Home Blog Page 7

My fiance’s rich parents want me to quit work when we marry, but lost it when I asked for a trust in case we divorce

0

[ad_1]

When a young couple takes that big step into marriage, managing finances and expectations can be a little tricky.

Take Karlie and Tim, for example. These 27-years-olds recently got engaged and have started having discussions about what their married life should look like. Karlie, who earns more than $170,000 per year, makes a lot more money than Tim, who earns a modest teacher’s salary. They split all of their bills, but Tim supplements his income with a trust fund that’s in the low seven figures.

Recently, Tim’s parents insisted that Karlie quit her job after the two are married to focus on being a stay-at-home mom, but Karlie doesn’t want to give up her career.

Instead, she decided to offer a compromise, suggesting that Tim’s family — who are very wealthy — set up an irrevocable trust for Karlie, contributing her gross earnings yearly for 35 years with anticipated raises and promotions. This would protect her in case of divorce and ensure her a healthy retirement.

But Tim’s family was incensed with my suggestion. Meanwhile, Tim doesn’t want to sign a prenuptial agreement that would transfer half of his assets to Karlie if the marriage doesn’t work out.

So, what should Karlie do to protect her financial future? To figure that out, let’s get into the numbers.

As of 2024, America’s divorce rate sits between 40% and 50% for first marriages. With this in mind, Karlie is wisely choosing to protect herself and her future finances in the event that her marriage with Tim comes to an end.

Without a prenuptial agreement, Karlie may be blocked from claiming a percentage of Tim’s trust fund in the event of a divorce. Even in community property states — which considers a married couple as joint owners of nearly all assets acquired in marriage — Tim’s trust fund was set up before he married Karlie, therefore it belongs solely to him.

The most Karlie could hope to claim would be a percentage of Tim’s teacher salary for the years they were married, as well as half of any assets they might acquire during that time.

Furthermore, men tend to fare much better financially than women after divorce. According to PubMed Central, women in America experience an estimated 27% decline in their standard of living following a divorce, while men experience a 10% increase under the same circumstances.

[ad_2]

Source link

Alabama toddler dies in hot car while in state custody

0

[ad_1]

The Birmingham Police Department is investigating the death of a 3-year-old boy who was trapped inside a hot car while in the custody of an worker contracted by the Alabama Department of Human Resources, the state’s child protective services agency, according to the Jefferson County Medical Examiner’s Office and the state Department of Human Resources.

Ke’Torrius “K.J.” Starkes Jr. had been left inside a car parked outside a home in Birmingham, Alabama, for several hours during the middle of the day on Tuesday, the Jefferson County Medical Examiner’s Office said.

It was humid with temperatures ranging from 93 to 96 degrees during the 12:30 to 5:30 p.m. window when K.J. was allegedly left alone inside the car. Heat index values, which factor in temperature and humidity to determine what it feels like in the shade, ranged from 101 to 105 degrees, according to CNN meteorologists.

The family says a worker, who was employed through a company contracted by the Alabama Department of Human Resources, picked K.J. up from daycare at 9:00 a.m. on Tuesday for a supervised visit with his father. That visit ended around 11:30 a.m., according to Courtney French, the family’s attorney.

“Rather than properly returning K.J. immediately to daycare, the worker made numerous personal errands with K.J. buckled in a car seat in the back of her car,” French told CNN.

CNN has contacted the contract company and the Birmingham Police Department but did not immediately hear back.

KJ was strapped inside the parked vehicle for hours outside the employee's home, the family's attorney told CNN. - Petway, French & Ford, LLP

KJ was strapped inside the parked vehicle for hours outside the employee’s home, the family’s attorney told CNN. – Petway, French & Ford, LLP

According to a timeline provided by the family attorney, the employee went home at 12:30 p.m., leaving K.J. “strapped inside the vehicle, with all windows up and the car engine off.” He was left in the parked car outside the employee’s home for more than five hours before the daycare reached out to her to ask why K.J. hadn’t returned, French said.

“The worker told law enforcement that it was only then that she realized K.J. was still in her vehicle,” French said, noting that 911 was then called. K.J. was pronounced dead at 6:03 p.m., according to the medical examiner’s office.

The Alabama Department of Human Resources said the incident occurred while the child was “in DHR custody” and “being transported by a contract provider.” The department noted that their contract provider has terminated their employee.

“Due to confidentiality, DHR cannot comment further regarding the identity of the child or the exact circumstances,” the agency said in a statement Saturday.

K.J.’s death is the first hot car death in Alabama this year and he is at least the 16th child to die in a hot car nationwide in 2025, according to Amber Rollins, the director of Kids and Car Safety, a nonprofit organization dedicated to its namesake issue.

CNN’s Linda Lam contributed to this reporting.

For more CNN news and newsletters create an account at CNN.com

[ad_2]

Source link

Huawei shows off AI computing system to rival Nvidia’s top product

0

[ad_1]

SHANGHAI (Reuters) -China’s Huawei Technologies showed off an AI computing system on Saturday that one industry expert has said rivals Nvidia’s most advanced offering, as the Chinese technology giant seeks to capture market share in the country’s growing artificial intelligence sector.

The CloudMatrix 384 system made its first public debut at the World Artificial Intelligence Conference (WAIC), a three-day event in Shanghai where companies showcase their latest AI innovations, drawing a large crowd to the company’s booth.

The system has drawn close attention from the global AI community since Huawei first announced it in April. Industry analysts view it as a direct competitor to Nvidia’s GB200 NVL72, the U.S. chipmaker’s most advanced system-level product currently available in the market.

Dylan Patel, founder of semiconductor research group SemiAnalysis, said in an April article that Huawei now had AI system capabilities that could beat Nvidia.

Huawei staff at its WAIC booth declined to comment when asked to introduce the CloudMatrix 384 system. A spokesperson for Huawei did not respond to questions.

Huawei has become widely regarded as China’s most promising domestic supplier of chips essential for AI development, even though the company faces U.S. export restrictions. Nvidia CEO Jensen Huang told Bloomberg in May that Huawei had been “moving quite fast” and named the CloudMatrix as an example.

The CloudMatrix 384 incorporates 384 of Huawei’s latest 910C chips and outperforms Nvidia’s GB200 NVL72 on some metrics, which uses 72 B200 chips, according to SemiAnalysis.

The performance stems from Huawei’s system design capabilities, which compensate for weaker individual chip performance through the use of more chips and system-level innovations, SemiAnalysis said.

Huawei says the system uses “supernode” architecture that allows the chips to interconnect at super-high speeds and in June, Huawei Cloud CEO Zhang Pingan said the CloudMatrix 384 system was operational on Huawei’s cloud platform.

(Reporting by Brenda Goh and Liam Mo; Editing by Hugh Lawson)

[ad_2]

Source link

‘It’s just a question of time’

0

[ad_1]

A chain of islands off the coast of West Africa is on the brink of disappearing amid rising sea levels.

What’s happening?

Nyangai Island is one of seven inhabited islands that comprise the Turtle Islands in Sierra Leone. The island was once home to over a thousand residents and three villages, but in the last decade, much of Nyangai’s surface area has disappeared under the rising ocean.

Caledonian Record reports that two-thirds of the island has vanished and only 300 inhabitants remain.

Those left behind are living in severely cramped conditions and lack basic infrastructure. Homes are regularly lost to floods, and there’s very little space left to rebuild. Soon, the island will be uninhabitable, and a local climate expert predicts the other islands will be gone within 10-15 years: “The entire archipelago will go, it’s just a question of time.”

The remaining inhabitants have little hope that their homes can be saved. A community leader and longtime resident, Amidou Bureh, said: “Our worry is the water, that the water will destroy us.”

Why are rising sea levels such a concern?

Compounding the tragic fate of Nyangai is the sense of injustice. The fishing community has had almost no part in creating the conditions that have led to the crisis unfolding before their very eyes. The planet-heating pollution from dirty energy is accelerating the loss of sea ice, causing coastal erosion and leading to the disappearance of entire island communities worldwide.

Watch now: Giant snails invading New York City?

Worse still, rising ocean temperatures create ideal conditions for increasingly frequent and severe extreme weather events. It’s no longer a matter of whether people will be displaced; it’s already happening, but of how many. Even in the best-case scenario, people will be forcibly displaced at a level not seen since World War II.

What’s being done to protect vulnerable communities?

Unfortunately for the residents of the islands, their plight is largely falling on deaf ears. A USAID program attempted to slow down the erosion by planting mangroves, but this had little effect, according to Mongabay. Now, with foreign assistance all but gone, even those token efforts will cease.

With a GDP per capita of just $915, Sierra Leone has limited capacity to handle the population displacement. A global crisis requires a unified response, and that’s possible through awareness, collective, and individual actions. Accelerating the adoption of clean energy will at the very least slow down the rise and buy valuable time for the world’s most vulnerable communities.

Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

[ad_2]

Source link

Earth Has Tilted 31.5 Inches. That Shouldn’t Happen.

0

[ad_1]

Here’s what you’ll learn when you read this story:

  • When humans pump groundwater, it has a substantial impact on the tilt of Earth’s rotation.

  • Additionally, a study documents just how much of an influence groundwater pumping has on climate change.

  • Understanding this relatively recent data may provide a better understanding of how to help stave off sea-level rise.


Water has power. So much power, in fact, that pumping Earth’s groundwater can change the planet’s tilt and rotation. It can also impact sea-level rise and other consequences of climate change.

Pumping groundwater appears to have a greater consequence than ever previously thought. But now—thanks to a study published in the journal Geophysical Research Letters—we can see that, in less than two decades, Earth has tilted 31.5 inches as a result of pumping groundwater. This equates to.24 inches of sea level rise.

“Earth’s rotational pole actually changes a lot,” Ki-Weon Seo, a geophysicist at Seoul National University and study lead, says in a statement. “Our study shows that among climate-related causes, the redistribution of groundwater actually has the largest impact on the drift of the rotational pole.”

With the Earth moving on a rotational pole, the distribution of water on the planet impacts distribution of mass. “Like adding a tiny bit of weight to a spinning top,” authors say, “the Earth spins a little differently as water is moved around.”

NASA research published in 2016 alerted us to the fact that the distribution of water can change the Earth’s rotation. This study in Geophysical Research Letters attempts to add some hard figures to that realization. “I’m very glad to find the unexplained cause of the rotation pole drift,” Seo says. “On the other hand, as a resident of Earth and a father, I’m concerned and surprised to see that pumping groundwater is another source of sea-level rise.”

The study included data from 1993 through 2010, and showed that the pumping of as much as 2,150 gigatons of groundwater has caused a change in the Earth’s tilt of roughly 31.5 inches. The pumping is largely for irrigation and human use, with the groundwater eventually relocating to the oceans.

In the study, researchers modeled observed changes in the drift of Earth’s rotational pole and the movement of water. Across varying scenarios, the only model that matched the drift was one that included 2,150 gigatons of groundwater distribution.

Surendra Adhikari, a research scientist at NASA’s Jet Propulsion Laboratory who was involved in the 2016 study, says the additional research is important. “They’ve quantified the role of groundwater pumping on polar motion,” he says in a news release, “and it’s pretty significant.”

Where the water moves from—and to—matters. Redistributing water from the midlatitudes makes the biggest difference, so our intense water movement from both western North America and northwestern India have played a key role in the tilt changes.

Now that the impact of water movement is known for such a short—and relatively recent—time, digging through historical data may help show trends and provide greater depth to the understanding of groundwater movement effects.

“Observing changes in Earth’s rotational pole is useful,” Seo says, “for understanding continent-scale water storage variations.”

This data may also help conservationists understand how to work toward staving off continued sea level rise and other climate issues. Hopefully, changes can be properly implemented over time.

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

Photo credit: Hearst Owned

Photo credit: Hearst Owned

Get the Issue

You Might Also Like

[ad_2]

Source link

‘It took us 25 years to prove why’

0

[ad_1]

According to the Cornell Chronicle, years of efforts to remove an invasive species of smallmouth bass from an Adirondack lake have led scientists to a surprising discovery about why these efforts have not been successful.

What’s happening?

Smallmouth bass may be a native North American species, but the species was only introduced to the Adirondacks in the 1900s. After their introduction, the smallmouth bass did what invasive species do and quickly took over many of the region’s lakes, which resulted in significant declines in native fish populations.

However, despite 25 years of efforts to eradicate the smallmouth bass from these lakes, the populations continued to thrive. Now, researchers have published a study with the surprising reason why eradication efforts have failed.

According to the study, which was published in the Proceedings of the National Academy of Sciences journal, efforts to physically remove this species from these lakes to decrease the population size were unsuccessful because, over time, the smallmouth bass evolved to mature earlier and grow more quickly, resulting in smaller fish but a larger overall population.

One of the senior researchers on the study, Peter McIntyre, explained: “Twenty-five years ago, Cornell’s Adirondack Fishery Research Program set out to test whether we could functionally eradicate smallmouth bass from a lake. It took us 25 years to prove why the answer is no: the fish evolved to outmaneuver us.”

Why are evolving invasive species concerning?

Invasive species, like smallmouth bass, already cause a plethora of problems when introduced to new ecosystems, so if they can evolve to avoid eradication, these issues worsen.

Watch now: Giant snails invading New York City?

Because invasive species spread so rapidly, they can destroy native species and ecosystems by outcompeting them for food and other vital resources. Invasive species can also introduce new diseases into ecosystems, which can decimate native species populations.

Depending on the type of invasive species, other problems caused by their introduction could include impacted human food supplies, more extreme weather patterns, and altered soil chemistry.

However, by prioritizing and protecting native species, as researchers tried to do in the Adirondacks by removing smallmouth bass, food supplies are protected, the spread of disease is limited, and natural resources are better conserved.

What’s being done about the smallmouth bass?

The discovery of the smallmouth bass’s evolution to outwit eradication highlights the need to prevent invasive species from entering ecosystems in the first place.

However, for the smallmouth bass already in these Adirondack lakes, removing them less often or only removing a particular subset may be the solution. Doing this might reduce the bass’s evolutionary need to adapt, but more research will be needed to determine this.

As one researcher said, according to the Cornell Chronicle: “Long-term studies of management efforts are critical, not only for deepening our understanding of natural ecosystems, but also for evaluating the effectiveness of specific management tools.”

Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

[ad_2]

Source link

Man suffers spinal injuries after jumping off boat near North Shore beach

0

[ad_1]

Generate Key Takeaways

A young man was flown to the hospital with spinal injuries after police say he jumped off a boat and struck his head near a beach on the North Shore of Massachusetts on Friday.

Emergency crews responding to a report of a person who dove off a boat, struck his head, and suffered a serious injury off Crane Estate in Ipswich just after 5 p.m. learned that a man in his 20s was undergoing life-saving care on Steep Hill Beach, Ipswich Police Chief Paul Nikas and Ipswich Fire Chief Paul Parisi said in a joint news release.

When crews arrived at the beach, they learned that he had suffered acute spinal injuries and called for a Boston MedFlight helicopter, according to Nikas and Parisi.

The helicopter landed on the beach, where firefighters and EMS personnel treated the conscious man, who was then flown to Lahey Hospital and Medical Center in Burlington for additional care.

Parisi credited Crane Beach personnel with pulling the man from the water and performing life-saving measures that “likely averted a fatality.”

The incident remains under investigation.

Download the FREE Boston 25 News app for breaking news alerts.

Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW



[ad_2]

Source link

5 Luxury SUVs That Will Have Massive Price Drops Before 2025 Ends

0

[ad_1]

Many luxury SUVs are getting big price cuts as 2025 comes to an end. Dealers have more cars than buyers, and many models are changing or getting replaced. According to Lauren Fix from Car Coach Reports, high prices and slow demand mean better deals for Americans searching for a luxury SUV.

Discover More: 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025

For You: 5 Cities You Need To Consider If You’re Retiring in 2025

Rising loan rates and expensive insurance make owning a luxury SUV even harder this year. Electric SUVs have the sharpest price drops, but gas-powered models are not immune, especially those facing a redesign. Waiting until late in the year could help buyers find bigger discounts as dealers try to move outgoing models.

Here are five luxury SUVs with the largest price drops expected before the end of 2025.

BMW iX

The BMW iX is dropping in price quickly as new electric models and tech updates come out. According to Kelley Blue Book, the BMW iX xDrive50 can lose $51,000 in value over five years, keeping only $37,000 of its original price. Dealers are discounting the iX to clear space for new versions and match slow demand from buyers.

Fix notes that struggling sales and a high starting price are leading to strong incentives on the iX. Americans shopping for this SUV in late 2025 could see lower prices and special finance offers from dealers. Patience may pay off for those waiting until the model year ends.

Check Out: I’m a Car Expert — 5 Most-Improved Luxury Cars That Are Now Worth Your Money

Mercedes-Benz EQE SUV

“Overproduction and weak consumer interest in all-electric luxury SUVs, including the Mercedes-Benz EQE SUV,” Fix said. Large price drops are common as electric SUV demand slows and new features make older models feel outdated. Earlier this year, when Mercedes-Benz rolled out massive discounts on 2025 high-end EVs, the EQE SUV price was slashed by $8,000.

Fix added that high lease returns put even more pressure on dealers, making it easier to bargain for a good deal. Many buyers pick newer technology, which means current models are often discounted by the end of the year. With these developments, it’ll be smart to watch out for extra incentives, stacked on top of already lowered prices, before 2025 ends.

Cadillac Lyriq

The Cadillac Lyriq sees regular markdowns, with more cars than buyers available at most dealerships. According to GM Authority, current deals include low-interest loans, cash rebates and lease offers with extra perks. Buyers can find a $2,000 incentive if they own a vehicle from another luxury brand, plus loyalty bonuses from Cadillac.

Fix points out that Cadillac is lowering prices to keep up with new, cheaper rivals offering longer range. As a result, late 2025 could bring even deeper discounts for those ready to buy or lease. Big rebates and extra cash back help buyers get more value for a new Lyriq.

Audi Q8 e-tron

Audi’s Q8 e-tron is about to be redesigned, and dealers are eager to sell the current version.

According to Kelley Blue Book, it can lose more than $50,000 in value over five years, leaving a resale price of nearly $23,000. This full-size electric SUV is getting marked down as stores look to avoid old inventory stacking up before new versions launch.

Fix explains that strong competition from other electric SUVs adds to the downward price pressure. Watch for deep discounts at stores hoping to clear the Q8 e-tron before the next big update. Buyers can use this timing to ask for better deals and incentives.

Genesis GV60

The Genesis GV60 is losing value fast because it is less well-known and faces heavy competition.

Kelley Blue Book lists cash-back deals, with special bonuses for groups like first responders, college graduates and military members. Dealers have also advertised extra incentives for those choosing a Genesis over other luxury brands.

Fix shares many Americans pick more established luxury names, giving power to those willing to make a switch. Newer electric SUVs with better features cause GV60 prices to stay low through deep discounts and rebates. Waiting for year-end clearance could help buyers save even more.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: 5 Luxury SUVs That Will Have Massive Price Drops Before 2025 Ends

[ad_2]

Source link

Delta’s struggles with the airport lounge and the angst of the upper middle class in the age of ‘elite overproduction,’ explained

0

[ad_1]

That’s why the declining pleasure of the airport lounge resonates for a deeper reason: it’s a metaphor for the declining prospects of the upper middle class in an age of “elite overproduction,” which argues that certain societies grow so rich and successful that they produce too many people of premium education for the number of premium jobs—or premium experiences—that the economy can actually support.

The elites have been so overproduced that you can literally see them—in lines stretching out of airport lounges.

Several factors make Delta’s overcrowding issue particularly severe, and they have to do with how Delta is really trying—and, as Bastian says, succeeding—in offering a premium service to a large, affluent customer base. Delta offers more comprehensive food and beverage options than many competitors, so travelers linger longer, compounding capacity issues. Indeed, when reached for comment, Delta confirmed that its SkyMiles program has seen “unprecedented engagement,” and its member satisfaction is higher than ever. Delta said it’s committed to continuous investment to further please customers, which includes “modernizing and expanding our lounges.”

Generous lounge access deals with American Express (including non-Delta-branded Platinum Card holders) have greatly expanded eligibility, overwhelming facilities. As more travelers achieve status or purchase high-tier tickets, both due to credit card spending and business travel rebounds, demand for lounge space has increased beyond what legacy facilities can handle.

Delta isn’t alone in its lounge struggles, as shown by its partner, American Express, which has tried to physically expand many of its Centurion Lounges. Those have gone from the epitome of exclusivity and comfort to another kind of crowded waiting room—albeit with arguably better snacks and Wi-Fi.

The root of the problem is the same: too many people now have access. The proliferation of premium credit cards, airline status programs, and paid day passes has democratized lounge entry, eroding the exclusivity that made these spaces desirable in the first place. It is unclear if Delta expanded too far, too fast, or if it was surprised by the number of lounge lovers in its clientele. UBS Global Wealth Management has noted a surprising trend in the upper middle class: the rise of the “everyday millionaire,” or people whose assets fall between $1 million and $5 million. These are exactly the kind of people who would see themselves as lounge-worthy, and likely frustrated to find their small-M millionaire status doesn’t go so far.

The consequences for travelers are palpable. Social media and travel forums are rife with stories of travelers paying hundreds of dollars in annual fees only to find long lines clogging, say, New York’s JFK terminals on a daily basis. The proof is abundant on TikTok. On the other hand, expectations are heightened. Travel research firm Airport Dimensions has conducted an “airport experience report” for over a decade and found in 2024 that airport lounges are a contradiction: the definitive democratic travel luxury.

This widespread expectation—and dissatisfaction—is not just a matter of comfort. For many, the lounge was a symbol of having “made it”—a reward for loyalty, status, or financial success. Its decline has become a source of frustration and even embarrassment, especially for those who remember a more exclusive era. There’s an emotional trigger behind an unpleasant lounge experience.

The overcrowding of airport lounges is more than a logistical headache—it’s a microcosm of a broader societal phenomenon. University of Connecticut professor emeritus Peter Turchin has developed a controversial theory of “elite overproduction” which posits that frustration and even instability result when a society produces more people aspiring to elite status than there are elite positions. It’s an unorthodox theory from an unorthodox academic: Turchin is an emeritus professor at UConn, research associate at the University of Oxford and project leader at the Complexity Science Hub-Vienna, leading research in a field of his own invention: Cliodynamics, a type of historical social science.

The catch with Turchin’s theory is that his own type of complexity science takes on a pseudo-prophetic quality, similar in some ways to William Strauss and Neil Howe’s “Fourth Turning.” And Turchin has foreseen that the United States has reached a stage repeated in civilizations throughout history, when it has produced too many products of elite education and social status for the realistic number of jobs it can generate. Decline and fall follows, Roman Empire-style. The Atlantic profiled Turchin in 2020, warning “the next decade could be even worse.” Several writers have expanded on his ideas since then, approaching it from their distinctive and different sensibilities.

Ritholtz Wealth Management COO Nick Maggiulli posted to his “Of Dollars and Data” blog on the subject of airport lounges specifically, writing that the “death of the Amex lounge” simply shows that “the upper middle class isn’t special anymore,” although he did not specifically link this to the concept of elite overproduction. “There are too many people with lots of money,” he concluded.

In the context of airport lounges, the “elite” are not just the ultra-wealthy, but the vast upper middle class—armed with a combination of higher degrees, status, and premium credit cards—now jostling for the same perks. But what if much of society has been turning into some version of an overcrowded airport lounge?

In an interview with Fortune Intelligence, Turchin said this theory makes sense and fits with his thesis when presented with the similarities. “The benefits that you get with wealth are now being diluted because there are just too many wealth holders,” he said, citing data that the top 10% of American society has gotten much wealthier over the past 40 years. (Turchin sources this statement to this working paper from Edward Wolff.)

Turchin said lounges are not by definition restricted from expansion in the same way that political offices are, with a core element of his thesis being there are too many sociopolitical elites for the number of positions open to them, but “it’s the same thing” in light of the difficulties many providers have in expanding lounge access. “There is a limited amount of space, but many more elites now, so to speak … low-rank elites.” Turchin said these low-rank elites, or “ten-percenters,” don’t have the status typically associated with elite status. “The overproduction of lower-ranking elites results in decreased benefits for all.”

When asked where else he sees this manifesting in modern life, Turchin said “it’s actually everywhere you look. Look at the overproduction of university degrees,” he added, arguing that declining rates of college enrollment and high rates of recent graduate unemployment support the decreasing value of a college diploma. “There is overproduction of university degrees and the value of university degree actually declines. And so the it’s the same thing [with] the lounge.”

Noah Smith argues that elite overproduction manifests as a kind of status anxiety and malaise among the upper middle class. Many find themselves struggling to afford or access the very symbols of success they were promised—be it a prestigious job, a home in a desirable neighborhood, or, indeed, a peaceful airport lounge. He collects reams of employment data to show that Turchin’s theory has significant statistical support from the 21st century American economy.

Freddie DeBoer largely agrees, framing the issue as “why so many elites feel like losers.” He focuses more on the creator economy than Smith, but asserts that he sees “think many would agree with me about “a pervasive sense of discontent among people who have elite aspirations and who feel that their years toiling in our meritocratic systems entitles them to fulfill those aspirations.”

In its lounge strategy, Delta is trying to walk a fine line: Offering a premium service to a class of consumers that is becoming more and more mass-market. CEO Ed Bastian acknowledged as much on the company’s latest earnings call. While touting the fortunes of Delta’s target customers, households making $100,000 or more a year, Bastian noted the income cutoff “is not, by the way, an elite definition—that’s 40% of all U.S. households.”

Beginning February 2025, Delta implemented new caps on annual lounge visits for American Express cardholders, setting a maximum of 15 visits per year and requiring exceptionally high annual spending ($75,000+) to re-unlock unlimited access. Basic Economy passengers, meanwhile, are permanently excluded from lounge access, further tightening entry. Travelers can only enter lounges within three hours of their flight’s departure time, discouraging extended stays and unnecessary early arrivals.

Delta is opening and upgrading lounges in key markets: New Delta One Lounges in Seattle, New York-JFK, Boston, and Los Angeles feature larger spaces, exclusive amenities, and new design concepts for premium passengers. Major expansions are under way in hubs like Atlanta, Orlando, Salt Lake City, and Philadelphia, with multiple new or enlarged clubs opening between spring and late 2025—some over 30,000 square feet in size, making them among the largest in the network. Renovations to existing lounges (e.g., Atlanta’s Concourses A and C) are aimed at maximizing capacity and improving guest experiences. Delta is also exploring emergency overflow options and flexible staffing to address unpredictable surges, especially during weather and operational delays.

Delta executives are optimistic. They predict that by 2026, most crowding issues—aside from extreme disruptions—will be resolved on “almost all days.” Continued investments in larger, better-designed lounges, coupled with tighter access controls, are expected to restore the premium experience customers expect.

However, critics note that crowding still occurs at peak times, especially in flagship locations, and design/layout flaws occasionally undermine even the newest clubs. The success of Delta’s fix-it agenda is being closely watched by both rivals and loyal travelers.

But Delta may be overmatched in rehabilitating the overcrowded airport lounge as a potent symbol of this broader malaise. What was once a marker of distinction is now a crowded, noisy, and often disappointing experience. The democratization of luxury, while laudable in some respects, has left many feeling that the rewards of success are increasingly out of reach—or at least, not what they used to be.

As airlines grapple with how to restore the magic of the lounge, they are also confronting a deeper truth: in an age of elite overproduction, the promise of exclusivity is harder than ever to keep.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

This story was originally featured on Fortune.com

[ad_2]

Source link

I Asked ChatGPT How Much the Average Middle-Class Retiree Spends Monthly at Age 75: Here’s What It Said

0

[ad_1]

Retirement spending statistics are often valuable to consider, whether one is comparing and contrasting said figures with their budgetary situation as retirees or plotting a comfortable path to enjoy one’s golden years.

Read More: The 7 Best Retirement Towns You’ve Never Heard Of (But Should Consider in 2025)

Find Out: Clever Ways To Save Money That Actually Work in 2025

ChatGPT is growing in popularity as an artificial intelligence (AI) research tool as well as a personal finance tipster, so it may be valuable to consult its take on exactly how much a middle-class retiree might be expected to spend when they reach age 75. Here’s what it said — though, as always, it’s best to take generative AI data with a pinch of salt.

ChatGPT gestured toward data from the Federal Reserve of St. Louis (FRED) and the Bureau of Labor Statistics (BLS) as its primary sources.

However, on first glance, while the module did cite BLS table 1300 as an accurate source, it did not correctly identify $53,481 as the mean annual expenditure for Americans aged 75 and older (instead providing a much lower figure of $36,673) in 2022 survey data terms.

Once course-corrected, however, ChatGPT provided the following breakdown of expenditures, inflation-adjusted for 2025.

  • Housing: $29,145

  • Food: $7,249

  • Healthcare: $9,694

  • Transportation: $5,390

  • Entertainment: $2,696

  • Cash contributions (donations, gifts, alimony or child support): $3,851

  • Apparel and services: $1,219

  • Personal insurance: $963

  • Miscellaneous: $3,977

That amounts to a projected total of $64,184 in annual expenses for middle-class retirees in this age group in 2025. What the future holds is uncertain, and these figures may be less than concrete, but they do provide a general guideline as to what one can expect reality to look like.

Discover Next: The Money You Need To Save Monthly To Retire Comfortably in Every State

A few notable pieces of insight that the LLM issued as part of a category breakdown included the fact that housing was, by far, the largest expense — “even in mortgage-free households” — due to property taxes, maintenance, utilities and insurance.

Healthcare did tick upward versus other age groups, logically, but was perhaps less than anticipated due to Medicare coverage.

Cash contributions reflected a strong pattern of generosity and gifting within this age cohort, and transportation remained expensive (including gas, insurance and repairs) even though older Americans reported less driving frequency.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: I Asked ChatGPT How Much the Average Middle-Class Retiree Spends Monthly at Age 75: Here’s What It Said

[ad_2]

Source link