Why you should be checking your soical security statements - USA TODAY

Maurie Backman The Motley Fool

Published 10:00 AM EDT May 19, 2019

Millions of seniors today rely on Social Security as a crucial source of income in retirement. But if you're not careful, you could end up losing out on benefits due to nothing more than a clerical error.

Your Social Security benefits are calculated based on how much you earned during your 35 highest-paid years of earnings. The age you file at will play a role in determining your monthly payments as well. Waiting until full retirement age (either 66, 67, or somewhere in between) ensures that you get the full monthly benefit your earnings record entitles you to. Filing ahead of full retirement (you can claim benefits as early as 62) reduces your benefits, while delaying your filing past full retirement age increases your benefits (though this incentive runs out at age 70).

No matter when you file for Social Security, however, at the core of your benefits calculation is the information contained in your earnings record. But if that information is erroneous, you could lose out on critical income that's rightfully yours. The good news, however, is that you can avoid such a scenario by taking one simple step: checking your earnings statements year after year.

Be vigilant to avoid losing out

Your annual Social Security statements show what your taxable earnings look like, how much you've paid in Social Security and Medicare taxes, and what your monthly benefit might look like based on that information. But if these statements contain mistakes about your earnings, it could impact the amount you ultimately collect in benefits.

Imagine you earned $60,000 last year, only for some reason, the Social Security Administration (SSA) shows no income for you on file. That $0 could bring down your average wage over the 35-year period used to determine your benefits, thereby slashing your monthly payments.

That's why it's so important to review your Social Security statements year after year. If you're 60 or older, you'll get a copy of those statements in the mail, so all you need to do is not toss them out, and examine them instead. If you're not yet 60, you'll need to create an account on the SSA's website and access your statements there. Then, if you spot an error, you'll need to report it to the SSA immediately. The agency might ask for proof of your claim in return, such as pay stubs, tax returns, or any information that supports your assertions.

Don't give up money that's rightfully yours

As of 2018, less than half of the 39 million Americans with online Social Security accounts had checked their earnings statements over the previous 12 months. This means that a large chunk of workers are at risk of seeing their benefits lowered because of a reporting or administrative glitch. If you'd rather that not happen, set a yearly calendar reminder to log onto the SSA's website and review your statements. And if you're eligible to get yours in the mail, for the love of your future income, don't throw them away until you've had a chance to read them thoroughly.

Social Security impostor scam:It's growing, and this is how it works

Social Security needs a fix: Here's how much we'd need to raise taxes to get it done

The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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https://www.usatoday.com/story/money/2019/05/19/are-you-checking-your-social-security-statements-heres-why-you-should/39447699/

2019-05-19 14:00:00Z
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Defunct Bethlehem Steel's 21-story headquarters imploded - TribLIVE

30 minutes ago

BETHLEHEM, Pa. — Sixteen thousand tons of Bethlehem Steel collapsed in a matter of seconds Sunday as a demolition crew imploded Martin Tower, the defunct steelmaker’s former world headquarters.

Crowds gathered to watch the demolition of the Pennsylvania area’s tallest building, a 21-story monolith that opened at the height of Bethlehem Steel’s power and profitability but had stood vacant for a dozen years after America’s second-largest steelmaker went out of business.

Explosives took out Martin Tower’s steel supports and crumpled the 47-year-old building, which had earned a spot on the National Register of Historic Places despite its relatively young age. The implosion, which took 16 seconds, created a thick plume of dust that lingered for several minutes.

Tyler Kent, whose father worked at Bethlehem Steel for 46 years and raised 11 children, said his “heart stopped” as he watched the building fall. His father and other relatives took pride in working at the industrial behemoth that armed the U.S. military and helped shape skylines across the country,

“To see it come down brought a tear to my eye. I didn’t think it was going to affect me emotionally like it did, but I just can’t imagine it’s gone. It’s so sad,” said Kent, who could see the tower from his house.

Martin Tower’s current owners spent years trying to redevelop the 332-foot (101-meter) structure — the tallest in a heavily populated region of Pennsylvania that includes the cities of Allentown, Bethlehem and Easton — but ultimately concluded it made more economic sense to knock it down and start over. Plans call for a $200 million development with medical offices, retail stores, a restaurant, a convenience store, a hotel and 528 apartments.

Bethlehem Steel was a major supplier of ships and armaments to the U.S. military during World War II, and its steel is found in the Empire State Building, the Golden Gate Bridge and many other landmarks.

The company moved into its new corporate headquarters in 1972, shortly before the U.S. steel industry plunged into a severe recession. Bethlehem Steel, which employed more than 120,000 people when Martin Tower opened, declared bankruptcy in 2001 and closed for good two years later.

To some, the tower — built in a cruciform shape to maximize the number of corner offices — symbolized corporate excess.

“This is where the money went that the workers never got,” said Fran Maiatico, whose father worked at Bethlehem Steel. She was among hundreds of people who gathered several blocks away from the building Sunday to watch it come down.

Leonard Gentilcore, 88, a retired Bethlehem Steel structural draftsman who worked on Martin Tower, said he didn’t care that it was gone. He said he associated the building with out-of-touch company executives who helped drive Bethlehem Steel into the ground.

But his son, 49-year-old Mike Gentilcore, a former Bethlehem Steel metals researcher, said “it breaks my heart” that an important piece of the company’s history is no more. He recalled looking out the tower’s windows as a child, and later worked there himself.

“It’s the end of an era and I’m going to miss seeing it there,” he said.

The company’s flagship Bethlehem mill, less than 2 miles (3 kilometers) from Martin Tower, was redeveloped into a casino and entertainment destination 10 years ago.

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2019-05-19 12:54:54Z
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Shuttered steelmaker's 21-story headquarters implodes - New York Post

BETHLEHEM, Pa. — Sixteen thousand tons of Bethlehem Steel collapsed in a matter of seconds Sunday as a demolition crew imploded Martin Tower, the defunct steelmaker’s former world headquarters.

Crowds gathered to watch the demolition of the Pennsylvania area’s tallest building, a 21-story monolith that opened at the height of Bethlehem Steel’s power and profitability but had stood vacant for a dozen years after America’s second-largest steelmaker went out of business.

Explosives took out Martin Tower’s steel supports and crumpled the 47-year-old building, which had earned a spot on the National Register of Historic Places despite its relatively young age. The implosion, which took 16 seconds, created a thick plume of dust that lingered for several minutes.

Tyler Kent, whose father worked at Bethlehem Steel for 46 years and raised 11 children, said his “heart stopped” as he watched the building fall. His father and other relatives took pride in working at the industrial behemoth that armed the U.S. military and helped shape skylines across the country,

“To see it come down brought a tear to my eye. I didn’t think it was going to affect me emotionally like it did, but I just can’t imagine it’s gone. It’s so sad,” said Kent, who could see the tower from his house.

Martin Tower’s current owners spent years trying to redevelop the 332-foot (101-meter) structure — the tallest in a heavily populated region of Pennsylvania that includes the cities of Allentown, Bethlehem and Easton — but ultimately concluded it made more economic sense to knock it down and start over. Plans call for a $200 million development with medical offices, retail stores, a restaurant, a convenience store, a hotel and 528 apartments.

Bethlehem Steel was a major supplier of ships and armaments to the U.S. military during World War II, and its steel is found in the Empire State Building, the Golden Gate Bridge and many other landmarks.

The company moved into its new corporate headquarters in 1972, shortly before the U.S. steel industry plunged into a severe recession. Bethlehem Steel, which employed more than 120,000 people when Martin Tower opened, declared bankruptcy in 2001 and closed for good two years later.

To some, the tower — built in a cruciform shape to maximize the number of corner offices — symbolized corporate excess.

“This is where the money went that the workers never got,” said Fran Maiatico, whose father worked at Bethlehem Steel. She was among hundreds of people who gathered several blocks away from the building Sunday to watch it come down.

Leonard Gentilcore, 88, a retired Bethlehem Steel structural draftsman who worked on Martin Tower, said he didn’t care that it was gone. He said he associated the building with out-of-touch company executives who helped drive Bethlehem Steel into the ground.

But his son, 49-year-old Mike Gentilcore, a former Bethlehem Steel metals researcher, said “it breaks my heart” that an important piece of the company’s history is no more. He recalled looking out the tower’s windows as a child, and later worked there himself.

“It’s the end of an era and I’m going to miss seeing it there,” he said.

The company’s flagship Bethlehem mill, less than 2 miles (3 kilometers) from Martin Tower, was redeveloped into a casino and entertainment destination 10 years ago.

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2019-05-19 12:27:00Z
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How To Watch Bethlehem’s Historic Martin Tower Implosion And What To Expect - CBS Philly

BETHLEHEM, Pa. (CBS) – It’s this weekend’s big event in Bethlehem – the implosion of the historic Martin Tower. Eyewitness News was granted exclusive access to the 21-story building before Sunday’s implosion.

Martin Tower was the world headquarters for the former Bethlehem Steel Corporation and is the tallest building in Pennsylvania outside of Philadelphia and Pittsburgh.

The explosives and demolition industry have regulations in place at local, state and federal levels to ensure public safety. Crews are scheduled to monitor air quality before, during and after, the implosion. As a precautionary measure, residents are recommended to stay indoors, close all windows, doors and air intakes due to possible dust in the area. Residents are also recommended to turn off all exhaust fans as these might draw dust into your residence.

The following roads surrounding the tower will be closed on Sunday during the implosion:

Road Closure Timeline

• 5:00am Bethlehem Police will close Eighth Avenue from Union Boulevard to Bradford Street.
• 5:00am Bethlehem Police will close Eaton Avenue from Elizabeth Avenue to Ralston Road.
• 5:00am Bethlehem Police will close Route 378 North and South Exit Ramps at Eighth Avenue.
• 6:00am the Exclusion Zone surrounding the site will be closed to the public.
• 6:30am Bethlehem Police will begin closing Route 378 from Catasauqua Road to the Main Street Ramp.
• 7:00am approximately, as safety and preparations permit, Martin Tower will be demolished by implosion.
• 7:10am an assessment will be made by members of the project team to determine clean up activities prior
to opening any roadways. Any unaffected roadways will be reopened after inspection by Bethlehem Police
Department.
• It is estimated that by mid-morning all public rights of way will be open and the exclusion zone lifted.

You won’t be able to watch the implosion from your rooftop or fly your drone near the area from 6 to 8 a.m. But you can watch the implosion safely and from the comfort of your own home, live on CBSPhilly.com. Check back at 7 a.m. Sunday to watch the live stream below:

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2019-05-19 10:28:00Z
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Trump Shuts China's 'Backdoor' to Cyber Spying - American Greatness

President Trump on Wednesday signed an executive order in a prescient move to defend America’s national security against Chinese cyber espionage. Invoking his powers under the International Emergency Economic Powers Act, the president gave the Commerce Department 150 days to devise methods of implementing new rules for American companies that wish to trade with “foreign adversaries” designated as an “unacceptable risk” to U.S. national security.

While not specifically named in the president’s order, the Communist Chinese telecommunications company, Huawei, and some 70 affiliates are expected to be on the Commerce Department’s risk list.

The Trump Administration earlier precluded the U.S. government and its contractors from using Huawei products, for a host of reasons. The Justice Department has issued criminal charges against a top Huawei executive, the company, and several of its many subsidiaries for stealing trade secrets, as well as misleading banks in order to violate U.S. sanctions on Iran. The government further alleges that Huawei stole trade secrets from U.S. companies and competitors. Overall, Huawei is widely believed to engage economic espionage.

No wonder that in 2012, the House Intelligence Committee reported that Huawei and ZTE (China’s second-largest telecommunications company) facilitate the regime’s cyberespionage and should be banned from partnering and trading with American companies.

Given this congressional history, in a rare instance of bipartisanship in Washington, Democrats such as U.S. Senator Mark Warner (D-Va.) have hailed the president’s executive order as “a needed step,” due to the law in Communist China that mandates such companies must “act as an agent of the state.”

Critically, this cyber espionage threat stems from the potential of “backdoor” technologies being implanted in Huawei products and, hence, being used as a tool of intelligence gathering and cyberware by the Chinese; and it has spurred the United States to urge its allies to not partner with Huawei in developing their 5G infrastructures.

Huawei Fights Back
In light of President Trump’s executive order, Huawei continues to maintain its innocence of all allegations. The company has even gone to U.S. federal court to overturn the administration’s previous ban on the federal government and its contractors dealing with the company.

In particular, Huawei strenuously objects to the claim that their product has been found to have such a “backdoor” to aid Beijing’s cyber espionage in America or anywhere else. Further, the company is incensed CFO Meng Wanzhou was arrested in Canada on the outstanding U.S. warrant, and is currently fighting extradition. Indeed, Huawei is almost as incensed as the Communist Chinese government that has detained two Canadians (though, of course, the Beijing regime swears the two matters are unrelated).

Moreover, Huawei contends President Trump’s executive order hinders the development of “next-generation” technologies; “will not make the U.S. more secure or stronger”; and, will result in “inferior yet more expensive alternatives” that will hurt companies and customers and retard the implementation of 5G infrastructure in rural America.

Huawei does have a point here, as there will be an impact on the American economy—Huawei spends about $11 billion on purchases from numerous American companies. Yet the economic damage to Huawei will be greater, because in a poignant irony the Communist Chinese telecommunications juggernaut cannot potentially bestride and “backdoor” the world’s 5G infrastructure without U.S. technologies. No wonder, Huawei soothingly assures Washington, “We are ready and willing to engage with the U.S. government and come up with effective measures to ensure product security.”

Risible Assurances
Fortunately, the Trump Administration and the increasing bipartisan congressional consensus are unassuaged, for they understand such assurances are meaningless the minute the Beijing regime instructs Huawei otherwise—if it hasn’t already.

A cursory understanding of Communist ideology reveals that, no matter what “market reforms” are implemented, the party owns the means of production in a command and control economy. Should the Beijing regime decide to nationalize Huawei, the company would have no recourse but to submit.

Hard to imagine, then, Huawei refusing to comply with a directive to engage in cyber espionage at the insistence of a Communist regime that ignores international laws, treaties, and norms unless, of course, they are willfully and deliberately violating them.

Honestly, what kind of fools would swallow such risible assurances?

As it has in the instance of sanctioning the barbarous Iranian regime, Europe, however, resolutely vows to not “backing down” to the United States’ importuning to ban Huawei from their 5G infrastructure; and, as is its wont, promises to continue routinely bending over backwards for China, its second-largest trading partner. (Guess who is Europe’s largest trading partner?) Citing their fear of escalating the U.S.-China trade war and their own economic interests, the British, German, and French governments are poised to use Huawei.

As for potential risks to their own nations’ security interests, as well as those of their American ally?

Speaking at the Viva Technology conference in Paris, and knowing his audience, Vincent Pang, Huawei’s head of Western European business, noted that “in past 30 years, Huawei hasn’t had any cyber security issues”; and, in an intriguing, ironic echo of the “Open Door Policy,” said “closed doors doesn’t make it better for anybody.”

Neither do “backdoors” on telecommunications products to cyber spy on free peoples at the fiat of a nuclear-armed Communist dictatorship.

Such a Manichean Cold War-era mindset is pooh-poohed by the nuanced European diplomats and policymakers whose sophisticated 20th-century résumés include two world wars. Cue French President Emmanuel Macron:

Our perspective is not to block Huawei or any company . . . France and Europe are pragmatic and realistic. We do believe in cooperation and multilateralism. At the same time, we are extremely careful about access to good technology and to preserve our national security and all the safety rules . . . I think launching a trade or tech war vis-a-vis any country is not appropriate. First, it’s not best way to defend national security, second it’s not best way to defend the ecosystem.

First, I have no idea why he’s dragged the ecosystem into this argument. Communist China is one of the most polluted countries on earth. But, OK.

Second, as history teeters on the abyss of repeating itself, if European governments want to solely concern themselves with “practical” economic concerns, they need to recall the predatory economic policies of the Beijing regime that have never ceased and are only intensifying.

And, yes, again realize that an imperiled nation is an impoverished nation—as is a continent. No person can be secure or prosperous if Communist China has a backdoor to the communications of free nations.

Content created by the Center for American Greatness, Inc. is available without charge to any eligible news publisher that can provide a significant audience. For licensing opportunities for our original content, please contact [email protected].

Photo Credit: Chesnot/Getty Images

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2019-05-19 02:09:22Z
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Huawei CEO says company’s growth won’t be hurt much by US restrictions - South China Morning Post

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1. Huawei CEO says company’s growth won’t be hurt much by US restrictions  South China Morning Post
2. It’s not just Huawei. Trump’s new tech sector order could ripple through global supply chains.  Washington Post
3. Huawei CEO Expects Slight Impact From U.S. Curbs, Nikkei Reports  Bloomberg
4. Ericsson CEO dismisses Huawei challenge to disclose source code  South China Morning Post
5. Huawei founder says growth 'may slow, but only slightly' after U.S. restrictions  Reuters
6. View full coverage on Google News

https://www.scmp.com/news/china/article/3010806/huawei-ceo-ren-zhengfei-says-us-curbs-will-slow-growth-only-slightly

2019-05-18 19:59:54Z
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Let's face it, the Uber IPO was a disaster - Stuff.co.nz

ANALYSIS: A few years ago, tech stocks were hot property. New listings would land on Wall Street, investors would get really excited, and the market would drive the initial public offering through the roof.

This definitely didn't happen with Uber's initial price offering a few days ago.

Uber's initial public offering (IPO) was a car crash. Which is potentially terrible news for Uber, because it suggests that investors don't have confidence in the app-based cab company to defend or build on its position in the market.

AP

A banner for Uber is draped on the front of the New York Stock Exchange before the world's largest ride-hailing service holds its initial public offering.

And this, somehow, seems to be a surprise to Uber. 

READ MORE:
* Uber's disastrous record - worst dollar loss ever for a US IPO's first day
* Uber trades below last private value in rocky post-IPO start
* Uber makes its workers millionaires as it prices IPO at US$45 a share
* The great Uber strike: drivers make their demands known

We know this because Uber chief executive Dara Khosrowshahi, said so himself in a note he wrote to his staff on Monday.

"Obviously our stock did not trade as well as we had hoped post-IPO."

And that's putting it mildly. Calling it a "disaster" would be more accurate. Uber's US$45 (NZ$68.80) a share IPO price fell 7.6 per cent on its first day of trading, and tumbled another 11 per cent the following day, closing at US$37.10 a share.

Ouch.

How did this happen? Well, there are two main schools of thought here.

Optimists will point towards similar turbulent patterns tech firms have experienced in the weeks that followed their IPO.

Facebook's IPO, for example, was US$29.60 when it went public in May 2012. It then experienced an upwards trend to US$31.09 in the following month, before crashing down to a price of US$18.05 two months later.

Facebook's stock was priced at US$193.40 just last month, just US92 cents short of its record price. So a clear success.

On the other end of the scale, you have tech companies like Snapchat. Its IPO of US$27.09 dropped to US$19.54 in its first two months and continued to trend downwards. Snapchat's stock price reached a record low of US$4.99 in December 2018 and is now trading around the US$10 mark.

So, what does the future look like for Uber?

Good question. Now that Uber's gone public, it has an added responsibility to shareholders. This means it is a company that sooner or later will have to start returning a profit to pay its shareholders dividends. That's the name of the game, after all.

Let me start with the (slightly) good news. Uber released its IPO at an iffy time. Market confidence in tech stocks is not what it was a few years ago. It could be argued that market confidence has pushed Uber's price lower than what it's actually worth.

AP

Uber boss Dara Khosrowshahi arrives for the Tech for Good summit in Paris.

But I'm not buying that. We're definitely not in a bear market, and investors will snap up a good deal when it comes along. Tech stock or otherwise.

And Uber's US$3b operational losses last year, suggest that this nine-year old company simply doesn't represent that good of an investment opportunity.

But I'm a technology journalist, not Warren Buffet. Ultimately, the long-term performance of Uber's stock shouldn't be drastically affected by its early performance on Wall Street. Like all stocks, it will come down to two reasonably straightforward factors.

Is Uber likely to return a profit in future?

Is its position in the market defensible?

Both of these points are definitely up for debate. Uber famously doesn't own any large assets. It's software and industry reputation makes up 100 per cent of the company. Drivers aren't employees and can stop working for Uber at any time.

And the sharks are already circling. Lyft and Ola are two apps that offer largely the same service. If their market share grows and they offer self-employed drivers a large cut of fares, it's hard to see how Uber can defend its position without taking a smaller cut of fares (currently 20 per cent). But that would drive down profit, which would hurt their share price further.

SUPPLIED

Now that Uber's gone public, it has an added responsibility to shareholders.

More worryingly for Uber, there's also the very real possibility that drivers could unionise, or form a working cooperatively and launch a driver-owned rival to Uber.

Gig economy apps that are run by the workers themselves are already happening.

Look at Up & Go, for example. This is an app that's owned and operated by house-cleaning professionals in New York.

The benefits are easy to see. Just 5 per cent of fees go to Up & Go, and that's spent solely on software maintenance and development. The rest goes to the worker. Creating an obvious appeal for both the worker and community-focused users. Which should be everyone.

Up & Go as other benefits too. Its workers are all professionals who are peer-selected through reference checks, interviews, and trial cleanings.

If this model was adopted by taxi drivers the world over, it would be hard for Uber to compete.

Most of us would prefer for locally-spent money to actually stay local. And an on-demand app service that only takes a 5 per cent cut (for maintenance costs), compared to a faceless Silicone Valley app that takes a 20 per cent cut has obvious competitive and emotional advantages.

LAWRENCE SMITH/STUFF

David Court: "Let me start with the (slightly) good news. Uber released its IPO at an iffy time. Market confidence in tech stocks is not what it was a few years ago."

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2019-05-18 17:00:00Z
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