The total debt burden for Americans over age 70 increased 543% from 1999 through 2019, to $1.1 trillion, according to data from the Federal Reserve Bank of New York. Similarly, those in their 60s saw debt, such as mortgages and auto loans, balloon by 471% to $2.14 trillion. That’s a precarious situation for older Americans. Increasing lifespans stretch savings and increase the likelihood older Americans will need costly long-term care. One in 7 bankruptcy filers is over age 65 — a fivefold incre

In the face of a global health emergency, thousands of U.S. college students studying abroad are scrambling. As the coronavirus spreads through northern Italy, some schools, including Syracuse University and New York University, announced they were closing their campuses in Florence immediately. Despite the uncertainty, Peters predicts that Italy will remain a popular destination for students studying abroad through the fall. “Just about half of students study abroad during their undergraduate y

Schedule E, which spells out income or losses from partnerships, S-corporations and rental real estate, would be a highlight of the billionaire’s return. Knowing Bloomberg’s share of income from the business could give some insight into income generated by the partnership, Nitti said. “Meanwhile, the income tax return will only show you the interest, dividends and capital gains derived from those accounts — not the actual values,” he said. This “statement of specified foreign financial assets” i

Yet as the stock market plunged at the beginning of this week, trading activity in 401(k) plans skyrocketed. Daily trading activity in 401(k) plan accounts was four-to-six times above average on Monday and Tuesday, according to Alight Solutions, which tracks 401(k) retirement plan activity at large employers. More from Invest in You:Avoid this mistake as coronavirus fears grip markets3 steps to help you track where money’s goingHope to get rich in 2020 stock market? Alight Solutions tracks 401(k

Larry Fink David Orrell | CNBCSen. Elizabeth Warren wants Blackrock’s Larry Fink to put more strength behind his pledge to have the world’s largest money manager tackle climate change, and to detail how he expects to do it. In a letter made public Wednesday, Warren, D-Mass., asks Fink to support her Climate Risk Disclosure Act, which requires companies to reveal their climate-related risk. Warren also pushed Fink to better explain how he will back up his promises of making sustainability “the ne

2020 presidential candidate Mike Bloomberg has stalled in national polls ahead of Super Tuesday. He’s hovered around the 15% mark since a week before the Nevada debate, according to a RealClearPolitics polling average. Sen. Amy Klobuchar is in the lead in Minnesota, her home state, with 29%, according to the latest poll conducted between Feb. 17 and Feb. 20. North Carolina : Bloomberg remains in third place with 17%, up slightly from 16% in a poll conducted between Feb. 12 and Feb. 18. He trails

President Donald Trump speaks to the press in the Oval Office of the White House on October 2, 2019 in Washington, DC. President Donald Trump will make a rare appearance in the White House briefing room Wednesday for a news conference on the deadly coronavirus outbreak at 6:30 p.m. Trump has rarely appeared in the James S. Brady Briefing Room, where White House press secretaries have traditionally fielded questions from the press. The last official press briefing, however, was nearly a year ago

Democratic presidential candidates former New York City Mayor Mike Bloomberg arrives on stage for the Democratic presidential primary debate at the Charleston Gaillard Center on February 25, 2020 in Charleston, South Carolina. The 30-second TV spot highlights how Bloomberg managed emergencies while mayor of New York, including his handling of the aftermath of the 9/11 attacks. Democratic presidential candidate Mike Bloomberg has released an ad that rips President Donald Trump’s response to the s

Donald Trump views a photo of himself on the cover of The New York Times during an RNC goodbye reception at the Westin Hotel in Cleveland, on Friday, July 22, 2016. President Donald Trump ‘s campaign sued The New York Times on Wednesday for libel over an opinion article, saying the newspaper published its allegedly false claims last year with the “intentional purpose” of damaging Trump’s chances for reelection this year. A Times spokesman said, “The Trump Campaign has turned to the courts to try

At a time of unprecedented income inequality and economic instability, Social Security has become a major flashpoint in the presidential election — and for good reason. Almost three quarters of African American and Latino beneficiaries rely on Social Security for the majority of their income, and without Social Security, roughly half or more elderly Latinos and African Americans would be living in poverty. And as recently as 2007, he said Social Security cuts should be on the table. He also co-

Democratic presidential candidate Michael Bloomberg poses for a photo before the the CBS Democratic Presidential Primary Debate at the Charleston Gaillard Center. Mike Bloomberg’s campaign is holding talks with two unions and is signalling to its employees that it is open to them joining the groups. The development comes as a member of the Campaign Workers Guild said on Twitter that he was calling on members of Bloomberg’s presidential campaign to discuss the idea of unionization. Campaign worke

Videoconferencing software company Zoom has brought in more active users so far this year than it did in 2019 amid corporate concerns about the spread of coronavirus, Bernstein Research analysts wrote in a note distributed to clients on Wednesday. “As one might expect, Zoom’s revenue shows a strong correlation with MAUs [monthly active users], DAUs [daily active users] and downloads,” wrote Bernstein’s Zane Chrane and Michelle Isaacs, who have the equivalent of a buy rating on Zoom stock. Zoom h

The notice, which appears at the top of product search results, includes a link for users to “Learn more about Coronavirus protective measures.” It instructs users to visit the CDC website for more information about prevention and treatment of the disease. Amazon has also cracked down on listings on its marketplace that claim to help stop the spread of the coronavirus. Facebook said it would remove content with “false claims or conspiracy theories” about the coronavirus, while Google launched a

Bob Iger’s surprise announcement that he’s stepping down as CEO of Disney and handing the reins over to parks chairman Bob Chapek comes during a time of massive change at the company. For much of its existence, Disney’s media business thrived by selling its channels, movies and TV shows through cable networks and other distributors. Over time, that means Disney will become less reliant on the money it collects based on the dwindling pool of cable subscribers and more reliant on selling directly

Nutanix shares sank as much as 24% in extended trading on Wednesday after the developer of cloud storage and networking software cited coronavirus concerns as one reason for lowering its 2020 revenue outlook. In fiscal 2019, about 22% of Nutanix’s revenue came from the Asia Pacific and Japan (APJ) region. A total of more than 80,200 cases have been confirmed worldwide, the vast majority in China, with 2,704 deaths. In addition to slashing its revenue guidance, Nutanix said software and support b

Workday has canceled its annual internal sales meeting over fears of the coronavirus outbreak and will be moving the program online. The Workday Sales Kickoff, or SKO, was scheduled for March 2 through March 4 in Orlando, Florida, and was supposed to draw around 3,000 people, a spokeswoman told CNBC. The flu-like coronavirus, named COVID-19, has affected over 80,000 people globally and killed at least 2,700 since it was discovered Dec. 31 in China. Workday’s decision to make this year’s conferen

Moody’s Investor Service is slashing its global vehicle sales forecast as the coronavirus outbreak reduces demand and disrupts automotive supply chains. The firm now expects global auto sales to slump 2.5% in 2020 instead of a 0.9% drop previously expected. Moody’s cited the COVID-19 epidemic as well as stricter emissions regulations for the overall decline in vehicle sales from 90.3 million to 88 million. Moody’s, which forecasts global GDP growth of 2.4% in 2020, said its outlook for the autom

Stringent travel restrictions imposed on inbound flights from China to contain the coronavirus outbreak become “irrelevant” in a potential pandemic because “you can’t keep out the entire world,” a top U.S. health official said a day after the Trump administration braced the public for its eventual spread here. “When you have multiple countries involved, it’s very difficult to do; in fact, it’s almost impossible.” Fauci said he doubts the U.S. would adopt similar methods. “The wild card here is t

As fans continue to mourn the death of NBA legend Kobe Bryant, a Los Angeles auction house will sell off a game-worn jersey from the 1998-99 season, along with other Bryant memorabilia, including signed trading cards, basketballs and a replicated jersey. The Nate D. Sanders Auction House has set a minimum bid price of $20,000 for the jersey. However, a Kobe Bryant & Michael Jordan dual-signed playing card has one bid at the minimum set price of $8,250. A spokesperson for the Nate D. Sanders Auct

Billionaires should be grateful for their good fortune and stop being so sensitive to public criticism and name-calling by politicians, tech billionaire Chamath Palihapitiya said Wednesday. “My main hang up has been the constant attacking of wealthy people, the villainizing of the billionaire class,” he said on CNBC. Palihapitiya responded that billionaires need to better understand the perspective of the millions of Americans who have not seen their wealth soar from the stock market or other in