Daily Digest

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Daily Digest 10/4 - Retiring Boomers Cause Health-Care Dilemma, Mounting Household Debt A Stability Risk

Wednesday, October 4, 2017, 10:20 AM

Economy

Many Americans unprepared as long-term care costs surge

Long-term care costs are surging again and the most expensive option — a private nursing home room — may soon top $100,000 a year.
Growing labor expenses and sicker patients helped push the median cost of care that includes adult day care and assisted living communities up an average of 4.5 percent this year, according to a survey released last week by Genworth Financial. That's the second-highest increase since Genworth started its survey in 2004.

Health-care dilemma: 10,000 boomers retiring each day

Retiring baby boomers will more than double Medicare and Medicaid costs by 2020.
Retired 65-year-old couples can expect to pay $275,000 in out-of-pocket expenses for health care, excluding long-term nursing care and rehabilitation — but only have a 50 percent chance of covering these costs.

CalPERS: Pension change to cost Salinas $14m over seven years

Rising retirement costs combined with poorer-than-expected pension performance will strain Salinas city coffers by an additional $14 million over the next seven years, officials say.

Nearly 1 in 3 households now in mortgage stress, with high income earners under pressure (Australia)

In Queensland, the number of households in mortgage stress increased by 21,500 to 168,051 in September, with around 9,100 of those at risk of default.
But if interest rates were to rise by just 0.5 per cent, that figure would jump to more than 197,000 households in stress.

10 stats that show why Social Security is broken

An analysis from The Senior Citizens League finds that the purchasing power of Social Security dollars has plunged by 30% since 2000. Put another way, what $100 in Social Security income purchased for seniors in 2000 only buys $70 worth of goods and services today. And with the program facing a $12.5 trillion cash shortfall, altering the inflationary tether to get seniors a bigger annual raise isn't exactly a feasible option at the moment.

Mounting household debt a stability risk: IMF

Research by IMF staff economists published Tuesday shows household debt levels have steadily grown in the decade since the crisis -- with median levels rising from 52 percent to 63 percent of GDP in advanced economies between 2008 and last year.
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In the developing world, household debt levels were lower, rising from 15 percent to 21 percent over the same period.

Homebuilder to help millennials pay student loans and get a house—but is it a good idea?

Buyers of Lennar's homes could receive a payment of up to $13,000 toward their student loans, as much as 3 percent of the home's purchase price, from its subsidiary, Eagle Home Mortgage.
The nation's collective student debt stands at an all-time high of $1.34 trillion, according to the Federal Reserve Bank of New York.

Soros, Cohen Back App to Lure Cash From Argentine Mattresses

Ualá will have to overcome the resistance to bank-saving from Argentines who’ve suffered through years of double-digit inflation. Bank accounts were frozen during the nation’s 2001 debt crisis -- just before the government abandoned a currency peg in a move that slashed those savings to a fourth of their value.

Australia's central bank holds rates at record lows, signals patience on policy

Australia's central bank held rates at a record low 1.50 percent on Tuesday and signalled it was in no rush to follow global policymakers in tightening as it wrestles with weak inflation and a strong currency.

26 Recession-Free Years Hide a Darker Picture for Australia

Meanwhile, household debt is at a record-high 194 percent of income, compared with 104 percent in the U.S., wages are stagnant and policy makers are fretting that consumers could be spooked into pulling back. That would be a major hit given household spending accounts for more than half of gross domestic product.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/3/17

Provided daily by the Peak Prosperity Gold & Silver Group

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1 Comment

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saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
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National debt jumps $103 billion on first day of FY 2018

National debt jumps $103 billion on first day of FY 2018

Washington Examiner-18 hours ago
The debt grew $671 billion in the just-closed fiscal year, much lower than the more than $1 trillion annual growth in the debt under President Obama.

ECB tells banks to set aside more cash on bad loans

Reuters-7 hours ago

Banks are sitting on nearly 1 trillion euros worth of bad loans, partly a legacy of Europe's debt crisis, with lenders in places like Italy, Greece, Spain and Cyprus ..

County pension debt subject of new Superior Court lawsuit

Sonoma West-12 hours ago

The fund has a current value of $2.3 billion, according to the county treasurer-auditor office. Current employees contribute three percent or higher to their future ..

Venezuela's Maduro says debt payments to Russia may be ...

Reuters-7 hours ago
Rosneft said in August it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any further ...

Retired teachers won't get pension increases 'for many years,' AG ...

CBC.ca-1 hour ago

The plan currently has a $1.4-billion deficit, which means many pensioners are not eligible for increases tied to cost of living nor, according to the auditor ..

 

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