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Kanesatake app on the wayFlorida hit with shock warning about looming 'silver tsunami' READ MORE: Influx of baby boomers to South Carolina creates a 'gray tsunami' By JAMES CIRRONE FOR DAILYMAIL.COM Published: 08:25 EST, 23 November 2024 | Updated: 08:31 EST, 23 November 2024 e-mail 5 View comments America's ageing population is an acute problem in Florida , where government officials and experts are agonizing over how to meet the needs of this vulnerable group of people. In South Florida - an area that has attracted retirees for decades - the sheer number of seniors that need to be catered for is reaching a crisis level for municipalities. That's because many of them don't have pensions or enough savings and are solely living on Social Security, which with an average payout of just $1,907 per month , isn't enough to live on. 'I am truly concerned that 20 years from now, people that are reaching their mid-60s, their retirement age will be death,' said Broward County Commissioner Steve Geller, who is also the chair of the South Florida Regional Planning Council. 'If you're not worried about this, it just means you're not paying attention,' Geller said in an interview with DailyMail.com. Access to affordable housing is also waning in the state, putting seniors at risk of homelessness , experts warn. The planning council expects South Florida, which encompasses seven counties, to have 2.13 million people that are 65 or older by 2050, according to the South Florida Sun Sentinel . If this projection is correct, that would be a nearly 55 percent increase since 2021. Of that 2.13 million, 520,000 of them will be 85 years or older. Florida is just one among all states that are scrambling to figure out how to provide services to growing elderly population That will be millions of people who will need assistance with everything from housing and transportation to healthcare. The South Florida and the Treasure Coast Regional Planning Councils held an approximately seven-hour long conference last Friday at Florida Atlantic University in Boca Raton to discuss this exact issue. Experts from various disciplines presented in front of an audience of about 200 people, many of them local government officials who could affect change to blunt the worst case scenario for Florida's future seniors. One of the biggest issues is that seniors are simply outliving their savings, while also carrying debt into retirement. 'There is a disconnect of how much people understand they have to save,' said Angela Antonelli, a research professor and executive director of the Georgetown University Center for Retirement Initiatives. Antonelli added that one in five Americans rely on Social Security for 90 percent or more of their income, which she argued 'does not keep you out of poverty.' Broward County Commissioner Geller told DailyMail.com that there used to be a three-legged stool for retirement: a pension, Social Security and savings. One of those legs - pensions - has been kicked out from under millions of American workers over the last 40 years in favor of employer-sponsored 401(K) plans and IRAs. More workers than ever rely solely on contributing to their 401(K) plans to build up their retirement savings. Back in 1970, 45 percent of all private sector workers had a pension plan Pictured: Broward County Commissioner Steve Geller. He also serves as the chair of the South Florida Regional Planning Council 'IRAs and 401(K)s were never set up to replace pensions. They were set up to help supplement pensions, and instead, because they're so much cheaper, employers said, "Oh, great, we'll set up a 401(K) and eliminate your pension,"' Geller said. This predominantly impacts private sector workers, only 15 percent of whom have pensions as of March 2023, according to the Bureau of Labor Statistics . Back in 1970, when 45 percent of all private sector workers had a pension plan (also called a defined benefit package), there was infinitely less of a risk of them running out of money later on in retirement. For the rest of their lives, people who worked at pension-providing companies were guaranteed a monthly income for their decades on the job. But now that most companies have switched to defined contribution plans, the burden to save for retirement has fallen entirely on workers, who often make 'bad decisions,' according to Geller. This includes withdrawing from their 401(K)s before they turn 59-and-a-half -subjecting themselves to 10 percent tax from the IRS as a penalty - or taking loans against their retirement account. Many people choose to keep their retirement money in cash and miss out on decades of compound growth they would have experienced if they'd invested their money into the stock market. That's why Geller wants government officials to start advocating for private pension plans again. But absent a monumental shift in national policy, Geller hope to wrangle together the three largest counties in southeast Florida - Miami-Dade, Broward and Palm Beach - to create a state retirement fund. Ten states have mandated retirement plans, meaning they force most businesses to opt in and provide their employees access to the government-run retirement savings system. Your browser does not support iframes. Read More No 401(K)? New retirement plan could help millions save for later years Florida doesn't have a program like this, which is why Geller hopes to get momentum going at the county-level. Together, Miami-Dade, Broward and Palm Beach counties have a population of 7.2 million and many of these people - beyond most of them not having a pension - don't even have access to an employer-based retirement plan because they're working for a small business. 'I'm talking about a story that's got eight or 10 employees. They're not going to go through the hassle of setting up their own retirement plan,' Geller said. As Broward County Commissioner, Geller wants to put forth a bill that would have the county pay for the initial set up and administration of the plan so more Floridians would have the opportunity to set aside money every check for retirement. 'I will call this the Joe's Pizzeria Act, because it's designed not for Microsoft, but for Joe's Pizzeria,' he said. For current seniors living in Florida, access to affordable housing is waning as property prices and the cost of living spikes . Broward Mayor Nan Rich, a panelist at the conference, said seniors in southeast Florida who live in condos bought in the 1970s are facing mandatory repairs that are now government-mandated following the Surfside condo collapse in 2021 . Under the new law, all condo buildings 30 years old or older and three stories or taller are required to undergo an inspection by a qualified architect or engineer. If ' substantial structural deterioration ' is found, the condo owner will be on the hook for the repairs and need to come up with substantial amounts of cash to fix their property within a year. Rich, Geller, and other officials expect that many seniors who live in these units won't be able come up with the money for maintenance - which can sometimes cost $100,000 or more - and face homelessness as a result. 'The fastest growing group of homeless people are seniors,' Geller said. Pictured: The aftermath of the collapse of a condo building in Surfside, Florida. The disaster prompted state lawmakers to more stringently regulate condos, which is having a devastating effect on the market Poverty rates are also the highest for seniors than any other age group in Miami-Dade County, according to Tyler Moroles, assistant division director of the county's Section 8 Housing Choice Voucher Program. The median rent in the county is about $2,100, which requires a $75,600 salary to be affordable. For the thousands of seniors in public housing, their average income is $14,691 a year. 'I'm sure none of you could live off $14,000, nor could I,' Moroles said. The county is in the middle of redeveloping about 1,800 public housing units to create more living spaces. Jose Marti Villas , in Miami's Little Havana, is one affordable apartment complex that's being renovated by the county. The eight story building houses 110 units and a nearby three-story building has 36 units, bringing the total to 146. It's expected to be fully completed by March 2026. Pictured: Jose Marti Villas, an affordable senior housing community in Miami that's set to be completed by March 2026 Another potential solution that could get more seniors a roof over their head involves loosening zoning laws to allow accessory dwelling units (ADUs) . ADUs, sometimes called 'granny flats' or 'in-law suites,' are housing additions that often take the form of add-ons to a home or a separate living quarters on the property. The children of seniors will often decide to build these additions to house their parents if they can no longer support themselves. Zoning laws in Broward County and other South Florida counties regulate resident density, which presents a problem for those who want to build ADUs. Once a developer builds a property that adheres to the number of residents it's zoned for, it's almost impossible for the adult children that live there to create an ADU for their elderly relative without violating the law. 'We're going to need to work with the cities and the county...to say we're not going to count accessory dwelling units towards your density,' Geller said. An example of a detached accessory dwelling unit. Many of them aren't bigger than 1,000 square feet and have one bedroom Transportation for seniors is another policy arena that will need to be addressed by lawmakers as more of them need to give up their cars Transportation for seniors is another policy arena that will need to be addressed by lawmakers as more of them need to give up their cars. 'Most adults will outlive their ability to drive by seven to 10 years,' said conference panelist Laura Streed, the senior associate state director of AARP of Florida. Other panelists discussed potential solutions, including partnering with Uber and other ride-sharing companies to get seniors to public transit stations that are too far of a walk for them. Karen Deigl, president and CEO of Senior Resource Association, said policymakers need to be aware of things like cracked sidewalks and street lights that make it nearly impossible for older adults to cross the street in time. Since according to Deigl 'some people just shouldn't drive,' there need to be other ways for seniors to get around that don't involve cars. Share or comment on this article: Florida hit with shock warning about looming 'silver tsunami' e-mail Add commentPA lawmaker announces new law criminalizing AI-generated deepfake child pornographyI’m A Celeb fans call episode ‘most emotional ever’ and a ‘hard watch’ as campmates and viewers break down in tears

Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login The dynamics of equity markets are changing. The focus is shifting from the dominance of a few major tech companies to much broader market participation. Market performance and earnings growth have been concentrated among a small cohort of companies, dubbed the magnificent seven (Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla) or Mag 7. Their returns have been heavily influenced by artificial intelligence (AI)‐linked growth, while innovations in health care, and specifically GLP‐1s, have also seen select companies benefit. These powerful investment trends remain, but peaking earnings growth for some of these companies point to change and lessen their appeal for investors. Although still in its infancy, the broadening of equity returns beyond the magnificent seven looks set to continue into 2025. Scott Berg, portfolio manager, global equities for T. Rowe Price. To be clear, however, these are high‐quality companies that have delivered strong profitability and free cash flow, and although the infrastructure and investment cycle for AI may be peaking, we believe we are only scratching the surface in terms of the potential benefits and use cases for AI. The market may question the return on investment on AI in the near term, but we expect continued innovation and productivity to come through as companies develop their AI capabilities. This is a megatrend that is real and is not going away. Don’t overlook emerging markets Emerging markets - which were prominent in many portfolios throughout the 1990s and during the BRICS era - have been deeply out of favour since the global financial crisis. However, they are starting to show early signs of recovery. Emerging market equities have undergone a massive derating since 2008. They trade at around a 35 per cent discount to their developed market (DM) peers[1], according to the financial data and analytics provider FactSet, and their weight in global indices has plummeted. Since the pandemic, things have gone from bad to worse. Emerging market shares have been hit by a strong dollar as US interest rates rose and stayed higher for longer; they have suffered from the dire performance of the Chinese economy and stock market since 2021, and in the last few years have been weighed down by general risk‐off sentiment among investors and a rise in geopolitical tensions. Now, investors have the added uncertainty of anticipated tariffs from the new US administration. Sponsored by T. Rowe Price This content has been funded by an advertiser and written by the Nine commercial editorial team. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you. Latest In Financial services Fetching latest articles Most Viewed In Companies

Elon Musk's $270 Million Funding For Donald Trump's Campaign Makes Him The Biggest Political Donor In USStruggling Syracuse looks to climb back above .500 when it hosts Albany on Tuesday night. The Orange (4-4) are coming off a conference loss to Notre Dame where they failed to make a 3-pointer in a game for the first time in more than 10 years, going 0-for-9 from behind the arc. They will be without leading scorer J.J. Starling, who broke his hand in practice last Monday. Orange coach Adrian Autry said there was "no timetable" for Starling's return after the loss to the Fighting Irish and lamented his team's struggles with turnovers and free-throw shooting in the defeat. "Too many blown opportunities," Autry said. "We're not shooting the ball well. We have to adjust and go game by game now. Our front court has been pretty secure, but we have to keep working and getting better." Starling was averaging a team-high 19.8 points before his injury. The Orange may need to lean more on freshman Donnie Freeman, who has been a standout for Syracuse this season. He's averaging 12.8 points and 8.8 rebounds and already has four double-doubles. He was co-ACC Rookie of the Week last week. Defensively, the Orange have struggled. They rank No. 329 in scoring defense, giving up 79.4 points per game. Albany is scoring 77.2 ppg so far this season. The Great Danes (6-4) were downed by Boston University 80-74 in overtime on Saturday. They started the season 5-1 but have lost three of their last four. Senior guard Byron Joshua, a transfer from Alcorn State, is the Great Danes' leading scorer at 13.6 ppg. Amar'e Marshall was an All-America East Conference pick last season after averaging 16.7 points, but his field goal shooting has dropped from 43.4 percent last season to 34.5 percent this season. He is scoring 11.7 ppg. "I think we're learning how to compete at the right level," Albany coach Dwyane Killings said after a loss to Georgetown on Nov. 30. "I think the one thing that troubles us a lot is that our identity and our energy comes when the ball goes in the basket. When it doesn't, I don't think we have the grit that we need right now." Albany has been one of the best teams in the country in terms of steals. The Great Danes average 10.2 steals per game, which is tied for No. 12 in the nation. Syracuse is 8-0 against Albany all-time with the teams last meeting in 2011. Syracuse is 4-0 at home and 4-0 against non-power-conference opponents. --Field Level Media

(The Center Square) – Of the many costly security missteps uncovered at the rally site in Butler, Pa. where a would-be assassin nearly killed Donald Trump, one deterrent may have been relatively affordable. Rep. Pat Fallon said the U.S. Secret Service could have fashioned a rudimentary fence made of caution tape, signs, posts and stakes around the AGR building on July 13 for roughly $410. The agency’s decision to unman the outside of the building and exclude it from an overall security perimeter around the Butler Farm Show Grounds that day has drawn much criticism from lawmakers on the task force assembled to investigate both attempts on Trump’s life, the second occurring at a Mar-a-Lago golf course in September. During a heated seven-minute exchange with Acting Secret Service Director Ronald Rowe Jr., the Republican congressman from Texas said the agency’s $2 billion funding increase seemed far in excess of what it would have cost to have functioning drones, more coordinated radio communications, agents on a nearby water tower and security deterrents available in Butler. “What sticks in our craw is when we report to our constituents, we have to say, ‘Hey, this federal agency failed epically, and then they wanted to almost double their budget,’” Fallon said. The conversation devolved into a shouting match after Fallon then accused Rowe of showing up at a 9/11 memorial ceremony in New York City for political purposes only. Rep. Pat Fallon, of Texas, questions Secret Service Acting Director Ronald Rowe Jr. during Congressional task force hearing on the attempted assassination of President-elect Donald Trump in Butler, Pa.

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Mirrorless Is Now the Epicenter of the Photography World and This Is the Little Camera That Started It AllStruggling Syracuse looks to climb back above .500 when it hosts Albany on Tuesday night. The Orange (4-4) are coming off a conference loss to Notre Dame where they failed to make a 3-pointer in a game for the first time in more than 10 years, going 0-for-9 from behind the arc. They will be without leading scorer J.J. Starling, who broke his hand in practice last Monday. Orange coach Adrian Autry said there was "no timetable" for Starling's return after the loss to the Fighting Irish and lamented his team's struggles with turnovers and free-throw shooting in the defeat. "Too many blown opportunities," Autry said. "We're not shooting the ball well. We have to adjust and go game by game now. Our front court has been pretty secure, but we have to keep working and getting better." Starling was averaging a team-high 19.8 points before his injury. The Orange may need to lean more on freshman Donnie Freeman, who has been a standout for Syracuse this season. He's averaging 12.8 points and 8.8 rebounds and already has four double-doubles. He was co-ACC Rookie of the Week last week. Defensively, the Orange have struggled. They rank No. 329 in scoring defense, giving up 79.4 points per game. Albany is scoring 77.2 ppg so far this season. The Great Danes (6-4) were downed by Boston University 80-74 in overtime on Saturday. They started the season 5-1 but have lost three of their last four. Senior guard Byron Joshua, a transfer from Alcorn State, is the Great Danes' leading scorer at 13.6 ppg. Amar'e Marshall was an All-America East Conference pick last season after averaging 16.7 points, but his field goal shooting has dropped from 43.4 percent last season to 34.5 percent this season. He is scoring 11.7 ppg. "I think we're learning how to compete at the right level," Albany coach Dwyane Killings said after a loss to Georgetown on Nov. 30. "I think the one thing that troubles us a lot is that our identity and our energy comes when the ball goes in the basket. When it doesn't, I don't think we have the grit that we need right now." Albany has been one of the best teams in the country in terms of steals. The Great Danes average 10.2 steals per game, which is tied for No. 12 in the nation. Syracuse is 8-0 against Albany all-time with the teams last meeting in 2011. Syracuse is 4-0 at home and 4-0 against non-power-conference opponents. --Field Level Media

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