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YOUR GUIDE TO NAVIGATING YOUR FINANCIAL FUTURE

A CNBC and SurveyMonkey poll of 498 Americans found 53% of respondents feel they are behind on retirement planning and savings.
Roughly half of households have a retirement account, according to the U.S. Federal Reserve’s Survey of Consumer Finances. Their median balance is about $87,000.
Many households, especially lower earners, have financial priorities that may compete with retirement savings.

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A large share of Americans worry about their nest eggs.
CNBC’s International Your Money Financial Security Survey polled about 500 people each in nine countries. Of the 498 people surveyed in the U.S., more than half (53%) said they’re behind schedule in retirement planning and savings. The poll was conducted by SurveyMonkey.

“I think most Americans do struggle to save enough for retirement,” said David Blanchett, a certified financial planner and head of retirement research for PGIM, a money manager.

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

For many families, money held in individual retirement accounts and 401(k)-type plans are a “key determinant” of future retirement security, according the according to the U.S. Federal Reserve’s Survey of Consumer Finances.
Just 54% of Americans had a retirement account as of 2022, according to the SCF, which is published every three years. Their typical balance was $87,000, as measured by the median value.
The picture isn’t much different for those who are on the precipice of retirement. To that point, the typical 55- to 64-year-old had saved just $71,000 in a 401(k)-type plan as of 2022, according to Vanguard Group data.
“Most Americans are going to need to save for retirement,” Blanchett said. “Yes, you can live off Social Security. But that’s probably not going to replace your pre-retirement standard of living.”

Households shoulder competing financial choices

Ample competing financial priorities can make it challenging to save for old age.
Sometimes, especially for lower earners, there’s a choice between survival today and ensuring for a good standard of living in the future, Blanchett said.
In 2022, households in the bottom 25% by wealth had a $3,500 median net worth, according to the SCF. By comparison, the top 10% had a $3.8 million net worth.
Households across income and wealth spectrums may simultaneously be trying to set aside money for financial emergencies, college savings, and buying a car or home, for example.

High inflation during the pandemic era has led prices for everyday goods and services to rise quickly. The average worker’s buying power declined for two years, from April 2021 to April 2023, as average wage growth didn’t keep pace with inflation. (That trend has since reversed as inflation has receded.)
Credit-card debt is at all-time highs, suggesting Americans have leaned more on credit cards to pay their bills.  
“It’s hard to save for retirement when you’re not able to pay your rent,” Blanchett said.
Households shoulder more responsibility to save for their futures as employers have shifted away from pensions toward 401(k) plans.

Three in four (74%) of U.S. adults polled by CNBC expect to rely on government support in retirement, but only 42% of respondents are confident in the government’s ability to support them.
Social Security benefits are funded via payroll taxes and assets held in a federal trust fund. However, demographic trends have stressed that trust fund. It’s set to be depleted in 2033, at which point about 77% of promised benefits would be payable.
Congress is likely to intervene and the current benefit formula is unlikely to change for current and near retirees, experts said.

Access to 401(k)-type plans is a chief shortfall

Globally, Americans seem to trail residents of other nations when it comes to sentiment around retirement preparedness, the CNBC survey found.
CNBC polled residents from Australia, France, Germany, Mexico, Singapore, Spain, Switzerland and the United Kingdom, in addition to the U.S.
About 74% of respondents in France, 70% in Singapore and 65% in Mexico report being on schedule for retirement planning and savings, for example, the poll found. About 59% of respondents in Switzerland, 58% in Spain, 56% in the UK, 51% in Germany and 50% in Australia did so — all higher than the 47% among U.S. respondents.
Among the chief shortfalls of the U.S. retirement system is access to a workplace retirement plan, experts said. About half of workers don’t have access and are unlikely to save for retirement outside a 401(k)-type plan, they said.
“When compared with some of the more highly rated retirement systems, the U.S. falls short because employers do not have to offer a retirement plan, employees do not have to save and can easily withdraw what they do save, and our levels of personal debt cripple the ability of young workers to ever begin to save for their future,” said Angela Antonelli, executive director at Georgetown University’s Center for Retirement Initiatives.
She called these “fundamental and persistent challenges” to Americans’ retirement confidence and security.
Yet, several states have launched so-called “auto-IRA” programs to boost worker access and try closing the retirement savings gap.
Auto-IRAs require businesses that don’t offer a retirement plan to facilitate payroll deduction into a state-run program. They’re still in the “early stages of implementation,” but have already accumulated 845,000 new funded accounts and 212,000 registered employers, she said. More

YOUR GUIDE TO NAVIGATING YOUR FINANCIAL FUTURE

Feeling financially secure can mean many things, among them peace of mind about your money situation, earning enough to both cover bills and save for the future, or having resources to weather an unexpected expense.
Among U.S. respondents in a new CNBC survey, some of the most common components to feeling financially secure included having no outstanding debts (59%), high levels of savings (47%) and owning their own home (45%).
Here’s how boosting your money knowledge can help you feel more financially secure, according to members of the CNBC Global Financial Wellness Advisory Board.

In your quest to feel financially secure, don’t discount financial literacy as a tool.
CNBC’s International Your Money Financial Security Survey polled roughly 500 people each in nine countries. Of the 498 people surveyed in the U.S., 70% reported feeling “very” or “somewhat” stressed about their personal finances. The poll was conducted by SurveyMonkey.

Top sources of that stress include several factors outside consumers’ control, including inflation (65%), economy-wide instability (35%) and high interest rates (27%). Others pointed to elements in their personal situation such as a lack of savings (44%), credit card debt (26%) or a layoff or loss of income (16%).

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

Boosting your money knowledge can be empowering, members of the CNBC Global Financial Wellness Advisory Board say, particularly when you’re trying to achieve financial security in tough economic conditions.
“Financial education is like being able to swim,” said Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center, or GFLEC. “It’s a good skill and it becomes of particular importance when you end up in a storm.”

Security ‘means different things to different people’

There’s no one set definition for financial security.
“It means different things to different people, and it means different things to different people at different parts of our lives,” said Laura Levine, president and CEO of the Jump$tart Coalition for Personal Financial Literacy.

Depending on who you ask, it might mean feeling peace of mind about your money situation, earning enough to both cover bills and save for the future, or having resources to weather an unexpected expense.
“Getting to a place of financial security for some is just having some dollars put away for emergencies,” said Billy J. Hensley, president and CEO of the National Endowment for Financial Education, or NEFE. “That goes a long way to relieving stress.”
Among U.S. respondents in the CNBC survey, some of the most common components to feeling financially secure included having no outstanding debts (59%), accumulating “high levels” of savings (47%) and owning their own home (45%).

When it comes to achieving that security, 44% of U.S. respondents said the most important part is spending less than you make, followed by 29% who point to having a steady, well-paid job.
Just understanding that financial security is a highly personal goal — and one that doesn’t necessarily require significant income or assets — can help you feel more secure, said Levine. For example, she said, if a person can say, “I’m not a millionaire, but I can pay my bills and feed my family,” that may represent financial security for them.

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Money knowledge plays an ‘important role’

Studies show that learning more about money can improve your financial situation.
“There is an important role for financial literacy here,” said GFLEC’s Lusardi, who is also a senior fellow at the Stanford Institute for Economic Policy Research and director of the Initiative for Financial Decision-Making.
The TIAA Institute-GFLEC Personal Finance Index, which has been conducted annually since 2017, includes questions to gauge respondents’ basic financial knowledge as well as queries into their personal money habits and well-being.
Among other outcomes, consumers who got high scores on the financial literacy questions were significantly less likely than those with low scores to have difficulty making ends meet in a typical month, to lack emergency savings or to be unable to come up with $2,000 to cover an unexpected expense, according to the 2023 report.

People tend to put their newfound financial knowledge to use quickly, which shows in how they approach decisions, said NEFE’s Hensley.
“There’s a confidence that comes with knowing,” Hensley said.
As with investments, even small improvements can compound, he said — motivating you to keep going.
Here are three moves that can help you learn more about money and feel more financially secure in the process:

Talk about money: Many people find it difficult to talk to friends and family about money. But keeping your struggles and goals a “hidden, secret thing” holds you back, said Yanely Espinal, director of educational outreach for Next Gen Personal Finance. “The moment you start opening up talking with other people … that in and of itself can help you feel more financially secure because you know you’re not alone in this,” she said.

Seek advice: “People assume that financial literacy means understanding everything yourself,” said Jump$tart’s Levine. But really, Hensley said, “it helps you understand what you can manage and when to ask for help.” Looping in a financial advisor, counselor or other expert can help you fuel your knowledge and make progress toward your goals.

Make a plan: Mapping out how you’ll use newfound financial knowledge can be powerful, considering many elements of financial security can take time to achieve, Espinal said. For example, laying out a timeline and strategies you’ll employ to pay off debt can boost your confidence long before you zero out that balance. “That alone creates a sense of security,” she said. “It contributes to that sense of, ‘I am on that path.'”

(Espinal, Hensley, Levine and Lusardi are all members of the CNBC Global Financial Wellness Advisory Board.) More

YOUR GUIDE TO NAVIGATING YOUR FINANCIAL FUTURE

There’s still time for some tax filers to qualify for a tax break known as the retirement saver’s credit, or saver’s credit, for 2023 taxes.
Despite the incentive, only 5.7% of taxpayers claimed the saver’s credit for tax year 2021, according to IRS estimates.

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Some retirement savers can still snag an extra tax incentive for 2023. However, most eligible filers don’t claim it, according to the IRS.
The retirement savings contribution credit, or “saver’s credit,” can help low- to moderate-income filers offset part of the funds added to an individual retirement account, 401(k) plan or other workplace plan.

You can still make a 2023 contribution to an IRA before the April 15 filing deadline to “earn a special tax credit,” according to the IRS.

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

How the saver’s credit works

You can claim as much as 50% of retirement contributions up to $2,000 for single filers or $4,000 for married couples filing jointly, for maximum credits of $1,000 or $2,000, respectively.
The tax break offers a dollar-for-dollar reduction of levies owed, which could reduce your tax bill or boost your refund.
But there are income limitations.
For 2023, your adjusted gross income can’t exceed $21,750 for single filers or $43,500 for married couples for the 50% credit. The percentages drop to 20% and 10%, respectively, as earnings increase, with a complete phase-out above $36,500 for individuals or $73,000 for joint filers.

Still, if you qualify for the saver’s credit, you could score multiple tax breaks for a last-minute deposit, including a possible deduction for pretax IRA contributions or future tax-free growth for Roth IRA deposits, said Mark Steber, chief tax information officer at Jackson Hewitt.

Why few filers claim the saver’s credit

Despite the incentive, only 5.7% of taxpayers claimed the saver’s credit for tax year 2021, according to IRS estimates. There are a few reasons for the slim percentage, experts say.  
Millions of low-earning Americans have little or no tax burden, and the saver’s credit isn’t refundable, meaning you can’t get the credit without owing on your taxes.
“If you don’t have much of a tax burden, or any tax liability at all, the value of the credit is extremely limited or potentially zero,” said Emerson Sprick, associate director for the Bipartisan Policy Center’s Economic Policy Program.

If you don’t have much of a tax burden, or any tax liability at all, the value of the credit is extremely limited or potentially zero.

Emerson Sprick
Associate director for the Bipartisan Policy Center’s Economic Policy Program

Plus, “most people don’t know this credit exists,” Sprick said.
Indeed, fewer than half of U.S. workers are aware of the saver’s credit, according to a recent survey from the Transamerica Center for Retirement Studies. 
However, even if someone has a tax liability and knows about the credit, they need to have enough money to save, Sprick said.
In 2027, the saver’s credit is scheduled to convert to a saver’s match from the federal government, which could address some of the current restrictions. But retirement savings barriers remain, experts say.
“The most effective way to bring people into the retirement savings ecosystem is through employer-sponsored retirement plans” with automatic contributions, Sprick said.
While access has improved, many Americans still don’t have a workplace retirement plan.

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Would-be homebuyers need to earn $113,520 a year to afford the typical house in the U.S. — 35% more than what the typical household earns annually, which is $84,072, according to a new analysis by real estate site Redfin.
February 2021 was the last month when the typical household earned more money than they needed to afford the median home. They’ve been in a deficit ever since, said Chen Zhao, a senior economist at Redfin.

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Housing costs are outpacing median household incomes in the U.S., further straining affordability.
Would-be homebuyers need to earn $113,520 a year to afford the typical house in the U.S. That is 35% more than what the typical household earns annually, which is $84,072, according to a new analysis by Redfin, a national real estate brokerage site.

“Since the pandemic, affordability has just totally collapsed,” said Chen Zhao, a senior economist at Redfin. 
February 2021 was the last month when the typical household earned more money than it needed to afford the median home. There’s been a deficit ever since, Zhao said.
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“That deficit hit a peak in October of 2023,” she added. “The reason why it hit a peak then is because that’s when mortgage rates peaked as well.”
Meanwhile, home prices also remained high because of an inventory crunch: the median sale price for a house was $412,778 in February 2024, according to Redfin.

Affordability deficit narrowed in February

The average household fell short $29,448 to afford a home in February, according to Redfin. In October 2023, households were short by $40,810. At that time, buyers needed an average income of $120,500 to afford a home.
The affordability deficit narrowed because mortgage rates have been on a consistent decline since the last peak in October, according to Zhao. At that peak, the average 30-year fixed mortgage rate hit 8% for the first time since 2000.

“It’s been a pretty big change since last October,” Zhao said. 
Other reasons such as seasonal pricing may be reflected, as home prices tend to decline in the winter months, said Jeff Ostrowski, a housing analyst at Bankrate.
However, potential buyers are still on the sidelines, said Veronica Fuentes, a certified financial planner at Northwestern Mutual.
“They’re either holding off or they’re taking their time,” she said.
Recent layoffs in the technology industry have affected some of her clients’ attitudes, Fuentes said. While her clients may not be on the chopping block, seeing their co-workers get laid off has made many of them more cautious.
“If you were laid off, could you still afford this mortgage? Do you have six months [of] emergency savings or even a year [of] emergency savings? … Can you still afford the mortgage for six months if you have no job?” Fuentes said.

Navigating high costs in the housing market

In a time when a potential buyer needs to earn about $114,000 a year to afford a median-priced house in the U.S., a starter home would make the most sense for price-sensitive buyers, experts say.
A potential buyer should make about $76,000 a year to afford a starter home, which Redfin defines as a home in approximately the bottom 1/3 of the housing distribution in terms of price.
Starter homes are hard to come by. Home builders over the past 15 years or so have moved away from building entry-level homes, said Ostrowski.
For almost the entire second half of the 20th century, someone could buy a home for $120,000 in many parts of the U.S., he said.
“That just doesn’t exist anymore,” Ostrowski said.
Buyers could seek lower costs in certain markets in the U.S. There are 13 metropolitan areas where buyers might afford the typical home without earning six figures, Redfin found. 
In Detroit, the typical household needed to earn $46,168 to afford the median-priced home in February, making it the most affordable market in the country. It was followed by Cleveland ($58,186), Pittsburgh ($61,603), St. Louis ($66,755) and Philadelphia ($73,182). The other metros where homebuyers making less than $100,000 can afford the typical home are Indianapolis, Cincinnati, Milwaukee, Warren, Michigan; Kansas City, Missouri; Virginia Beach, Virginia; San Antonio, Texas, and Columbus, Ohio.

What’s to come for the housing market

Experts say borrowing costs should come down as the Fed solidifies its plans to cut back interest rates. Home price growth is also expected to soften as inventory increases.
New listings climbed 5% during the last four weeks ended March 17, the biggest year-over-year jump since May 2023, Redfin found.
“People are getting kind of tired of waiting, so we’re starting to see a lot more inventory come on,” Zhao said.
However, take this with a grain of salt, Ostrowski said, as the outlook six months ago was very different from how things played out.
“If you’re ready and you can afford it, buy now,” he said. “Conditions probably aren’t going to get significantly better.”
Indeed, while the combination of lower rates and boosted supply should help with affordability, “it’s not going to completely change the picture,” said Zhao.

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The “quiet luxury” trend has been hard to shake, even though, these days, most Americans are more likely to live paycheck to paycheck.
As more Americans are put off by fast fashion, investing in quality clothing that lasts longer than one season makes economical and environmental sense, some experts say.
Budget-conscious consumers can still achieve an “old money” look by shopping secondhand.

Actress Gwyneth Paltrow enters the courtroom for her trial in Park City, Utah, March 24, 2023.
Rick Bowmer | Getty Images

“Quiet luxury” is back under a new name: old money style.
The quiet luxury trend, marked by expensive materials in muted tones, caught on in a big way after Gwyneth Paltrow’s ski accident trial last March, even when most Americans were living paycheck to paycheck.

At the start of the new year, “loud budgeting” was seemingly the antidote — encouraging consumers to take control of their finances and make money-conscious decisions, rather than modeling purchase behaviors after celebrities and their bottomless pockets.  
But experts say quiet luxury is still alive and well, although the emphasis is now on “old money,” which is still expensive but grounded in a timeless, classic look and lifestyle — with or without the generational wealth.

What is ‘old money style’?

“We are enamored with the old money style and its easy-to-wear classic clothes, it’s familiar and comforting,” said Sonya Glyn, editor of Parisian Gentleman, an online fashion blog, and host of “Sartorial Talks” on YouTube.
Quiet luxury, classic prep and even “mob wife” all fall under the old money aesthetic, which is reflective of the current economic climate, according to Glyn.
In the wake of the Covid pandemic, Americans’ financial circumstances became increasingly divided during the so-called K-shaped recovery, which left the wealthiest Americans even better off than before.

Unlike other periods of prosperity, quiet luxury is rooted in understated colors and high-end craftsmanship rather than the bold color palette and flashy logos of previous economic peaks that were felt more broadly nationwide.
“It was a combination of discretion and snobbery,” Glyn said.
At the same time, the trend hit on a formula that works and is easily replicated with neutral tones or completely monochromatic looks.  

Why quiet luxury won’t go away

Young adults, especially, are becoming more conscious about buying pieces that can survive more than one season, according to Thomaï Serdari, professor of marketing and director of the fashion and luxury program at New York University’s Stern School of Business. 
In many ways, it’s the antithesis of fast fashion, which has a very well-known sustainability problem and environmental toll largely due to significant greenhouse gas emissions and the introduction of cheaper plastic fibers. 
“That is the new mindset that has allowed quiet luxury to stick around a little longer,” Serdari said.

Even budget-conscious consumers can achieve a “big money” look by shopping for vintage clothing and accessories secondhand, Glyn said. “The idea is to buy things that last,” she said.
“It’s still quiet luxury because you are still buying high-level items,” Glyn added. “It’s glamorous.”
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This type of quiet luxury is “overdue,” Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida, recently told CNBC.
As persistent inflation makes many Americans feel stretched too thin, it’s time to shift away from a “keeping up with the Joneses” mentality.
“Find quality things that last a lot longer — that’s better than throwaway pieces,” said McClanahan, who also is a member of CNBC’s Advisor Council.

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YOUR GUIDE TO NAVIGATING YOUR FINANCIAL FUTURE

 Last year, the IRS received 294,138 complaints of reported identity theft, the second most in its history — and the agency’s criminal investigation agents identified more than $5.5 billion in tax fraud. 
 If you receive an email, text or call from an unknown company offering to assess your potential tax savings or get you a bigger refund, be wary.
The IRS says it will “never initiate contact with taxpayers by email, text, or social media regarding a bill or tax refund.” 

Karl Tapales | Moment | Getty Images

As the April 15 federal tax deadline draws near, most taxpayers have less than two weeks to submit their 2023 individual tax return or file an extension — but for scammers, that’s still ample time to try to steal filers’ personal and financial information. 
Last year, the IRS received 294,138 complaints of reported identity theft, the second most in its history. The agency’s criminal investigation agents identified more than $5.5 billion in tax fraud. 

As of its March 22 report, the IRS has processed 79.2 million federal returns — almost half of the 167 million individual tax returns it expects to be filed this season, according to IRS spokesman Eric Smith. 

As part of its National Financial Literacy Month efforts, CNBC will be featuring stories throughout the month dedicated to helping people manage, grow and protect their money so they can truly live ambitiously.

Taxpayers who have yet to submit their return or tax payment need to take precautions, fraud experts say. 
“File electronically or go directly into the post office to mail out your tax returns or a tax payment,” said Jennifer Hessing, fraud analytics director at Wells Fargo. “External mailboxes can be targets for theft as scammers look to steal personal information or checks being sent out for tax payments.”
Here are three common tax scams and ways to avoid them: 

Beware of unsolicited emails, texts, phone calls

If you receive an email, text, or call from an unknown person or company offering to assess your potential tax savings or get you a bigger refund, be wary.

The pitch could go like this: “We would love to get that [refund] to you as easily and as quickly as possible. All you need to do is provide us with some information, and we’ll make that happen,” said Steve Earls, head of consumer data security at IDShield. “If you’re like, ‘I don’t trust you, do you have a phone number I could call?’ They even have fake call centers. It’s all the same kind of conglomerate.”  
Calls, emails or text messages from scammers posing as legitimate tax or financial organizations may also ask you for valuable personal and financial information that can lead to identity theft. 

Third-party offers to set up your IRS account

Other schemes may help you set up an online account at IRS.gov to fill out and process your return more quickly. You may be asked for your Social Security number or Individual Taxpayer Identification Number and a photo ID to set up the online account.
Then the fraudster can sell that information or use it themselves to file fraudulent tax returns, open credit card accounts or get loans.  

‘Ghost tax preparers’

A “ghost tax preparer” may prepare your return but fail to sign the document or provide their address or tax ID number. They may assume you’ll sign a return without verifying this information and have then already captured your personal and financial information. 
One of the easiest ways to spot a scam is when a taxpayer hires someone to prepare a return and information on the paid preparer section of the return is missing or says “self-prepared,” said Los Angeles-based certified public accountant Miklos Ringbauer.
“That should be the very first and utmost red flag for a client when they are looking at the return to review,” he said. “A taxpayer should never file a return and just sign without reviewing their returns.”

Tips to avoid tax scams

The IRS will usually contact you through regular mail, not by phone. The agency says it will “never initiate contact with taxpayers by email, text, or social media regarding a bill or tax refund.” 

Only use the approved authentication process available on IRS.gov. 

Reporting tax scams
If you believe you are a victim of a tax scam, immediately report it to government officials. 

The IRS advises reporting all unsolicited emails claiming to be from the IRS or an IRS-related entity to phishing@irs.gov. 

If you’re a victim of identity theft, the Federal Trade Commission offers a step-by-step guide on what to do at identifytheft.gov.

CNBC’s Stephanie Dhue contributed reporting.
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Singapore, Denmark and U.S. are the best places in the world to conduct business, according to the Economist Intelligence Unit business environment ranking.
EIU’s ranking is measured based off indicators such as inflation, cost of living, economic growth, and fiscal policies. 
Some notable “big improvers” that scored well in the index were countries like Greece, Qatar and India.

Singapore topped the list on the Economist Intelligence Unit’s business environment ranking.
franckreporter | E+ | Getty Images

Singapore, Denmark and U.S. are the best places in the world to conduct business, according to the Economist Intelligence Unit business environment ranking.
“Singapore will remain the best geography in the world to do business, as it has for the past 16 years,” EIU’s Country Forecast Manager and Europe analyst, Prianthi Roy, told CNBC.

Factors driving the Southeast Asian nation’s place as a premier business destination is its political stability and the government’s focus on helping domestic private-sector companies upgrade technologically, she said.
The EIU’s ranking assesses the attractiveness of doing business across 82 countries and territories, and is measured based on indicators such as inflation, cost of living, economic growth, and fiscal policies. 
The gauge also offers insights to which economies are better placed for growth than others, and an “effective way to identify where an uptick in investment spending may soon be coming,” said EIU’s analysts.

Top 10 economies

Behind Singapore are Denmark and the U.S., which took the second and third spots respectively.
Denmark, with its “solid macroeconomic fundamentals” and high quality transport and digital infrastructure lends itself as one of the world’s most attractive business locations, Roy said.

Market opportunities will remain favorable in the U.S., especially with few restrictions to foreign trade and investment in the U.S., she added.

“Singapore, Denmark and the U.S. are projected to have the best business environments over the next five years,” the report showed.
Germany and Switzerland placed fourth and fifth, while Canada, Sweden, New Zealand, Hong Kong and Finland make up the rest of the top 10 best places in the world to do business.
“These are all advanced economies and long-standing strong performers in our index, so tend to be safe bets for investments,” the report stated, but cautioned that both headline and per-capita GDP growth rates are likely to remain stable and relatively slow.

Countries making the biggest improvements

Some notable “big improvers” that scored well in the index were countries like Greece, Qatar and India.
Greece saw the biggest improvement in business climate in the EIU’s index due to the reforms brought about by a pro-business government, the report showed.
Free market reforms promised by Argentina’s President Javier Milei, aimed at boosting private enterprise and attract foreign investment, propelled the country’s sharp improvement in rankings to the second most improved business environment.
“India is the only single-country market that offers a potential scale comparable to that of China,” the report said, adding that the country’s young demographic profile bodes well for its labor force and future demand. India ranked third on the list of most improved business environments. More

Social Security beneficiaries who have to pay back excess benefits to the agency may have less money withheld from their monthly checks, as new policies take effect.
Affected beneficiaries may also qualify to have those repayments waived.

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Social Security beneficiaries who owe money to the Social Security Administration may see much lower default withholding rates from their monthly checks, thanks to new policies that are going into effect.
As of March 25, the Social Security Administration will no longer collect 100% of a total monthly Social Security benefit payment to recoup the money a beneficiary owes due to overpayment of benefits.

Instead, the agency will collect either 10% of a beneficiary’s total monthly benefit or $10 — whichever is greater.
But there may be a short period where beneficiaries are still affected by the old policy, the agency announced Friday.
If that happens, affected beneficiaries should call the Social Security Administration at 1-800-772-1213 to lower their withholding rate, the agency said.
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The new rules apply to overpayments, which are triggered when the amount of benefits due is miscalculated and checks are sent for higher sums than what beneficiaries are owed.

When that happens, the Social Security Administration is required by law to seek repayment of the excess money paid to beneficiaries. But it might not be clear that an overpayment has happened for years, sometimes resulting in overpayment notices for tens of thousands of dollars.
In recent years, the problem with overpayments has become worse, said David Camp, CEO at the National Organization of Social Security Claimants’ Representatives.
“There were always far too many overpayments,” Camp said, as the agency has struggled over the years with limited or outdated resources. “Although in the last few years, it’s been a steady, though shockingly high, sum total of overpaid individuals.”
Supplemental Security Income, or SSI, beneficiaries who face strict limits on their income and assets are particularly vulnerable to overpayment issues, Camp said.
The Social Security Administration said it is working to curb the burden to affected beneficiaries.
“We are no longer going to have that clawback cruelty of intercepting 100% of a payment if people do not respond to our notice,” Commissioner Martin O’Malley said during recent testimony before the Senate.

While the new repayment threshold applies to new overpayments, beneficiaries who currently have an overpayment withholding rate greater than 10% can contact the Social Security Administration to have that lowered, the agency said.
All affected beneficiaries should call the agency about the 10% repayment rate, Camp said, but they need to approach the process with patience. The Social Security Administration does not have enough staff to answer a high volume of calls, so beneficiaries should expect a hold time, Camp said, as well as processing time.
The Social Security Administration is also implementing other new policies to address overpayments, including shifting the burden of proof away from Social Security claimants when determining who is at fault for the error.
The maximum time for repayment plans is being extended to 60 months, up from 36 months. It will also be easier for beneficiaries to request a waiver so they don’t have to pay back the sums.
“The great majority of claimants never request a waiver, although many of them could qualify,” Camp said.
That’s particularly true for beneficiaries who are struggling to meet their basic needs or who are at risk of being evicted because they are repaying Social Security, he said.
“Claimants ought to know that they can also ask for not having to pay it back at all if it wasn’t their fault and they can’t afford to repay,” Camp said.
To request a waiver, a beneficiary must fill out a form.
Since O’Malley was sworn in as commissioner in December, he has taken some “very aggressive steps” toward addressing the overpayment issues that vex beneficiaries, said Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare.
“They’re so reasonable, it makes you wonder why no one did it before,” said Richtman, referring especially to the end of the policy of withholding all of a beneficiary’s monthly payments until the entire overpaid sum is repaid.
“That’s a huge burden on most beneficiaries who live on Social Security or the majority of their income is Social Security,” Richtman said. More