where workers put away savings into an account that is dedicated to them, this pay-as-you-go system acts more like a checking account: Current workers are paying into the system and the current beneficiaries are receiving those funds out of the program. This structure did not present a challenge while the baby-boom generation was entering the workforce in the early 1960s, with the share of workers paying into the system rising much faster than the share of the population able to claim benefits. Since the early 2000s the tables have turned: The share of the U.S. population that is 18-64 has been declining while the share that is 65 and older grew at the fastest rate in over a century, going from 13.0% of the total population in 2010 to 16.8% in 2020. As a result of these opposing trends, while there were about 18 people aged 65 and older for every 100 working-age Americans in 1980, this dependency ratio grew to 30 retirement-age Americans per 100 workers in 2025 (see the chart above). The ratio of retirees to workers is likely to continue increasing beyond the retirement of the baby boomers because of the lower fertility rates that the U.S. has experienced over the past 15 years or so. For several years, the trustees of the Social Security Trust Fund have been projecting that the program has promised more benefits than it is able to pay out. According to the latest trustees report, released on June 18, the combined Old-Age, Survivors and Disability Insurance Trust Fund is expected to be depleted in 2034. At that time, benefits will be paid only from the income that is coming in, as there won't be anything in the reserves to supplement that income. Legally, the trust fund cannot borrow money. At that point, the trust funds would only be sufficient to pay about 81 cents on every dollar scheduled to be paid. Unless policymakers make deliberate efforts to clarify how to handle shortfalls, it is likely that the program will face similar uncertainties in the future. Right now, we face uncertainty in how the gap between the funds coming in and the benefits promised will be closed. It is not clear if beneficiaries will face those benefit cuts, if taxpayers will be liable for those tax increases, or something else. Both the benefits paid and the contributions into Social Security are prescribed by law. This means it's likely that demographic or economic assumptions will change again at some point in the future, resulting in an imbalance between the benefits that are scheduled to be paid and the revenue that is expected to come in. For example, when there's an economic downturn, fewer people are working and contributing into the trust fund. There are other ways in which the retirement security system is lacking that could be addressed. While the existence of Social Security and Medicare have contributed to a dramatic reduction in elderly poverty, some groups face persistent challenges. Although survivor benefits provide helpful protection to surviving spouses, there is some evidence that the existing level of survivor insurance may not be adequate to cover the costs that a surviving spouse incurs. In 2019, among those 60 and over, 16% of new widows lived in poverty, compared to 10% overall. There remain significant expenditure risks that the elderly face that are not fully addressed by Social Security and Medicare. While Social Security does not provide any kind of medical payments, Medicare provides a source of health insurance for most people over the age of 65. However, Medicare doesn't cover everything, and there are significant copayments and deductibles that a person may be responsible for. Read: Trump pledged not to cut Medicare — but his budget bill does just that For example, annual out-of-pocket spending on healthcare was on average $6,663 for all beneficiaries enrolled in traditional Medicare in 2019, according to a study by AARP. This average out-of-pocket spending for healthcare was equivalent to about 38% of the average annual Social Security retirement benefit ($17,460) in 2019. Moreover, there is a significant coverage gap regarding long-term care services for chronic conditions. This type of care is costly and largely paid for either out of pocket, through state Medicaid programs for those who qualify, or provided by unpaid caregivers, often spouses and adult children, who indirectly bear the costs through reduced labor force participation and adverse impacts on their own health. A person turning 65 between 2021 and 2025 is estimated to incur, on average, $120,900 in paid long-term care costs, of which 37% is estimated to be paid out of pocket, and the remainder covered by a combination of Medicaid (and other sources of public insurance) and private insurance (see here). Read: $1 trillion in cuts to Medicaid would have a devastating impact on people receiving long-term care. Here's why. Also read: Medicare may actually be in more trouble than Social Security What will Social Security reform ultimately look like? The answer is unclear at this stage. Would it be an across-the-board cut or a cut that applies more to certain people than others? Will the burden fall on all U.S. taxpayers or only on current workers? Delaying real discussion about the solutions makes the problems harder to solve. The timeline that the U.S. has to fix it is shorter and the change that is needed is more drastic than it would be otherwise. While addressing the imminent financial challenges of the program will be unavoidable, Americans shouldn't just be thinking about the issue of solvency. What is the role of government and markets in providing this protection? How can Americans ensure that their major entitlement programs are solvent and sustainable for the long term? Social Security reform offers an opportunity to take comprehensive look at how policy can best help people manage the risks they face in retirement. Gopi Shah Goda is director of the Retirement Security Project, the Alice M. Rivlin chair in economic policy and senior fellow in economic studies at the Brookings Institution. This commentary was originally published by Econofact — 'Facing the Social Security Shortfall.' Also read: As Social Security starts operating under controversial new rules, here's how they could affect you and your benefits More: Social Security will stop sending paper checks soon. How to make sure you still get your benefits on time. S&P 500 scores record high for first time in 4 months. What could push stocks higher from here? There's an important market indicator that suggests investors remain wary. It's good news for stocks. My job is offering me a payout. Should I take a $61,000 lump sum or $355 a month for life? What drove stock market's record-breaking week? Don't overlook growing rate-cut expectations. Coinbase's stock is up over 40% this month as Wall Street projects amazing profit growth Sign in to access your portfolio
