Legacyy Networth

In March 2024, the public debt of the United States was around 34.5 trillion U.S. dollars, almost two trillion more than in July when it was around 32.6 trillion U.S. dollars.

The $34 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts.

In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.

That is over $102,000 for every single person in America.

The Biden administration has approved $6.1 billion in student debt cancellation for 317,000 borrowers who attended The Art Institutes.

Biden said this institution "falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies."

This is one of the Education Department's largest group discharges of federal student loans.

The government used its power through the borrower defense to repayment program, a federal student loan program that helps students whose schools violated certain laws get debt relief.

The move impacts students who were enrolled in The Art Institutes between January 1, 2004, and October 16, 2017. The for-profit chain of colleges closed last year following fraud allegations.

Starting May 1st, the Education Department will inform eligible borrowers, and will also refund any payments previously made by former students on loans marked for forgiveness.

Many are calling this announcement a political move.

What do you think?

Working Past Retirement Age: Will that be Your Reality?

For many of us, retirement age used to signify the end of the nine-to-five grind and the beginning of a well-deserved period of relaxation and enjoyment after over 40+ years of hard work and dedication. However, in today's economic climate, this dream is becoming increasingly out of reach for far too many.

Are you finding yourself working longer hours than anticipated? Perhaps you're realizing that retirement age is looming, yet the prospect of leaving the workforce seems like a distant dream. If so, you're not alone.

Statistics show that a significant number of individuals are working well into their retirement years, not out of choice, but out of necessity. Rising living costs, inadequate savings, and unforeseen financial challenges can all contribute to the need to extend one's working years.

But it doesn't have to be this way. By taking proactive steps towards financial planning and prioritizing saving and investing early on, you can work towards a future where retirement isn't just a distant possibility but a tangible reality.

Let's start the conversation. Share your thoughts and experiences below. Have you found yourself working past retirement age due to financial constraints? What steps are you taking to secure your financial future?

Remember, it's never too late to take control of your finances and work towards a retirement that's truly fulfilling and worry-free.