Personal Finance

AI-Powered IRS? New Federal Report Maps The Future Of Tax Collection

Tanya Rawat — Thu, 18 Jun 2026 12:54:29 +0000

An Internal Revenue Service advisory panel on Wednesday released a report recommending 18 reforms aimed at modernizing the U.S. tax system, including broader use of artificial intelligence, stronger fraud prevention and expanded digital taxpayer services.

The Electronic Tax Administration Advisory Committee, or ETAAC, is a federal panel created to help guide the IRS on electronic tax administration and digital filing through annual recommendations to Congress.

The panel said the agency must adapt as tax fraud grows more sophisticated and taxpayer expectations continue to evolve.

"Together, we can continue to build a tax administration system that is modern, secure, and responsive to the needs of all taxpayers," Amy Miller, chair of the IRS Electronic Tax Administration Advisory Committee, said in the report.

Technology And AI Push

A major focus of the report was upgrading the IRS's aging technology systems, which officials said continue to slow processing and create inefficiencies.

ETAAC urged the IRS to expand artificial intelligence for fraud detection, identity verification and workflow automation. It also recommended creating a public dashboard showing where AI is used and how privacy, bias and security ...

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As Crypto "Wrench Attacks" Rise, Insurers Now Offer Kidnap-And-Ransom Coverage

Kenneth Rapoza — Wed, 17 Jun 2026 18:41:06 +0000

Cryptocurrency is having a moment and it's not a good one. Bitcoin (CRYPTO: BTC) is underperforming the Dow and Nasdaq. Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) blockchains have been duds for investors all year and are underperforming Bitcoin. Investors' dwindling crypto holdings are being stolen. Crypto theft broke a record in 2025. What more can go wrong? How about "wrench attacks" now? They're on the rise, too.

At least 32 individuals suffered wrench attacks last year, with industry reports highlighting the surge in these violent, in-person thefts. These are beyond open your wallet to discover a $0 account balance. Wrench attacks are actual physical violence against crypto holders. Incidents involve home invasions, kidnappings, and torture with high losses reported, according to CertiK.

Wrench attacks are a global phenomenon. French crypto holders witnessed at least five in January – one per week. Jameson Lopp, CTO at Casa, a digital assets security company, compiled a list on GitHub of known Bitcoin ransom activity worldwide.

Lopp's data tells a clear story: what was once a rare occurrence has become a global and increasingly violent phenomenon. In 2025, he documented 74 attacks versus 41 in 2024 and more than triple the count from 2023. The first few months of 2026 suggest no slowdown. Roughly 23 attacks have been documented in the first quarter.

Certik estimates over $100 million lost so far this year to wrench attacks.

"There are signs that international organizations are using crypto leaks and other sources to identify targets, and then hiring local criminals to execute the actual attacks," said Hugh Karp, founder of Nexus Mutual, an insurance firm that provides crypto risk coverage. "The first reported kidnappings or attacks were back in 2015, but it has accelerated dramatically over the last few years."

In January 2026, Waltio, a company specializing in crypto accounting, issued a warning about a data breach. Multiple sources established an operational link between these leaks and the wave of kidnappings observed in France shortly afterwards.

Crypto risk managers and insurers ...

Full story available on Benzinga.com

A Starter Home For $1 Million? That's Now The Reality In These 242 US Cities

Tanya Rawat — Tue, 16 Jun 2026 07:27:58 +0000

Buying a starter home is becoming increasingly expensive across the U.S., with entry-level homes now costing at least $1 million in a record 242 cities, according to a Zillow analysis published Monday.

The number of cities with million-dollar starter homes has nearly tripled from 80 in February 2020, highlighting how pandemic-era housing pressures continue to reshape affordability across the country.

Zillow defines a starter home as a home in the lowest third of home values in a given region. While the typical starter home nationwide is still worth $198,649, million-dollar entry-level homes are spreading well beyond traditional high-cost coastal markets.

Pandemic Pricing Shift

Zillow said the pandemic fundamentally reset the cost of homeownership as a long-standing housing shortage collided with strong demand and historically low mortgage rates, driving home values sharply higher.

"The pandemic reset the cost of buying a home, spreading million-dollar starter homes from a handful of coastal states to more than two dozen states across the country," Zillow senior economist Kara Ng said.

A total of 26 states now have at least one city with million-dollar starter homes, up from just nine before the pandemic.

California continues to lead with 105 cities where starter homes cost at least $1 million. But ...

Full story available on Benzinga.com

Elizabeth Warren Warns Trump: Raising Social Security Retirement Age Could Cut Benefits Up To 35%

Tanya Rawat — Mon, 15 Jun 2026 13:08:48 +0000

Sen. Elizabeth Warren (D-Mass.) is pressing President Donald Trump to clarify whether his administration is considering raising the Social Security retirement age as the program's funding deadline draws closer.

In a letter sent Sunday, Warren cited the latest Social Security Trustees Report, which projects the retirement trust fund will be depleted in late 2032. If Congress takes no action, incoming payroll tax revenue would be enough to pay only 78% of scheduled retirement benefits.

"Republicans have a history of attempting to increase the retirement age, privatize Social Security, or otherwise cut Social Security benefits," Warren wrote, warning that some Republicans have floated raising the retirement age or means-testing benefits as potential solutions.

Benefit Cut Warning

Warren argued that raising the retirement age would effectively reduce benefits for millions of Americans.

Social Security's full retirement age is currently 67 for people born in 1960 or later. Raising that threshold would force workers to wait longer to receive full benefits, while those claiming earlier would face steeper reductions.

According to Warren, increasing the retirement age by two years could reduce median monthly retirement benefits by $345 to $741, or roughly ...

Full story available on Benzinga.com

Medicare Isn't Going Away In 2033, But Retirees Face A Bigger Threat: Rising Healthcare Costs

Tanya Rawat — Mon, 15 Jun 2026 10:36:07 +0000

Retirees may not need to panic about Medicare disappearing in 2033, but experts say they should now prepare for a future where healthcare consumes a bigger share of retirement income.

According to the latest Medicare Trustees Report, Medicare's Part A Hospital Insurance trust fund is projected to be depleted in 2033. Even if that happens, Medicare would not stop operating. Incoming revenue would still be sufficient to cover about 89% of scheduled Part A expenses.

Katy Votava, president of Goodcare and author of Making the Most of Medicare, said the report should not be viewed as a sign that Medicare is disappearing, TheStreet reported.

"I don't think Medicare will disappear," Votava said.

The Bigger Risk May Be Healthcare Inflation

The more immediate concern for retirees may be rising healthcare costs rather than trust fund depletion.

Medicare Part B spending is projected to grow 8.5% annually through 2030, while Part D spending may rise 9.4% annually, according to the latest Medicare Trustees Report. Rising spending could also put upward pressure on premiums over time.

Votava noted that Medicare Part B's base premium has already risen 66.6% over the past decade, far ...

Full story available on Benzinga.com

Health Insurance Costs Keep Soaring As Workers Pay More Out Of Pocket: 'Healthcare Costs Have Never Been Higher'

Tanya Rawat — Mon, 15 Jun 2026 09:06:01 +0000

Market commentator The Kobeissi Letter warned that the surge in U.S. health insurance costs shows no signs of slowing, signaling growing financial pressure on both employers and workers.

Health Costs Surge

In a post on X on Sunday, The Kobeissi Letter cited a recent report from Mercer showing health benefit costs per employee are expected to rise 6.7% year-over-year in 2026 to at least $18,500, marking the biggest annual increase in 15 years.

The Mercer report, released on June 11, found health insurers are also expected to raise the cost of employer group plans by more than 6% for the fourth consecutive year. Nearly half of large U.S. employers are expected to raise deductibles, copays or other out-of-pocket costs for workers in 2027.

The Kobeissi Letter added that around 66% of large U.S. firms may increase monthly employee premium contributions next year, while workers who frequently visit doctors and fill prescriptions could see healthcare costs rise by as much as 8% year-over-year.

"U.S. healthcare costs have never been higher," The Kobeissi Letter wrote.

The surge in US health insurance costs shows no signs of slowing:

Health benefit costs per employee are ...

Full story available on Benzinga.com

Coast FIRE Is Rising as Young Investors Seek Freedom Without Extreme Saving

Tanya Rawat — Mon, 15 Jun 2026 07:05:52 +0000

The traditional FIRE movement, short for Financial Independence, Retire Early, has long been associated with extreme saving, aggressive investing and retiring decades before the typical retirement age. But a growing number of younger investors are turning to a more flexible version known as Coast FIRE.

According to Business Insider, Coast FIRE allows people to save and invest enough early in life so their portfolio can compound over time and eventually fund retirement, even without large future contributions.

Unlike traditional FIRE, Coast FIRE does not mean quitting work completely. Instead, after reaching a "Coast FIRE number," investors may only need to earn enough to cover current living expenses while their investments continue growing in the background.

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A Middle Path Between Burnout And Freedom

Andy Hill, founder of Marriage Kids ...

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Social Security Math Is Getting Harder for Retirees, Experts Warn Benefits Come With A Hidden Cost

Tanya Rawat — Mon, 15 Jun 2026 06:10:42 +0000

Claiming Social Security at 62 may feel like the obvious move, especially as concerns over the program's long-term funding grow. But experts say locking in benefits too early could permanently shrink retirement income and cost retirees thousands over time.

Under Social Security Administration benefit calculations, workers with a full retirement age of 67 could see monthly benefits reduced by about 30% if they claim at 62, while delaying until 70 could increase benefits by roughly 24%.

For example, someone eligible for $2,000 per month at 67 would receive only $1,400 at 62, but about $2,480 at 70.

When 62 Makes Sense

Claiming early is not always a mistake. CNN cited Jack Smalligan, senior policy fellow at the Urban Institute, who said individuals in poor health or with shorter life expectancy may benefit from claiming earlier. In some cases, disability benefits may even offer better support than reduced retirement benefits.

Early claiming may also make sense ...

New Projections Show Social Security Could Be Depleted By 2032: Report

Justin Giles — Sun, 14 Jun 2026 17:30:47 +0000

Over the past month, recent surveys and trends have shown a consistent signal: households are still spending and saving, but confidence is eroding. Gallup shows affordability is still the dominant concern, the Fed's household survey highlights a widening gap between spending behavior and sentiment, and even "hidden" costs like homeownership are reshaping expectations about stability.

Now that same disconnect is starting to show up in a new place — how clients think about the reliability of Social Security as a core piece of retirement income. Most retirement plans still quietly assume Social Security will be "mostly intact." That assumption is doing more work in financial planning models than many advisors realize.

New projections suggest the Social Security retirement trust fund could be depleted by 2032. If no legislative fix occurs, benefits would be reduced by about 24% across the country under current law. On average, that translates to roughly a $500 monthly ...

Full story available on Benzinga.com

Mark Cuban Was Once Richer Than Elon Musk And Jeff Bezos Combined— But The Reason He 'Didn't Care' Will Surprise You: 'I Was Trying To Win With...'

Namrata Sen — Sat, 13 Jun 2026 18:31:12 +0000

Billionaire Mark Cuban disclosed that he was once wealthier than Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and Amazon.com (NASDAQ:AMZN) founder Jeff Bezos combined, but his focus stayed on his other interests.

Speaking on the House of Haymakers podcast earlier this month, the Shark Tank star revealed “there was a time” when his net worth exceeded that of the top two tech billionaires combined. But he said, “I didn’t care. I wasn’t trying to maximize my wealth, I was trying to win with the Mavs (Dallas Mavericks).”

Cuban also warned against the concentration of wealth, citing 10-15 companies that are now trillion dollars; at the same time, there are 4,900 that haven’t yet joined the league.

“Overconcentration of wealth is a problem. Now, the question is, how do you respond to it?” asked Cuban

Cuban then shared how he was able to maintain his wealth due to a strategic move he made when selling his company to Yahoo ...

Full story available on Benzinga.com

Melania Trump Unveils New Plan To Give Foster Kids A Financial Head Start

Tanya Rawat — Fri, 12 Jun 2026 08:09:12 +0000

First Lady Melania Trump and Treasury Secretary Scott Bessent on Thursday announced the launch of Fostering the Future Accounts, a new expansion of Trump Accounts designed to help children in foster care build long-term savings and wealth.

The initiative allows state child welfare agencies to act as legal guardians for the purpose of opening government-backed savings and investment accounts for foster children, removing a major barrier that previously limited access.

Speaking at the Treasury Department on Thursday, Melania Trump said the program is aimed at giving foster youth the same financial opportunities as other children.

"Fostering the Future Accounts give foster children the same chance for asset ownership and long-term wealth building as every other American child," she said.

She also emphasized the broader goal of independence.

"America can offer services, help, and protection, but real freedom means being able to make independent choices about your own future," Trump said.

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SAVE Plan Exit Rush Begins— But Millions Of Student Loan Borrowers Haven't Moved Yet

Tanya Rawat — Fri, 12 Jun 2026 06:45:57 +0000

More than 300,000 federal student loan borrowers have exited the defunct SAVE repayment plan in recent weeks, but millions remain at risk as deadlines approach.

Nicholas Kent, a top official at the U.S. Department of Education, told CNBC on Thursday that borrowers still enrolled in the Biden-era Saving on a Valuable Education, or SAVE, plan could soon face significantly higher monthly payments if they fail to switch to a new repayment option.

Kent is a senior Trump administration official who helps oversee federal student aid policy and the government's student loan system.

"It's a problem for borrowers," Kent said. "They're not recognizing the benefit of making their payments."

He also delivered a blunt message: "SAVE borrowers have to move."

Deadline Pressure

The Biden administration launched SAVE in 2023 as a low-cost repayment plan designed to reduce monthly student loan payments. However, Republican-led legal challenges halted the program, and a federal appeals court ended it earlier this year.

The Trump administration is now transitioning borrowers out of SAVE. Borrowers are expected to receive notices from loan servicers starting around July 1 and will generally have about 90 days to choose a new repayment plan.

Kent said deadlines may vary throughout the summer ...
Full story available on Benzinga.com

Nvidia Millionaires Can't Afford To Sell, ETFs May Be Their Escape Route

Chandrima Sanyal — Thu, 11 Jun 2026 19:01:23 +0000

For years, investors who bought shares of big tech like Nvidia Corp (NASDAQ:NVDA), Apple, Inc. (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), and Tesla, inc (NASDAQ:TSLA), early, enjoyed one of the greatest wealth-creation cycles in market history. But that success has created a new problem: many of these investors are now trapped by enormous unrealized capital gains.

Selling even a portion of a concentrated position could trigger a substantial tax bill, leaving some investors reluctant to diversify despite growing portfolio risks. As a result, a growing corner of the ETF industry is developing solutions designed to help investors reduce concentration, gain broader market exposure, and potentially defer taxes along the way.

While artificial intelligence (AI) ETFs and crypto funds have dominated headlines in recent years, a major growth opportunity could come from investors seeking ways to transition highly appreciated stock portfolios into more diversified ETF structures.

The Concentration Problem

The issue is particularly acute among long-term holders of mega-cap technology stocks.

Nvidia shares have surged thousands of percentage points over the past decade, while Microsoft, Apple, and Tesla have also generated life-changing gains for early investors. For many, those positions now account for an outsized share of their net worth.

Financial advisors have long warned against excessive concentration risk. Yet selling can be costly. The dilemma has fueled interest in tax-aware portfolio management strategies, including direct indexing, exchange funds, tax-managed ETFs, and ...
Full story available on Benzinga.com

Patients Denied Care, Then Approved Later? Federal Watchdog Raises Medicare Advantage Concerns

Tanya Rawat — Thu, 11 Jun 2026 12:20:49 +0000

Federal investigators raised concerns about how Medicare Advantage plans handle requests for post-hospital recovery care, finding that many denials were later overturned on appeal.

Two reports from the Office of Inspector General at the Department of Health and Human Services earlier this month found that Medicare Advantage insurers frequently denied requests for skilled nursing facilities, inpatient rehabilitation facilities and long-term care hospitals. The reviews focused on some of the largest insurers in the program, including UnitedHealth Group Inc. (NYSE:UNH), Humana Inc. (NYSE:HUM) and CVS Health Corporation (NYSE:CVS).

One report found insurers denied about 13% of requests for skilled nursing facility care. About one in five patients appealed those denials, and nearly all were later approved. UnitedHealth, which handled the largest number of appeals, reversed 99.7% of its denials. Investigators said some initial denials may have resulted from incomplete medical records, but the high reversal rate suggested broader concerns about the review process. Because most patients never appealed, some may have gone home ...
Full story available on Benzinga.com

More Than 70 Million Americans Could Face 22% Social Security Benefit Cuts As Trust Fund Nears Depletion, New Report Predicts

Tanya Rawat — Wed, 10 Jun 2026 11:15:47 +0000

Social Security beneficiaries could face a 22% reduction in scheduled retirement benefits after 2032, according to the Social Security Board of Trustees’ annual report released Tuesday.

The trustees said the Social Security trust fund that pays retirement and survivor benefits is projected to exhaust its reserves in 2032. After that, incoming payroll tax revenue would be sufficient to cover only 78% of scheduled benefits.

The report affects a program that provides monthly benefits to more than 70 million Americans, including retirees, people with disabilities and surviving family members.

The trustees attributed the worsening outlook in part to demographic trends. Among the changes in this year’s projections, the report lowered its assumption for the U.S. fertility rate to 1.75 births per woman from 1.9 previously and cited lower expected immigration levels, both of which could reduce future payroll tax collections.

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