
Will you receive Social Security checks after you retire?
CBSN
Olivia Mitchell, a professor of business economics at Wharton, has warned her millennial children, now in their 30s, to lower their expectations about the Social Security checks they'll receive when they retire.
"They're going to have to work longer," Mitchell said. "They're going to have to save more. And they're going to have to expect less from the government. There will be something," she said, but the formula that's in place now won't be the same in the future.
Time is running out for Congress to solve the massive program's solvency problem. The Social Security trust fund reserves can pay out full benefits for current retirees until about 2033, a year earlier than previously expected, according to the latest calculations by the Congressional Budget Office. If Congress does nothing for the next decade, Social Security will only be able to pay out in benefits what it collects in revenues from payroll taxes, causing steep benefit cuts of about 25%.

A military dog is being hailed as a hero in Colombia after detecting a bomb planted by guerrilla fighters that exploded during a military operation, authorities said, adding that the wounded canine's actions saved the lives of dozens of soldiers and civilians. The incident was announced just two days after a bomb strapped to a donkey exploded in the same area, killing one soldier and wounding two others.

European markets mostly fell Monday as investors digested President Trump's latest trade war salvos, which saw him threaten to hit the European Union and Mexico with 30% tariffs starting on August 1. Mr. Trump's threat came after a series of announcements last week that included warnings of a possible 50% levy on all copper imports and all goods from Brazil, 35% levies on Canadian goods, and a possible 200% tariff on imported pharmaceuticals.

Emergency crews were forced to suspend search operations in Kerr County, Texas, on Sunday, as the area hit hardest by catastrophic flash flooding earlier this month faced a renewed flood threat. Officials in Texas' rural and flood-prone Hill Country have said at least 161 people from the area remain missing in the aftermath of destructive July 4 storms that caused the Guadalupe River to overflow, and efforts to find them are ongoing.

Barbara Rae-Venter, a 76-year-old patent attorney living in Marina, California, thought she'd spend her retirement leisurely playing tennis, traveling, and indulging in her favorite pastime: researching her ancestry and building a family tree. It didn't quite work out that way. For Rae-Venter, something she started as a hobby led to capturing one of the most notorious criminals in California.